The XRP price has dropped by 1.5% in the past 24 hours, although its price of $0.382986 representing a 3% gain in the past week and a 4% rise in the past fortnight.
XRP’s recent movements enabled it to reclaim a market cap of $20 billion earlier this morning, with the coin up by 12% since the start of the year.
Its movements come amid ongoing concern surrounding banking stocks and the global financial system, with a move towards BTC among investors helping to boost the market as a whole (including XRP).
And with Ripple expecting an end to its long-running case with the SEC in the next few months, XRP could witness some enormous returns in the not-too distant future.
XRP Price Prediction as Market Cap Reaches $20 Billion – Can XRP Reach $10?
XRP’s chart suggests that a rally may be close, with its relative strength index (purple) rising above 50 today, indicating an increase in positive momentum.
At the same time, XRP’s 30-day moving average (red) remains noticeably below its 200-day average (blue), and given that its recent descent has now flattened out, it could begin to move upwards again.
Indeed, XRP did test the $0.4 resistance level this morning, a move which enabled it to regain a market cap of $20 billion.
And while it fell back down to sub-$20 billion, it’s likely that it could not only return to this level in the next few hours or days, but break through it decisively.
Interestingly, whales seemed to have mixed views as to what XRP is likely to do next, with some moving their holdings onto exchanges, and others moving tokens off.
For instance, while yesterday saw a large trader move $11.8 million in XRP off Upbit, it saw an even bigger transfer of $118.2 million to Binance.
Make of that what you will, but the longer term picture remains positive for XRP, largely because of expectations surrounding what will happen in Ripple’s case with the SEC.
Encouragingly, Ripple has been able to win a range of favorable decisions in the past few months, heightening the sense in the crypto community that it has a good chance of prevailing.
Most notably, this month saw the exclusion of one of the SEC’s key expert witness, who had been called by the regulator to prove that XRP purchasers had a reasonable expectation of profit when they bought the token from Ripple.
Not only that, but the past year or so has brought Ripple’s winning of access to important SEC emails, not to mention the upholding of the company’s right to use a fair notice defense.
Because of all this, there’s a real belief that Ripple will gain a favorable judgment or settlement, enabling it — and XRP — to continue on pretty much as before.
If this is the case, XRP is likely to skyrocket, potentially bringing much of the market with it.
Not only would it smash $0.5 and then $1 in the event of a Ripple victory, but it could easily beat its current all-time high of $3.40, set back in January 2018.
From there, even bigger numbers are possible, with some XRP holders targeting $10.
Such a price would depend on a very clear win for Ripple in its case, as well as the growth of its business and a return to more bullish market conditions.
However, it’s certainly not out of the question, especially when XRP has remained a top-10 cryptocurrency throughout the entire Ripple-SEC case.
Buy XRP Now
Is Now a Good Time to Buy XRP?
While now is a good time to buy XRP in terms of how undervalued it is, the altcoin may not see a big price increase until later in the year, once the case is settled.
As such, traders seeking substantial short- and medium-term returns may prefer to consider other promising cryptocurrencies.
To assist with this, the Cryptonews Industry Talk team has assembled a selection of the top 15 cryptocurrencies to keep an eye on in 2023.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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