XRP Price Prediction - Next Target is $1.60

Last week, significant gains have occurred in the crypto market.  Over the previous 3 weeks of growth, the price change of XRP was 57%, then over the past week, Ripple's growth was 66%. The XRP / USDT pair has been growing throughout the past week, reaching the maximum near the $1.3485. At the moment, the price has rolled back a little and is trading at around $1.2800.


About the investigation by the US Securities and Exchange Commission, Ripple's attorney James Filan said last week that the SEC filed a petition with the court asking to provide the agency with access to the correspondence of Ripple employees in the Slack messenger.


According to the petition, at the beginning of the trial, the defendants agreed to provide the agency with this information, but transmitted only 1,468 messages. The latter, according to the SEC, contained "critical and unique" data.


The information concerns Ripple's desire to "give impetus to speculative XRP trading," the company's concerns about XRP's price, the impact of token sales on its business, and the asset's regulatory status.


According to lawyer Jeremy Hogan, the SEC made a request to prove that XRP is a security. He stressed that the regulator "has had some success with this argument in the past."


The SEC petition states that Ripple must provide a response by August 12. The company has filed a request to Justice of the Peace Sarah Netburn to move the deadline to Monday, August 16.


Thus, the point in the Ripple case has not yet been put, and if the SEC really manages to prove that XRP is a security, then the fate of the coin itself may again be in jeopardy.

 

Technical Analysis

On the weekly price chart, it can be seen that the price has already passed an important milestone and the next serious resistance of the XRP/USDT pair may meet near the $1.5700 - $1.6000, which is also near the maximum in April of this year. The histogram of the MACD indicator is as close as possible to the transition from bullish, and if this happens the bullish trend will last for at least several more weeks. The RSI indicator is moving towards the resistance line, but has not yet reached the overbought zone.

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The daily price chart also shows that in a month the price has already overcome three important resistance levels and its next target is the $ 1.6000 mark. The histogram of the MACD indicator continues to grow in the zone with a plus sign, and the signal line of the RSI indicator is in the overbought zone and has already reached the 85% mark. Thus, despite the fact that there are no reversal signals yet, based on the RSI indicators, the price may move south in the next few days, after which the rally is likely to continue.

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