Amid a broader decline in the cryptocurrency market on Wednesday as warmer-than-expected UK inflation data raised concerns about stagnant inflation in major global economies, which could prevent central banks from cutting interest rates in the coming quarters, XRP it’s falling.
The cryptocurrency that powers the decentralized, payments/liquidity-centric XRP Ledger, created by US fintech firm Ripple in 2012, was last trading south of the $0.4550 level, having dipped close to 2.5% on the day.
Despite the bearish price action on Wednesday, the cryptocurrency’s current technical set-up, along with recent developments in the XRP vs. Ripple lawsuit, means that price prediction Be upbeat
XRP Price Prediction as Lawsuit Resolution Nears
SEC sues Ripple Back in December 2020 raised over $1 billion in funds through an unregistered security sale of XRP tokens.
Ripple denies it XRP There is a security and the US fintech firm is about to obtain evidence that the SEC previously agreed with this argument.
Last week, the judge presiding over the trial denied an SEC motion to seal documents related to a speech given by former SEC Chairman Hinman.
In that speech made back in 2018, Hinman said that neither bitcoin nor ethereum were securities.
And experts believe that internal SEC documents related to this speech are likely to show dissenting opinions within the SEC as to whether other cryptocurrencies such as XRP There are also securities.
Pro-XRP attorney John Deaton, a former federal prosecutor and founder of Crypto Law, commented that “we know that some senior SEC officials discussed that there was a reasonable basis for not securing XRP”.
“If the SEC staff believes that XRP is not a security, it is reasonable for Ripple to believe so as well.”
Therefore, the SEC’s proposal to seal these documents was seen as a huge win for Ripple and gave a huge boost to XRP at the time.
In fact, XRP/USD was able to break out of a downtrend that had been in play since mid-April and a retest of the 200DMA earlier this month confirmed its upside.
While XRP is struggling to move above its 50DMA right now, the yearly high at $58 could be retested if the news about the Ripple vs SEC lawsuit remains positive.
If Ripple is able to obtain a favorable ruling with the SEC that does not label XRP as a security, it should be a boon for the US fintech company’s cross-border liquidity/payments business, which is seeking XRP. can be increased to a great extent.
Can XRP reach $10 in 2023?
While a favorable decision or outcome for the SEC lawsuit would certainly be a huge positive catalyst for XRP, and it is very likely that the cryptocurrency will become one of the best performers in the crypto space this year, with gains of more than 10 times $ 10 per token will be reached. The year may be an overly optimistic forecast.
This is because the bull market in the broader crypto markets still appears to be in its infancy.
Yes, macro conditions are set to improve this year The Fed’s rate hike cycle may already be over,
But cryptocurrencies like Ripple may have to wait a few years and wait for further fiat currency debasement (through fresh rate cut cycles and liquidity injections) to post 10x gains from current levels.
XRP (XRP) and Blue-Chip Crypto Alternatives to Consider
While blue-chip cryptocurrencies may continue to perform well in the months and years ahead, investors should always be looking to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors may consider is getting involved in crypto presales.
This is where investors buy tokens of up-start crypto projects to help fund their development.
These tokens are almost always sold very cheaply and have a long history of pre-sales providing huge exponential returns to early investors.
Many of these projects have great teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their pre-sale investment is great.
The Cryptonews team spends a lot of time on pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best crypto pre-sales of 2023.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
