XRP’s price has been volatile in recent years, largely due to the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) over whether XRP is a security. However, recent court rulings in Ripple’s favor and XRP’s current indicators suggest that the cryptocurrency could be due for a rebound. In this article, we’ll explore XRP’s price prediction and the potential for a sustained rally in 2023.
XRP’s Indicators and Resistance Level
XRP’s 30-day moving average has fallen below its 200-day average, which suggests that a recovery rally could be on the horizon. Additionally, XRP’s relative strength index has dropped to 40, which is close to the oversold threshold. The key resistance level for XRP currently stands at $0.37, and a decisive break above this level could signal further gains.
Recent Developments in Ripple-SEC Case
Two recent court rulings have gone in Ripple’s favor, which could have a significant impact on the ongoing legal battle. Judge Analisa Torres granted Ripple’s motion to remove Patrick Doody as an expert witness and refused to grant the SEC’s motion to remove crypto-focused lawyer John E. Deaton as an amicus. These rulings are a blow to the SEC’s case and may make it more challenging for the regulator to demonstrate that purchasers of XRP had a reasonable expectation of profit.
XRP’s Potential for a Big Rally
If Ripple’s legal battle ends positively, XRP could challenge its current all-time high of $3.40. However, it will require a more bullish overall market to achieve this target. XRP missed out on the 2021 bull market, so there is still plenty of catching up to do.
Ripple’s Business Remains Sound
Despite the legal battle, Ripple’s business as a whole remains healthy. The company published its Q4 2022 XRP Markets Report in January, which showed that it had processed $226.31 million in net XRP sales in that quarter alone. Additionally, Ripple’s on-demand liquidity product is now available in over 40 countries, following launches in France, Sweden, and Africa. A favorable judgment in the legal battle would allow Ripple to expand its business further.
Conclusion
XRP’s price prediction looks positive, with recent court rulings going in Ripple’s favor and indicators suggesting that the cryptocurrency is close to a bottom. If Ripple’s legal battle ends positively, XRP could potentially challenge its all-time high. Despite the legal battle, Ripple’s business remains sound, which bodes well for the future.
