What Is The Ripple (XRP) Price Prediction For October
✍️ 3 October, 2022 - 12:34 👤 Editor: Jakub Motyka
- XRP is a crypto for facilitating fund transfer across financial institutions.
- The case pitting Ripple against the SEC is a significant determinant of XRP's future. Today we speak about the price prediction for Ripple (XRP) during the month of October.
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Ripple (XRP) is a crypto developed for transferring funds across financial institutions. The token is ranked #6 with a market capitalization of $22 billion. XRP has dipped 7% in the past day, with a similar change in the past week. What is the price prediction of Ripple (XRP) for October?
Big on Ripple ecosystem is a legal tussle dating back to December 2020. The case pits the SEC and Ripple executives, Brad Garlinghouse and Chris Larsen. The duo is accused of breaching security laws in 2013.
The claimant faults Ripple for raising funds without formal registration. The latest development in the case shows that XRP could have the upper hand. On September 30, Judge Analisa Torres ordered the SEC to provide essential documents requested by the defendant. The ruling seems to have tilted the case in favor of Ripple Labs.
SEC Faces Several Setbacks In The Case
The latest ruling relates to a speech by a former SEC director. The official, William Hinman, from the agency’s corporation finance, claimed that ether was not a security. Hinman's comments were made in a speech at the Yahoo Finance All Market Summit.
XRP now states that if ether is not deemed as a security, neither should XRP. On the other hand, SEC defended itself that Hinman's comments were part of deliberative process privilege.
Magistrate Judge, Sarah Netburn, made a similar ruling on the legal matter. The verdict overturned the commission's attempts to hold back key documents. Ripples is now capitalizing on the headwinds faced by the SEC.
Amid the claims and counter-claims, the market anticipates the ruling to ascertain whether or not XRP is indeed a security. One common ground is that the two parties agree that the federal court judges should make a summary judgment. In legal terms, such a determination happens when parties deem they have tabled all the needed evidence.
XRP Price Is On A Retracement Amid A Bullish Momentum
Aside from Ripple's fundamentals, the technical outlook shows a retracement. XRP moved from $0.3258 on September 16 to a high of $0.5 before retracing to $0.44. The payment token is currently trading above the 20-day and 50-day moving averages. On a broader scale, XRP is down 47%YTD since trading at $0.84.
The trend comes from both the macro and micro-economic factors. We can predict a price for Ripple (XRP) above $0.5 for October. The prediction is based on the case's outcome and the overall crypto sentiment.
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- ripple-coin: Unsplash