The XRP price has dropped by 3% in the past 24 hours, falling to $0.428988 as the cryptocurrency market responds to news of yet another rate hike from the Federal Reserve.
Despite today’s dip, the altcoin remains up by 16% in a week and by 10% in the last month, while it has also risen by 26% since the start of 2023.
XRP did enjoy a massive rally earlier this week as rumors spread online that the Ripple-SEC case was very close to ending, and most likely with a positive outcome for Ripple.
However, while a decision is yet to arrive, there’s little doubt that one will come in the next few months, and if it is positive, XRP will surge.
XRP Price Prediction as XRP Becomes One of the Best Performing Assets on the Market – Are Whales Buying?
After reaching 70 and higher a couple of days ago, XRP’s relative strength index (purple) has climbed down to just under 60, indicating a loss of momentum.
On the other hand, the coin’s 30-day moving average (red) has begun rising up towards its 200-day average (blue), suggesting that the coin hasn’t been overbought and still has space left to rise in the coming days.
However, given the nature of what caused this week’s surge (belief in an incoming decision in the Ripple-SEC case), it’s entirely arguable that another big spike won’t come until the market receives reliable evidence or confirmation of an actual end to the case.
Based on what we know, such an end isn’t likely to be very far away, given that everything has been briefed in the case and that all that’s left is for Judge Analisa Torres to reach a judgment.
Indeed, Ripple CEO Brad Garlinghouse has said on numerous occasions in recent weeks that he expects an end to the case this year and perhaps by the summer.
Not only is the case at the beginning of its end, but there remains a good chance of Ripple winning, given recent positive decisions and rulings in its favor.
For example, the presiding judge recently upheld Ripple’s motion to exclude one of the SEC’s key expert witnesses, something which was a blow for the regulator insofar as it had called upon this expert to argue that XRP purchasers had a reasonable expectation of profit when they bought the token from Ripple.
Going further back, other positive decisions include Ripple’s winning of access to important SEC emails related to a 2018 speech on whether cryptocurrencies are securities, and also the upholding of the company’s right to use a fair notice defense.
Importantly, numerous commentators have pointed out in the past few months that the SEC hasn’t really been able to demonstrate that Ripple created a reasonable expectation of profit among XRP buyers, something which is undoubtedly key to the case.
Because of this, there’s a real expectation that when the end of the case finally arrives, it will involve a largely positive outcome for Ripple.
And if it does, XRP will probably witness the biggest rally of any major token this year, potentially rising from its current price to $1 and beyond.
This is perhaps the belief of whales, who appear to be accumulating XRP at the moment, judging by recent big transfers of the coin to unknown wallets.
And in the long term, a Ripple victory would clear the way for it to continue its business, which impressively has been able to grow even during such a damaging legal case.
For example, XRP Ledger accounts have now risen to almost five million, up from two million back in February 2020.
On top of this, Ripple’s latest financial report showed net sales of $226.31 million in the fourth quarter of 2022, with the company launching its cross-border payments solution in France, Sweden and Africa in the same period.
The fact that its business has been growing over the past couple of years would arguably suggest that Ripple will grow even faster once the case ends.
And in turn, this would imply greater demand for XRP, which is used in its on-demand liquidity product.
It’s for this reason that XRP could easily pass its current all-time high of $3.40 in the months following the case’s conclusion.
Buy XRP Now
Alternatives to XRP
XRP is definitely primed for a big rally this year, but it may not come for several months.
Because of this, traders looking for above-average gains in the shorter term may look at other coins, with a variety of new altcoins and presale tokens showing plenty of potential right now.
Accordingly, 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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