Ripple (XRP) has been in a negative mood since July 13, falling from a high of $0.94 to a low of $0.39.
The current Ripple (XRP) price stands at $0.50, and the wider dynamics of the cryptocurrency market continue to play an important role in determining the price of XRP.
The fact that investors have lost interest in accumulating XRP indicates that we could see low prices for this cryptocurrency in the weeks ahead, especially if Bitcoin continues to maintain a downside trajectory.
However, some crypto analysts say that XRPL Labs plans with a monumental upgrade to the XRP Ledger could positively influence XRP price. So where is the price of Ripple (XRP) going next, and what can we expect from October 2023?
Today, Crypto Lists will discuss Ripple (XRP) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Ripple CEO Brad Garlinghouse beefed up his legal team
- 2 XRPL Labs plans a monumental upgrade to the XRP Ledger
- 3 Technical analysis for Ripple (XRP)
- 4 Important support & resistance levels for Ripple (XRP)
- 5 What speaks for the rise in the Ripple (XRP) price
- 6 What indicates further downfall for Ripple (XRP)
- 7 What do analysts and experts say?
Ripple CEO Brad Garlinghouse beefed up his legal team
The price of Ripple (XRP) advanced above $0.90 on July 13, and the main reason behind such a spike in value was increased trader optimism after positive developments in the ongoing Ripple lawsuit. Judge Torres ruled in favor of XRP in their case against the U.S. Securities and Exchange Commission (SEC), but it is important to say that the fight for regulatory clarity is not yet over because the SEC will likely appeal the decision to the 2nd Circuit.
In a 2020 suit, the SEC accused Ripple and its top executives of selling unregistered securities. Ripple’s customers use XRP to facilitate cross-border payments over Ripple’s platform, but the disagreement centers on whether XRP is an investment contract, a particular class of security that is regulated by the SEC. Ripple has a thesis that it has never entered into a contract for an investment with an XRP buyer, while the SEC contends that Ripple’s sales of XRP should have been registered with the SEC.
Ripple CEO Brad Garlinghouse remains positive about this case, but he recently beefed up his legal team amid the ongoing legal turmoil between Ripple and the U.S. Securities and Exchange Commission (SEC). Renowned attorney Rahul Mukhi, a partner at Cleary Gottlieb Steen & Hamilton LLP, Mukhi, on Sept.25 filed a notice of appearance on behalf of Garlinghouse. Rahul Mukhi has a background in securities, complex litigation, as well as enforcement, and he will represent the interests of the Ripple chief in court.
As the case continues, despite Ripple’s landmark win in July, many in the crypto community are still cautious about what will come out of this lawsuit. Since July 13, the price of XRP has collapsed, and if bulls want to get back in the game, they need to get back above the nearest resistance of $0.60. Some crypto analysts say that XRPL Labs plans with a monumental upgrade to the XRP Ledger could positively influence XRP price.
XRPL Labs plans a monumental upgrade to the XRP Ledger
XRPL Labs envisions an ecosystem where businesses can scale, individuals get good rewards for their contributions, and the whole community flourishes sustainably. The planned upgrade will be more than just enhancing infrastructure but a strategic move to revamp the XRPL foundation and probably a positive case for XRP. Commenting on the XRPL planned infrastructure revamp, the founder and CEO of XRPL Labs, Wietse Wind, posited:
“This is, without a doubt, the most monumental upgrade to the XRPL infrastructure since its inception, marking a pivotal moment in our pursuit of a healthier, sustainable XRP Ledger. This would allow all users, including businesses and individual contributors, to operate and leverage their private infrastructure.”
Another positive information for Ripple that was released this week is that HSBC users can now pay their mortgage bills and loans with XRP through FCF Pay. HSBC is one of the world’s top banking and financial services firms that serves millions of customers around the globe, and this possibility will certainly increase the use of XRP.
On the other side, negative information is that there has been a significant drop in the number of whale transactions for XRP in the last several months, and when whales reduce their trading activity (transactions worth $100,000 and above), it usually indicates that they are losing confidence in the underlying coin’s short-term price prospects.
At the same time, there are expectations of “market turbulence” from looming recession concerns and macro uncertainty, while many analysts expect that the U.S. central bank could keep interest rates at restrictive levels for a longer period, which is not good for stocks and cryptocurrencies. High interest rates make fixed-income investments, such as bonds, more attractive compared to stocks and cryptocurrencies. As a result, investors may shift their money away from stocks and cryptocurrencies, leading to a decrease in their prices.
Technical analysis for Ripple (XRP)
Ripple (XRP) has weakened from $0.94 to $0.39 since July 13, 2023, and the current price stands at $0.50. Ripple (XRP) might have a hard time holding above the $0.50 level in the upcoming weeks, and a break below this level would indicate that XRP could probably test the price level at $0.40.
Important support & resistance levels for Ripple (XRP)
On this chart (the period from April 2023), I marked important support and resistance levels that can help traders understand where the price could move. Ripple (XRP) remains under pressure, but if the price jumps above $0.60, the next target could be resistance at $0.70. The important support level is $0.45, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.40. If the price drops below $0.40, which represents another strong support level, the next target could be an important psychological support level that stands at $0.30.
What speaks for the rise in the Ripple (XRP) price
The overall sentiment on the cryptocurrency market can play a crucial role in XRP’s price trajectory, while XRP’s ability to maintain above $0.45 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.60 would be beneficial for the bulls to take control of price movement. XRPL Labs plans with a monumental upgrade to the XRP Ledger could positively influence the XRP price, while any positive information around Ripple case against the U.S. Securities and Exchange Commission (SEC) could also lift the XRP price.
What indicates further downfall for Ripple (XRP)
The downfall of Ripple (XRP) can be influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, macroeconomic trends, and more. The last several weeks have been negative for XRP, and investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain.
There has been a significant drop in the number of whale transactions for XRP recently, which usually indicates that they are losing confidence in the underlying coin’s short-term price prospects. If the whales continue to reallocate funds to other investments, the price of XRP could take an even bigger hit in October 2023. The price of XRP is currently above $0.45 support, but a break below this level would indicate that XRP could probably test the important support level that stands at $0.40.
What do analysts and experts say?
Some crypto analysts say that XRPL Labs plans with a monumental upgrade to the XRP Ledger could positively influence XRP price, but investors should continue to take a defensive investment approach in the weeks ahead. The U.S. central bank could keep interest rates at restrictive levels for longer, which is not good for risk-on assets such as cryptocurrencies.
In the weeks ahead, market sentiment, regulatory developments, and macroeconomic trends will continue to have a major influence in determining the price of Ripple (XRP). Keep in mind that the cryptocurrency market is highly dynamic; it can experience rapid falls, and it’s essential to conduct thorough research, stay informed about market developments, and be aware of the risks associated with investing in cryptocurrencies.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.