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XRP has the right fundamentals to set an uptrend in 2023, and traders will be better able to manage their expectations properly.
Dear readers, welcome to today’s episode of Coinspeaker. advent Calendar with special focus on XRP coin. Some of the thousands of digital currencies around today have a unique history that usually sets them apart from their peers. XRP is one of these cryptocurrencies, a payment digital currency that is one of the oldest in the blockchain world.
XRP was designed to serve as a complementary digital payment token for blockchain payment service provider Ripple Labs Inc.
The coin’s existence has been quite an enigma for US regulators, which has so far made promoting the coin a challenging frontier for development. While the crypto industry has fared very well from the influence of central banks raising interest rates to reduce inflation, XRP has had significant headwinds of its own that have added to its tepid growth.
cryptocurrency is currently changing hands at $0.389, a decline of 89.88% from its all-time high price of $3.84. The graph below shows a summary of the XRP coin’s movement over the past 12 months.
As shown above, XRP fell from its peak of around $1 at the beginning of the year to a low of $0.2906. Despite this decline, XRP has maintained its committed community, and for those interested in investing in the coin next year, there are significant price points to expect throughout the months ahead;
- January 2023: $0.3100
- February 2023: $0.4000
- March 2023: $1
- April 2023: $1.2000
- May 2023: $1.5000
- June 2023: $1.7000
- July 2023: $2.0000
- August 2023: $2.2000
- September 2023: $1.8000
- October 2023: $2.5000
- November 2023: $2.6000
- December 2023: $2.0000
Justification of the estimated XRP price
There is a unique rationale for the massive surge expected in March next year. The argument hinges on the possibility of an ongoing case between Ripple and the United States Securities and Exchange Commission (SEC) would have ended, and the blockchain would have been in favor of the payment firm.
Should the ongoing securities lawsuit end in favor of Ripple, XRP is bound to experience a rejuvenation in how investors view digital assets. While Ripple argues that the coins serve as payment tokens, regulators are adamant that the coins were sold to investors as an unregistered security.
An example is bound to be set here and if it happens in favor of Ripple, it will serve as a positive reference for the wider industry at large. While the timeline of when the decision will be passed is yet unknown, Ripple has scored some significant victories against the SEC and is hoping to win several lawsuits.
To note, the opposite will also be true if Ripple loses the lawsuit and as investors keep the coin on their watchlist, a high level of caution should also be given for events that may not go according to plan.
There are many impressive but difficult-to-understand trends for the digital currency ecosystem in the year ahead. XRP has a solid position in the industry and its ecosystem is tight-knit, an advantage for the coin that has helped it remain resilient in the face of many adversities.
In summary, XRP has the right fundamentals to set a bullish path in 2023, and traders would be better off managing their expectations appropriately. Watch for our next episode of the Coinspeaker Advent Calendar.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
