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In the last 24-hours, the price of XRP fell by 3% to $0.367287 as the market recovered. Concerns over the financial health of Silvergate Bank, Its current levels mean it is down more than 5% in a week and nearly 10% over the past 30 days, though it remains up 8% since the start of the year.
Despite the downbeat news coming out of Silvergate, XRP holders have reason to be optimistic for the long term. This is related to the long-running legal battle between Ripple and the SEC Ripple CEO Brad Garlinghouse Says Yesterday he expected it to expire this year, potentially bringing very bullish news for XRP.
XRP price prediction as Ripple CEO prepares for SEC lawsuit conclusion ‘this year’ – Can XRP reach $10?
If there is one silver lining coming from the market troubles today, it is that the indicators for XRP are now in a position where the coin should soon reverse. Its 30-day moving average (red) has fallen below its 200-day (blue), which is nearing a bottom that usually signals a rally.
Similarly, the Relative Strength Index (purple) for XRP has dropped below 40. Once it hits 30 or below, it will enter the oversold zone, indicating profitability in buying it at a discount.
The key support level here is $0.36, which XRP held bullishly this morning. This could represent the bottom of any declines today, providing a good entry point for buyers.
It is highly logical that $0.36 is a huge discount for XRP, which is positioned to benefit from some very important news this year. As noted above, Ripple’s Brad Garlinghouse has once again reiterated that he expects his firm’s case with the SEC to conclude this year, with the CEO also adding that the outcome of the case will “reflect on the entire industry.” will be important for
Assuming a positive outcome for Ripple – one in which it is able to continue its business – there is no doubt that XRP will rally strongly. This is an all-time high of $3.40, and was set back in January 2018, meaning it missed out on setting a new record high during the 2020-21 bull market.
That it missed a new ATH in 2021 is significant, as it suggests that it could reach a new record high after Ripple-SEC expires. Of course, it would really have to secure a favorable summary judgment first, yet the opinion within the industry is that it has a good chance of doing so.
For example, the last year or so has seen Supporting Ripple’s Right to Present a Fair Notice Defense, Likewise Judge Annalisa Torries Gave Ripple access to important documents and emails Related to a 2018 speech given by then-SEC chairman William Hinman, a speech that is significant for XRP as Hinman declared in it that neither bitcoin nor ethereum are securities.
There is also a general argument that the SEC’s case is not particularly strong, with some claiming that the regulator has failed to establish how Ripple developed a ‘common enterprise’ that would boost the value of XRP (as that is mentioned in the Howe test). If the SEC is to demonstrate that Ripple sold unregistered securities, it needs to clearly demonstrate what it actually is as a normal enterprise, yet for some it has not done so.
In the event of a positive result, Ripple will be free to continue with its business. And the interesting thing is that, even though the shadow of this case is falling on this business, it has managed to grow in recent months.
For example, in late January Ripple published this Q4 2022 XRP Market Report, It revealed that it processed $226.31 million in net XRP sales in that quarter alone, with its on-demand liquidity product now available in more than 40 countries, following its launch in France, Sweden and Africa.
This stands to reason that with a clean bill of health, Ripple will be free to expand even more aggressively. In turn, this will increase the demand for XRP, which could enjoy a huge increase in price towards the end of the year, especially if the market as a whole continues to recover.
While XRP’s valuation is quite low, a rally is unlikely until the end of the year, according to Ripple-SEC, which may not come until the end of the year. However, there are other high-potential crypto projects in the market right now, so we review 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.