XRP Price Prediction as Ripple CEO Prepares for Conclusion of SEC Lawsuit “This Year” – Can XRP Hit $10?

The price of XRP has fallen 3% in the past 24 hours, falling to $0.367287 as the market reels over concerns over the financial health of Silvergate Bank. Its current level means that it has fallen by more than 5% in one week and by almost 10% over the last 30 days, even if it remains up 8% since the start of the year.

Despite the bad news coming out of Silvergate, XRP holders have reason to be optimistic in the long term. This relates to the long-running legal battle between Ripple and the SEC, with Ripple CEO Brad Garlinghouse saying yesterday that he expects it to end this year, potentially bringing very bullish news for XRP.

XRP Price Prediction as Ripple CEO Prepares for Conclusion of SEC Lawsuit “This Year” – Can XRP Hit $10?

If there’s a silver lining coming from the market issues today, it’s that XRP’s indicators are now in a position where the coin should bounce back soon. Its 30-day moving average (red) has fallen below its 200-day moving average (blue), approaching a low that would typically indicate a rally.

Similarly, XRP’s Relative Strength Index (purple) has fallen just below 40. Once it hits 30 or below, it will have entered oversold territory, implying the profitability of buying it at reduced price.

The key support level here is $0.36, which XRP held earlier this morning. It could represent the bottom of any further declines today, providing buyers with a good entry point.

It is very likely that $0.36 will be a massive discount for XRP, which is able to benefit from very important news this year. As noted above, Ripple’s Brad Garlinghouse has once again reiterated that he expects his company’s case with the SEC to be completed this year, with the CEO also stating that the outcome of the case “is going to be crucial for the whole industry”.

Assuming a positive outcome for Ripple – one in which it is able to continue trading – there is no doubt that XRP will rally strongly. Its all-time high stands at $3.40 and was pulled back in January 2018, meaning it missed setting a new all-time high during the 2020-21 bull market.

The fact that it missed a new ATH in 2021 is significant, as it suggests it could hit a new all-time high once Ripple-SEC concludes. Of course, it must first obtain a favorable summary judgment, but the opinion within the industry is that it has a good chance of doing so.

For example, the last year or so has seen Ripple maintain its right to present a fair notice defense. Similarly, Judge Analisa Torries also granted Ripple access to important documents and emails related to a speech given in 2018 by then SEC Chairman William Hinman, an important speech for XRP. since Hinman said there that neither Bitcoin nor Ethereum are securities.

There is also a common argument that the SEC’s case is not particularly strong, with some claiming that the regulator failed to establish how Ripple developed a “joint venture” that would increase the value of XRP (as noted in the Howey test). If the SEC is to demonstrate that Ripple sold unregistered securities, it must provide a clear exposition of what exactly this joint venture is, but for some it has yet to do so.

In the event of a positive result, Ripple will be free to continue its activities. And what’s interesting is that while the case continues to cast a shadow over this case, it has managed to grow in recent months.

For example, at the end of January, Ripple released its Q4 2022 XRP Markets Report. liquidity on demand now available in more than 40 countries, after launches in France, Sweden and Africa.

It stands to reason that with the clean bill of health, Ripple will be free to expand even more aggressively. This, in turn, will increase demand for XRP, which could benefit from substantial price increases later in the year, especially if the market as a whole continues to recover.

Buy XRP now

XRP Alternatives

Although XRP is significantly undervalued, a rally is unlikely to follow until the end of Ripple-SEC, which may not come until the end of the year. However, there are other high-potential crypto projects currently in the market, so we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Discussion Team.

The list is updated weekly with new altcoins and ICO projects.

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