XRP price is up 1% over the past 24-hours to reach $0.412239 as the broader crypto market posted gains of nearly 2% over the same time frame. Its current price means it is up 8% in one week and 12% over the past 30 days, as the altcoin has started to break out of a long-term decline it has been in since late October.
And with XRP holders eyeing the final end of the Ripple-SEC case, which is likely over the next few months, the altcoin’s moves over the past week could be the start of a new period of sustained growth.
XRP Price Prediction as XRP Breaks Out of Long-Term Trading Pattern – $1 Inward?
XRP’s chart shows that its Relative Strength Index (purple) has risen near 70 over the past few days, canceling out the negativity seen in the last few months of 2022 as well as early January. At the same time, its 30-day moving average (red) is about to climb above its 200-day (blue), forming a ‘golden cross’ that usually signals a bigger breakout.
In other words, XRP is showing signs that it has clearly broken out of the year-end declining track. And besides the fact that most of the market is doing something similar right now, there’s a major reason why: Ripple’s case with the SEC looks like it’s nearing its end.
For example, CEO Brad Garlinghouse told CNBC Last week that he expects 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 Ripple is confident of its prospects for a positive outcome. And in terms of when that result might actually come, US-based lawyer James K. Filan tweeted on January 20 that “everything is brief” and “now we wait” in relation to the case.
Basically, every major motion and piece of evidence has been filed in the case, leaving it up to Judge Torres to potentially reach summary judgment. This has created a lot of positivity around XRP, which is responsible for its recent ability to outperform its end-2022 performance.
Many within the cryptocurrency community believe that Ripple has presented a strong case and the SEC has presented a weak one, with the US securities regulator arguably unable to establish how Ripple developed a ‘common enterprise’ ( as described in the Howe test) will boost the value of XRP.
On top of this, Ripple itself has scored several victories in recent months, with November bringing the news that 14 amicus briefs – including one from Coinbase – had been filed on its behalf in the presiding court. Meanwhile, the SEC managed to submit only one, further highlighting the controversial weakness of its case.
Ripple has also received positive regulations over the past 12 months, including tThat court upheld its right to introduce a fair notice defense, this also includes Judge Torres granted it access to important documents and emails Related to a 2018 speech given by then-Chairman William Hinman, these documents potentially impact the question of whether the SEC may have considered XRP in the first place. No Security.
Taking all these developments together, a lot of XRP holders have started accounting for a not-too-distant future in which the altcoin will skyrocket as a result of Ripple’s positive decision. In fact, some folks have made some pretty dire predictions over the past few weeks, including one bullish holder who is apparently targeting $10,000.
Other, possibly more sober holders have proposed More realistic forecast in the area of $1.30While others as far as the longer term target is concerned, up to $10.
Given that XRP is approx. $0.41 right now, a target of $1 or a bit higher for the immediate aftermath of the Ripple-SEC case is very much achievable. This will probably depend on the cryptocurrency market – and the global economy – continuing to recover, but there’s no doubt that XRP could easily reenter full numbers if it were to.
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If you are looking for XRP as well as other high-potential crypto projects, we review the Top 15 Cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
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