The price of XRP has dropped by 3% to $0.428988 in the past 24 hours as the cryptocurrency market reacted to the news. Yet another rate hike tomorrow from the Federal Reserve,
Despite today’s decline, the altcoin remains up 16% in one week and 10% in the past month, while it is up 26% since the start of 2023.
XRP enjoyed a massive rally earlier this week as rumors spread that the Ripple-SEC case was very close to being concluded, and a positive outcome for Ripple was likely.
While a decision is yet to come, there is no doubt that it will come in the next few months, and if it is positive, XRP will soar.
XRP Becomes One of the Best Performing Assets on the Market as Price Predictions – Are Whales Buying?
After reaching 70 and above a few days ago, XRP’s Relative Strength Index (purple) has dropped below 60, indicating a loss of momentum.
On the other hand, the 30-day moving average (red) of the coin has started moving towards its 200-day average (blue), suggesting that the coin is not overbought and is still set to rise in the coming days. There is room left.
However, given the nature of the reason for this week’s surge – belief in an upcoming decision in the Ripple-SEC case – it is entirely logical that another big spike will not come until the market receives credible evidence or a real end confirmation is not available. Case.
Based on what we know, such an ending is unlikely to be too far off, given that everything in the case has been brief and Judge Annalisa Torres has yet to reach a decision.
Indeed, Ripple CEO Brad Garlinghouse has said on several occasions in recent weeks They expect the case to end this yearAnd maybe until summer.
Not only is the case at the beginning of its end, but given the recent positive decisions and rulings in its favor, Ripple remains well-placed to win.
For example, the presiding judge recently upheld Ripple’s motion to exclude one of the SEC’s key expert witnesses, a blow to the regulator as it asked this expert to argue that XRP buyers had a reasonable expectation of profit when they bought. Token from Ripple.
Going back further, other positive decisions include Ripple gains access to important SEC emails A 2018 speech related to whether cryptocurrencies are securities, and also Upholding the company’s right to use the fair notice defense,
Importantly, several commentators have pointed out over the past few months that the SEC has in fact been unable to demonstrate that Ripple created a reasonable expectation of profit among XRP buyers, which is undoubtedly the key to the case.
Because of this, there is a realistic expectation that, when the case does come to an end, it will involve a largely positive outcome for Ripple.
And if that happens, XRP will probably witness the biggest rally of any major coin this year, potentially taking it from its current price to $1 and beyond.
This is probably the belief of whales, who appear to be hoarding XRP at the moment, given the recent large transfers of the coin to unknown wallets.
And in the long term, Ripple’s victory will clear the way for it to continue with its business, which has been able to grow impressively even in the midst of such a damaging legal case.
For example, the XRP ledger account has grown from two million in February 2020 to almost five million now.
on top of this, Ripple’s Latest Financial Report Shows Net Sales of $226.31 Million in Q4 20202, in the same period the company launched its cross-border payment solutions in France, Sweden and Africa.
Its business has been growing over the past few years, which would arguably suggest that it will grow even faster once the case is over.
And this, in turn, would prompt more demand for XRP, which is used in its On-Demand Liquidity product.
It stands to reason that XRP could easily surpass its current all-time high – $3.40 – in the months following the case’s conclusion.
XRP Alternatives
XRP is definitely ready for a big rally this year, but it may not come for several months.
Because of this, traders looking for above-average profits in the short term may be well advised to look to other coins, with a variety of new altcoins and pre-sale tokens showing great potential right now.
Accordingly, the cryptonews The Industry Talk team has assembled a selection of the top 15 cryptocurrencies to keep an eye on in 2023.
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.