XRP price has gained 2% in the past 24 hours, reaching $0.369805 after a difficult overnight run in the cryptocurrency market.
The coin has fallen 2.5% in the last week and 10% in the last 30 days, caught in the negative market sentiment generated by News of Silvergate Bank’s financial difficulties,
However, the ongoing Ripple-SEC case looks like it could result in a positive outcome for XRP.
Judge Analisa Torres has approved Ripple’s motion to exclude testimony from an alleged expert witness summoned by the SEC, while also rejecting the regulator’s motion to revoke amicus status of popular XRP advocate John E. Deaton. Is done.
This confirms suspicions that the SEC’s case is not particularly strong, and that the judge may reach a ruling that allows Ripple to continue with its business as before.
XRP Price Prediction As Judge Tries To Ban Prominent XRP Advocate In Court – What’s Going On?
XRP’s indicators are nearing the bottom, indicating that it is due to rally sooner or later.
Its 30-day moving average (red) recently broke below its 200-day average (blue), and the further it sinks the more likely a recovery rally becomes.
Meanwhile, XRP’s Relative Strength Index (purple) has dropped to 40, indicating that it is nearing oversold.
The key resistance level today is $0.37, a price that could signal further upside if XRP can decisively break above it.
Based on recent news from the long-running Ripple-SEC case, the coin could indeed mount a sustained rally in the not too distant future.
As mentioned above, two recent rulings over the past few days have gone in favor of Ripple, with Judge Annalisa Torres approving the firm’s motion to remove Patrick Doody as an expert witness.
The SEC asked Doody to provide evidence and analysis of the potential expectations of an ‘average’ XRP buyer, with the regulator aiming to establish that the buyer expects the price of XRP to increase based on Ripple’s ‘common enterprise’.
Although several of Ripple’s witnesses questioned Doody’s expertise on this particular subject, Judge Torres effectively agreed that Doody should be excluded.
In addition, Torres declined to approve the SEC’s motion to remove crypto-focused attorney John E. Deaton as amicus.
Taken together, these two rulings arguably come as a major blow to the SEC’s case, as the regulator may now struggle to demonstrate that buyers of XRP had a reasonable expectation of profit.
That’s the conclusion of longtime commentator Jeremy Hogan on the matter, who tweeted, “How can the SEC prove ‘reasonable’ reliance?”
All of this, along with other recent developments and news, suggests that XRP could be in for a big rally, assuming the above signs point to a victory for Ripple.
And according to Ripple’s Brad Garlinghouse, the case is likely to reach a conclusion by the end of the year.
Assuming a positive outcome for Ripple, there is every possibility that XRP could challenge its current all-time high, which is $3.40.
Admittedly, achieving such a target will require more bullish momentum in the overall market, but considering it missed the 2021 bull run, it has a lot to do.
Fortunately, Ripple’s business has remained remarkably strong overall, despite the fact that it has been waging a damaging legal battle over the past few years.
January saw it published Q4 2022 XRP Market ReportDisclosing that it processed $226.31 million in net XRP sales in that quarter alone.
Indeed, its on-demand liquidity product is now available in over 40 countries, following a launch in France, Sweden and Africa.
In the event of a favorable decision, Ripple will be given even more space to continue expanding its business.
Needless to say, this is very bullish for XRP, which could become one of the most successful coins in 2023 and beyond.
XRP Alternatives
While XRP is very undervalued, it will not see a major rally until the Ripple-SEC closes, something that may not happen until the latter half of the year.
Luckily, there are other high-potential crypto projects in the market right now, and we’ve put together a list of the top 15 cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.