As XRP records $600 million in trading volume, investors are wondering whether the cryptocurrency could reach $10 in 2023. This XRP price prediction is inspired by the recent developments in the XRP ecosystem as well as the broader boom in the cryptocurrency market.
However, there are also factors that may limit XRP’s growth potential. In this article, we will take a closer look at XRP’s current market performance and the factors that could affect its future growth potential.
Ripple vs SEC: The Legal Battle and Its Impact on XRP Price
Crypto investors have been following Ripple’s legal battle with the US Securities and Exchange Commission (SEC) for more than two years. The SEC filed a complaint against Ripple Labs, the company behind XRP, claiming that the cryptocurrency is a security and that Ripple offered it to investors without legal registration. However, it is becoming increasingly difficult to predict the outcome of a legal case.
On February 23, crypto advocate and lawyer John Deaton proposed a scenario that could speed up settlements if needed. Deaton tweeted that he believes Ripple’s lawyers will strongly recommend a resolution if the SEC acknowledges in writing that all current and future XRP transactions are not securities. Deaton also expressed confidence that Ripple will emerge victorious and that the Supreme Court will not uphold the SEC’s dominance.
On February 24, Empower Oversight, the US watchdog for corruption and whistleblowing, criticized the SEC for repeatedly denying transparency organizations access to material of public interest, particularly regarding the cryptocurrency industry.
Despite the legal concerns, many investors and experts are bullish on the long-term potential for XRP/USD.
Ripple’s possible partnership and its impact on XRP
Punnoose Mathew, managing director of Dubai-based Joalukkas Exchange, announced on LinkedIn that he recently met with Ripple executives Mark Johnson, William Cooley, and Nick Taplin. This news suggests that Ripple may have acquired a new business partner.
According to Mathew, Ripple’s On-Demand Liquidity (ODL) platform could offer a great solution for money transfer companies looking to scale up and reduce the cost of cross-border payments while ensuring fast settlements and continuous liquidity access. are in
Although Ripple has yet to make an official announcement about its new partner, Matthew’s statement implies that a partnership is in place. The use of ODL built on XRP is expected to boost the efficiency of Ripple’s cross-border financial operations. Despite this positive development, the price of XRP/USD has declined from the previous high.
G20 summit takes center stage as US interest rate hike hopes
US economic data raised fresh concerns for the Federal Reserve, resulting in increased pressure on riskier assets. The rise in US inflation has raised expectations of a more aggressive Fed interest rate path to reach the target inflation rate. Recent data from the US has also brought back the possibility of a rate hike of 50 basis points.
Additionally, on February 24, the G20 highlighted cryptocurrencies and stressed the need for a strong global regulatory framework. The IMF suggested the possibility of a cryptocurrency ban. XRP/USD remains under pressure due to a combination of G20 headlines and Fed concerns.
Cross-chain bridge proposal could pave the way for interoperability in cryptocurrency
On February 23, Mayookha Wadari, a software engineer at Ripple, posted a proposal for a new cross-chain bridge protocol on GitHub and shared the link on Twitter.
proposed protocol, advanced By XRPL and RippleX developers, ChainBridge aims to provide interoperability across different networks while ensuring the security of assets.
Despite this positive development, XRP/USD price continues to decline in the absence of a significant trigger or catalyst.
xrp price prediction
On February 26, the XRP/USD pair started trading at $0.37782. It has registered a high of $0.37858 and a low of $0.37589. Currently, the pair is trading at $0.37642 with a loss of 0.39% over the last 24-hours. Furthermore, the value of XRP/USD has declined by more than 4.5% during the past week.
XRP/USD is struggling below the $0.3850 level, finding support near $0.3750. In case of a bearish breakout of the $0.3750 support area, ripple could slide further towards the next support area at $0.3702 or $0.3620.
Major technical indicators such as the MACD and RSI are now entering the buy zone, indicating that the market is currently entering a buy trend. Besides, a bullish break of the $0.3847 level could spark a wave towards the $0.3975 level.
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