In the last 24-hours, the price of XRP declined by $0.400093, which represents a drop of 3% as the market declined by only 1%. With the current price up 0.5% in one week and 15% in the last 30 days, XRP has done little in response to the news that Ripple Has Appointed a New PresidentLongtime employee Monica Long.
Although the appointment of a new president at this juncture could possibly spark hope that a decision in Ripple’s case with the SEC is imminent, opinion is mixed on the firm’s chances of securing a positive decision. Because while some observers have long affirmed that Ripple has a strong case and the SEC a weak one, others have also suggested that there is a chance the dispute could go to a full jury.
XRP Price Prediction as Ripple Announces New President While SEC Lawsuit Decision Approaches – XRP Pump Incoming?
The current price of XRP leaves it with a mixed set of indicators. Its Relative Strength Index (purple) is heading below 70, and may continue to sink until it drops below 50 (or even further), suggesting the coin is about to decline further.
In contrast, XRP’s 30-day moving average (red) continues to move towards its 200-day average (blue), suggesting it is still in the middle of a medium-term rally. However, given how uncertain the market remains, it is difficult to say whether a further rally or a decline is the most likely outcome at this point.
It also doesn’t help how uncertain Ripple’s case with the SEC is. On the one hand, this case looks like it is nearing its end, with CEO Brad Garlinghouse tells CNBC Recently they expect the case to be concluded by the end of the first half of 2023, or by the end of the year at the very latest.
“I feel very good about where we are relative to the law and the facts,” he said, underlining how confident Ripple is in its case. Similarly, US-based lawyer James K. Philen tweeted on January 20 that “everything is short” and “now we wait” in regards to the matter, leaving XRP holders with hope that it is now a matter of time before the end of the altcoin’s two years. Hanged in the balance.
However, some observers are not 100% sure that Ripple will get the results it is hoping for. This includes attorney John E. Deaton, who despite arguing that Ripple has a good case, has suggested in the past week or so that the case may not receive a summary judgment in the next few days, And instead it can be full panchayat.
Needless to say, the case would have dragged on even longer had Judge Torres decided to launch a full trial with a full jury. And in the process, would expect XRP to suffer significant losses.
That said, it needs to be remembered that the cryptocurrency community mostly believes that Ripple presents a compelling case. In contrast, the SEC has made a tepid increase, with the securities regulator arguably unable to establish how Ripple developed a ‘common enterprise’ – as described in the Howe trial – that would boost XRP’s value.
There are plenty of other indicators that Ripple has a good case, and a good chance. For example, November saw 14 amicus briefs – including one from Coinbase – filed with the court on behalf of Ripple, with each presenting arguments and/or evidence in its favor. Interestingly, the SEC only managed to submit such a brief description, fueling suspicions that the case is not exactly indisputable.
Ripple has also received several positive verdicts in the past year or so. it contains tThat court upheld its right to introduce a fair notice defenseAs well as Judge Torres granted it access to important documents and emails Relates to a 2018 speech given by then-Speaker William Hinman.
Given that Ripple has a good defense, yet given that the court might naturally lean toward a US regulator, the chances for either outcome are 50-50. However, assuming Ripple secures a favorable summary judgment, there is little doubt that XRP will be over the moon.
some holders have proposed Forecast in the area of $1.30 For the immediate aftermath of a positive verdict. Meanwhile, others are looking for a longer-term target in the $10 area, which would represent an upside of 2,400% from its current price.
Is now the right time to buy XRP?
Considering how low XRP is right now, this could actually be a great time to buy altcoins. Of course, this will have to wait for the Ripple case to be settled, which may take some time. So, if you are looking for XRP as well as other high-potential crypto projects, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by 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.
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