XRP has been on a tear the past 7 days, registering gains of up to 23% (and counting). At the time of writing (November 6, 2023, 8:13 A.M. UTC), XRP is trading at $0.6792, representing a 9.2% increase over the past 24 hours.
The price of XRP began to increase on October 22, 2023, but it was not until November 3, 2023, that significant gains started to be noticed.
XRP Statistics
- XRP Market Cap Dominance: 2.663%
- XRP Market Cap: $36.410 billion
- Max Supply: 100 billion XRP
- Circulating Supply: 53.615 billion XRP
XRP Price Will Hit $0.85 if it Breaks the Current Resistance
XRP’s recent rise has set it up at a resistance level that was twice in the past a support zone. These are notoriously difficult to break, and XRP would need some significant bullish power.
If it does break above this resistance, XRP will look to rally toward $0.85, reclaiming the previous local high established in July when Judge Torres delivered a ruling in XRP’s favor.
The 200-day (black) and 50-day (green) indicators also provide relatively strong support for XRP. If the bears finally get the upper hand, expect XRP’s price to fall to these support areas: $0.6094 and $0.5543.
On its journey upward, XRP will encounter more resistance at $0.7202, $0.7803, and finally $0.8502.
XRP Price Spikes Up Ahead of November 9 SEC vs. Ripple Meeting
November 9, 2023, is shaping up to be a monumental day for the XRP community as the SEC has a crucial meeting with Ripple. This meeting was indicated in the letter sent to Judge Torres.
Most of the XRP community speculates that SEC may reach a settlement on or before November 9, resulting in a potential rally for XRP.
According to the Court order dated October 26, 2023, the SEC and Ripple must propose a briefing schedule on related charges in the SEC vs Ripple case by November 9, 2023.
“… By November 9, 2023, the parties shall jointly propose a briefing schedule with regard to remedies, or, if the parties cannot agree, shall jointly request that the Court set a briefing schedule.”
This development on the Ripple-SEC lawsuit has left many crypto enthusiasts heavily speculating on whether a full settlement may happen on November 9. The rise in XRP’s price seems to communicate the market’s sentiments on what the community expects come this monumental day.