Here's Why XRP Price May Rise by Another 15% to Reach $0.4 Soon!

Ripple's XRP price has been trading within an incremental range despite the market being badly impacted by the FTX fallout. While Bitcoin and Ethereum prices fell dramatically and reached new lows, the XRP price maintained some strength within an ascending range.

Timeline of Xrp

While the crypto community has been eagerly focused on the developments surrounding Genesis Trading and Digital Currenc Group (DCG) over the past few days, Ripple Labs continues to battle the U.S. Securities and Exchange Commission (SEC). And the next important deadlines are already looming.

XRP News: XRP, Ripple's native token price has jumped by around 6% as the crypto market saw a broad recovery on Wednesday. However, Ripple published a report about Real estate NFTs on the XRP ledger.

Bank of America is reportedly waiting for the end of the U.S. Securities and Exchange Commission (SEC) court case against Ripple to join forces with the San Francisco-based payments company.

Many reactions have emerged in the crypto space due to the FTX fiasco, the latest one is from the Ripple CTO, David Schwartz. The collapse of the FTX crypto exchange dealt a terrible blow to the crypto industry.

Ripple price analysis shows an uptrend in the cryptocurrency as it has managed to surge past its previous highs of $0.3734 after a string of bullish momentum. Bulls and bearish are struggling for dominance in the market, with support for XRP/USD seen at $0.3517 and key resistance at $0.3735.

XRP's price has been struggling to break back above the significant resistance level following the massive FTX market crash. The current outlook for the crypto asset has become negative, as bearish sentiment has been dominating the market once again.

Ripple's general council, Stuart Aldetory, in a recent tweet, cleared the air amid claims that the SEC had power to establish XRP's security status clarifying that the SEC had no such powers.

Recently, a former Goldman Sachs executive explained why he had “no issue” with XRP, the native digital asset of the open-source public XRP Ledger (XRPL), which was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto.

A bullish reversal from the rising support trendline may prolong the Ripple price consolidations for a few more days. However, under the influence of ascending triangle pattern, the altcoin should surpass the weekly resistance level of $0.4 and trigger a new recovery rally.

Macro expert and former Goldman Sachs executive Raoul Pal is expressing bullish sentiment on the digital asset XRP. In a new Ask Me Anything video, Pal says that XRP already has utility and is being used in money transfers.