XRP Price Could Rally to $1 Soon If the $0.56 Barrier Is Weakened

Highlights:

• The XRP price could soon hit $1 if the $0.56 resistance is weakened. 
• The SEC faces a Ripple appeal deadline.
• Jeremy Hogan, a pro-crypto lawyer, speculates that the SEC could dismiss the appeal.

The XRP price has surged 1% today, with the Ripple token exchanging hands at $0.55. Its trading volume has notably soared 25% to $1.44 billion, showing increased market activity. XRP is now up 2% in a week, despite a fall of 4% in a month and an increase of 13% in a year. 

Meanwhile, the XRP community speculates that the SEC may have missed its Form C filing deadline, which was believed to be today (Oct. 16, 2024). Meanwhile, Jeremy Hogan, a pro-crypto lawyer, speculates that the SEC could dismiss the appeal. He has noted that “the C was due today, and it’s not showing on the docket. If it wasn’t filed, the appeal will be dismissed.”

BOOOOOOOOOOOOOOOOOOM!!!

The judge could dismiss the appeal, according to pro #XRP lawyer Jeremy Hogan.

💥 GAME OVER SEC 💥 pic.twitter.com/XvIKkBvxPo

— JackTheRippler ©️ (@RippleXrpie) October 17, 2024

Form C is typically filed in federal appellate courts to notify the court and involved parties of a petition for review of an administrative agency’s decision. It marks the first formal step in the appellate process and indicates the intent to submit the actual petition within the required period.

XRP Statistical Data

Based on CoinmarketCap data:

• XRP price now – $0.55
• Trading volume (24h) – $1.44 billion
• Market cap – $31.46 billion
• Total supply – 99.99 billion
• Circulating supply – 56.65 billion 
• XRP ranking – #7

The XRP price formed a death cross on October 7, indicating bearish sentiment. This resulted in creating a bearish flag pattern, tilting the odds in favor of the sellers. The Ripple token’s moving averages are narrowing, portraying possible trouble downwards.

Nonetheless, the 50-day Simple Moving Average (green) is intact, offering strong support at $0.53. However, to be safe, the bulls should clear the seller congestion at $0.56 (coinciding with the 200-day SMA), cushioning them against further upward movement. 

The Relative Strength Index (RSI) upholds a bullish picture in the XRP market. Currently, it sits at 61.69, with the odds leaning toward the buyers. Moreover, there is room for potential upside before XRP is considered overbought. 

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish picture, with a buy signal in the 4-hour chart timeframe. This calls for traders to consider buying XRP, which is manifested with the MACD line in blue, crossing above the orange signal line. As the momentum indicator gradually ascends above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside.

XRP Price Forecast

The XRP price can increase if the $0.56 resistance zone is weakened. In such a case, the price could surge if a strong tailwind builds behind the Ripple token and traders capitalize on the call to buy from the MACD. In such a case, a breach and close above the $0.56 zone will see the price reach $1. 

On the downside, the token could drop if the bears capitalize on the 200-day and bearish flag pattern. While the levels between $0.56 and $0.53 remain critical to watch, only a slip below $0.5385 would invalidate the bullish thesis.