XRP price prediction remains slightly bullish, especially above the upward trendline-driven support level of $0.44. Moreover, investors’ focus also stays on the SEC vs. Ripple battle as its conclusion approaches soon.
Members of the XRP community can feel positive With the SEC v. Ripple litigation nearing a final verdict, the distributed ledger startup has taken a major step back from the cryptocurrency in an effort to “desecuritize” it by reducing the percentage it holds in its wallets to below half of the entire XRP supply.
XRP Holdings Slips Under 50%
It is the first time in history that Ripple’s XRP reserves have fallen below 50% of the entire supply. Due to its massive ownership of the cross-border remittances token, XRP, Ripple has been the focus of controversy in the past.
Some critics have argued that this gives Ripple full control over the XRP Ledger.
Last Thursday, Ripple published its third-quarter markets report, which showed a significant drop in the number of XRP coins it possessed.
In response to allegations that it controls more than half of the XRP in circulation, the American company pointed out that it now holds fewer than 50 billion coins.
SEC v. Ripple Litigation
Ripple, a blockchain company, has been locked in a bitter legal battle with the US Securities and Exchange Commission for almost two years. On January 15, 2019, US District Court Judge Analisa Torres granted the requests of Investor Choice Advocates Network and SpendTheBits to file amicus curiae briefs in support of Ripple.
Motions to submit the briefs were filed earlier this month by Investor Choice Advocates Network and SpendTheBits in an effort to support Ripple’s position. Many times, non-parties to a case will file what is called “amicus curiae briefs” to offer the court further insight into the matter.
Early in the month of October, the plaintiffs fought back against amicus brief applications from TapJets Inc. and I-Remit Inc. It’s a small victory for Ripple, but the court did approve their requests.
The companies were given the green light to submit briefings that demonstrate how the XRP cryptocurrency can be put to use.
XRP Price & Tokenomics
The current XRP price is $0.462, and the 24-hour trading volume is $1.2 billion. XRP is down nearly 2% in the last 24 hours, with CoinMarketCap now ranking #6 and a live market cap of $23 billion. There are 50,085,407,159 XRP coins in circulation, with a maximum supply of 100,000,000,000 XRP coins.
As the SEC-Ripple battle nears its conclusion, the XRP coin is gaining traction, and investors appear to be ready for an upward trend.
On a daily chart, the XRP/USD pair is trading sideways, with immediate support near $0.4413 and an upward trendline providing support. Furthermore, the 50-day moving average keeps XRP above $0.450.
XRP may see resistance at $0.520 and $0.557 on the upside. A further break of the $0.557 level, on the other hand, might expose XRP to the $0.616 level.
Following the outcome of the court case, the price of XRP is expected to rise over its all-time high of $3.40.
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