The XRP coin price prediction remains bullish as the crypto industry’s focus has been riveted for years on the crucial legal case between the Securities and Exchange Commission (SEC) and Ripple Labs, which may soon be resolved. Moreover, XRP’s uptrend could be associated with the recent press release from Ripple, the payment provider, which is expanding the use cases for its On Demand Liquidity (ODL) product. The company will assist its partner I-Remit in improving the flow and management of its treasury cash.
For over three years, I-Remit has collaborated with Ripple, using On Demand Liquidity (ODL) to encourage clients to settle low-cost cross-border payments to the Philippines. The organization will now use ODL to automate the treasury payment process.
Mabuhay! We’re excited to announce the expansion of our partnership with I-Remit in the Philippines.
As one of the earliest adopters of #ODL, I-Remit is expanding their use of ODL to improve their internal treasury management.
Learn more: https://t.co/r6G5N8Q3YG
— Ripple (@Ripple) September 21, 2022
Ripple was the first startup to use cryptocurrency to address the trillion-dollar issues associated with international payments. Furthermore, ODL employs the digital currency XRP, which was designed to serve as a bridge between two fiat currencies to facilitate quick and low-cost settlement. It will not be necessary to keep pre-funded money in a marketplace. As a result, the news of increased leverage for on-demand liquidity in treasury management benefits XRP/USD.
Ripple Price Review & Tokenomics
The current XRP price is $0.5356, and the 24-hour trading volume is $6.2 billion. The opening price of XRP/USD was $0.4865, with a high of $0.5470 and a low of $0.4769. So far, XRP has gained 29.99%. In only one week, the price of XRP has risen by approximately 63%.
CoinMarketCap now ranks #6 with a live market cap of $26.7 billion. It has a total quantity of 100,000,000,000 XRP coins and a circulating supply of 49,848,747,475 XRP coins.
A Lawsuit against Ripple
Since late 2020, Ripple has been involved in a legal dispute with the Securities and Exchange Commission of the United States. The payment company and three of its executives were charged by the regulator for marketing an unregistered security, XRP. As the SEC’s case against Ripple moves forward, Ripple Labs has objected to the SEC’s proposal that it may request additional time. In a filing, Ripple asked the Federal Court in Manhattan to dismiss the case without a trial.
The company claimed that XRP is not a security because no investment contract guarantees investor rights or requires the issuer to act in the best interests of the investors. In a filing over the weekend, Ripple said that the regulator was trying to get control over any transfer of assets that it thought would be covered by the disclosure and registration requirements of the securities laws.
The XRP token is used by RippleNet and several payment systems to accelerate treasury management, payment settlement, and other activities. According to Entwistle and other executives, the SEC lawsuit prevented the company from continuing to develop and expand the liquidity provided by its products. This, however, has not been the case. If the parties reach an agreement, the legal battle may end in favor of the payment company, Ripple.
The cryptocurrency market appears to be banking on a positive outcome. Furthermore, the Chamber of Digital Commerce’s decision to join as an amicus curiae has heightened interest in the Ripple case. RippleNet and its native coin will gain popularity as more financial institutions use it. As a result, XRP/USD may skyrocket in the near future.
The price of XRP/USD is skyrocketing following a possible legal settlement with the SEC.
XRP Coin Price Prediction: 38.2% Fibonacci Retracement
On the technical front, the XRP/USD pair is trading strongly bullish, with a bullish engulfing candle forming near $0.5403. A bullish engulfing candle usually shows a strong bullish bias, which could help XRP gain more momentum to the upside.
On a weekly basis, Ripple has already completed the 38.2% Fibonacci retracement at $0.5320, and a cross above this level can open up additional room for buying until the 50% or 61.8% Fibonacci levels of $0.6053 or 0.6786, respectively.
The RSI and MACD values are both above 50 and zero, indicating a strong bullish trend in XRP. On the downside, the 23.6% Fibonacci retracement level is likely to act as support, and it is located near $0.4414.
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