After Ripple managed to get another win in the US Securities and Exchange Commission complaint case last week, some analysts hope to see Ripple’s price rise by at least 50% in 2022 with the company winning this long-running legal battle.
To Report On September 29, Ripple District Court Judge Analisa Torres ordered the Securities and Exchange Commission to release documents obtained by William Hinman, the organization’s former chief financial officer, according to Cointelegraph. has written
Ripple believes that Hinman may have hinted in the leaked documents that Ether, the native token of the Ethereum blockchain, is not a fiat. The reason for Ripple is primarily because Hinman said the same thing in his speech during the Yahoo Finance All Markets Summit in June 2018.
Hinman’s writing could be used in Ripple’s defense as evidence that the XRP token should not be considered a security. This is contrary to the claim of the Securities and Exchange Commission in its petition in December 2020 (Azer 99).
Since then, many exchanges, including Coinbase and Bitstamp, have removed Ripple from the market. As a result, during the bull market of 2021 and 2022, Rapil was the only token among the market’s top cryptocurrencies that failed to exceed or even come close to its all-time high. This incident shows the caution of investors towards this digital currency.
Some argue that Ripple is undervalued compared to other top cryptocurrencies from a technical analysis perspective. Considering that the price of this token increased by 20% after Judge Torres’ order, the Repeal win is likely to change this situation.
Ripple price analysis
From the point of view of technical analysis, the Ripple price can experience a 50% growth by crossing its current resistance level (Breakout).
In particular, the token is testing to cross the intersection of a multi-year resistance and downtrend line with a rebound support zone and one of the Fibonacci retracement levels, all of which are within the $0.57 range. Ripple’s win in this case could help the XRP token decisively break through this confluence range.
A break of this sensitive resistance will likely put Ripple on an upward trajectory towards the next Fibonacci retracement level in the $0.72 range, which is almost 50% higher than its current price. On the other hand, a pullback can reduce the value of Ripple to its previous support level of 0.31 yen, which is 35% lower than the current price.
DonAlt, an active analyst on Twitter, said:
The price of Ripple basically depends on the court process. If they win the entire case, the price of Ripple will increase dramatically. If they lose, the price may face a negative 50% bearish candle. Additionally, Ripple’s loss makes other cryptocurrencies more vulnerable to SEC attack; So it is better to encourage them.