XRPThe cryptocurrency that powers the payments-focused decentralized XRP ledger, a layer-1 blockchain, is the best performer cryptocurrency In the top 20 by market capitalization on Wednesday.
According to CoinGecko, XRP is up more than 8.5% in the past 24 hours. XRP/USD is currently changing hands at $0.53s per token, having retreated from a ten-month high earlier in the session at $0.58s.
Ripple Lawsuit Win Optimism Boosts XRP Price
XRP Soars As Optimism Builds That Fintech Payments Company WaveThe creator of the cryptocurrency and XRP Ledger, will win a sustained Lawsuit against the US Securities and Exchange Commission (SEC),
Wave The SEC battled in court after the agency sued Ripple in December 2020, claiming the company issued XRP as an unregistered security.
Ripple is arguing that it cannot issue XRP as an unregistered security because XRP is actually a digital commodity, which means it falls under the regulatory oversight of the Commodity Futures and Trading Commission (CFTC).
The argument seems to have gained a boost this week CFTC announces a new lawsuit against Binance For operating as an unregistered exchange in the US.
The core of the XRP lawsuit claims the CFTC Bitcoin, ether, LitecoinTether and Binance USD are all commodities.
Traders are hoping that this means the CFTC will also view XRP as a commodity, reducing the SEC lawsuit versus Ripple, and reducing the regulatory risk that has been capping the price of XRP.
XRP is really heating up now
The XRP market is really heating up amid hopes that Ripple will win its lawsuit against the SEC, as well as a surge in the broader crypto market that has seen bitcoin soar over 70% this quarter.
Future open interest and trading volumes are also increasing. daily XRP Trading Volume Surpasses $4 Billion On Wednesday, for the third time this month, moving significantly above the annual moving average of about $3 billion.
This is significantly higher than the late December levels of less than $1 billion in volume per day on a regular basis.
Open interest, the total value of all open XRP-related futures positions across major exchanges, recently exceeded $750 million for the first time since last October, according to data from crypto derivatives analytics firm CoinGlass.
Meanwhile, an increase in XRP price to the mid-$0.50s per token has seen the cryptocurrency’s Z-score versus its 200-day moving average exceed 2.0 for the first time since the beginning of 2021.
A Z-score above 2.0 means that XRP’s current price is more than two standard deviations from its mean over the last 200 days (200DMA). A Z-score of 2 or higher generally indicates a hot market.
Price Prediction – $1.0 XRP Coming?
Since breaking out of the 2022 H2 downtrend, XRP’s technical outlook has been bullish.
If XRP can close above the key long-term resistance at $0.55-56, it will open the doors for a rally to the next key resistance area around $0.90.
If XRP can surpass this level, there are chances of a bullish move above $1.0.
As long as the broader crypto market continues to perform well and the optimism that Ripple can win versus the SEC remains, there is no reason why XRP cannot continue its near-term positive momentum.
XRP’s 50DMA may soon cross its 200DMA (the so-called “golden cross”), which could further add to the downside.
The fact that the 14-day Relative Strength Index (RSI) for XRP has entered overbought territory is of little concern to the bulls, as it signals a risk of a profit-driven pullback.
But XRP buying is expected to continue in the near term given the positive long-term tailwinds.
XRP (XRP) Alternatives to Consider
The short term outlook for XRP is looking great. But crypto investors should always consider diversifying their portfolio to increase their chances of generating returns.
A good way to do this might be to investigate some high-potential crypto presales – historically, getting involved in a project at the early presale stage has been the best way to generate returns in crypto.
In the list below, we review the top 15 cryptocurrencies for 2023, as analyzed by cryptonews 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.
