XRP price declined by 2% over the past 24 hours, falling to $0.386705 amid a selloff in the market yesterday. Its current levels mean it is down 6% in one week, but up 10% over the last 30 days. Kraken settles $30 million with the SEC Potentially indicating further losses later this week.
Today’s movement also follows Reports of whales and large investors moving XRP to exchanges, possibly to sell altcoins before falling further. However, while the near-term looks unfavorable for XRP, the prospect of a Ripple victory against the SEC raises hopes of a bigger rally towards the end of the year.
XRP Whales Activate Wallets With 30 Million Tokens As XRP Price Predictions – What’s Going On?
XRP’s chart shows that the altcoin price is likely to post further losses in the coming days before stabilizing and rising again. Notably, its Relative Strength Index (purple) has shown a steady decline over the past few days, and may continue to slide towards 30 before climbing higher again, along with the price of XRP.
Similar is the case for XRP’s 30-day moving average (red), which after peaking relative to its 200-day average (blue) looks like it may start to decline again.
The key support level to watch here is $0.38. If XRP turns decisively below this level, there could be pain ahead.
This is a possibility underlined by reports of whales moving XRP to exchanges over the past few days. Indeed, a large investor transferred 34 million XRP (worth about $13.5 million) to Bitstamp a few days ago, and that may have been a major reason for the coin’s fall in the past.
Still, it’s important to look at the bigger, longer-term picture here, with Ripple’s case against the SEC still looking good for XRP and the broader cryptocurrency market. According to Ripple CEO Brad GarlinghouseThe case is likely to conclude by the end of the first half of 2023, or at the very latest by the end of the year.
While the SEC has won similar cases in recent months, it is certainly not a foregone conclusion that it will win this particular case. To begin with, the Web3 platform LBRY was spotted at the end of last month score a big point Against the SEC, its appeals hearing resulted in a judge declaring that third party sales of LBC tokens do not count as unregistered securities sales.
This is highly significant for Ripple, as it suggests that the ruling will not prevent exchanges from continuing to list XRP if the court finds that Ripple itself sold unregistered securities. Thus, even a loss for Ripple may be irrelevant to the future of Ripple and crypto.
Not only that, but the past months have brought many small victories for Ripple. this also includes The court retains its right to present 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.
More generally, observers have also claimed that the SECR has been unable to establish how Ripple developed a ‘common enterprise’ – as described in the Howe trial – that would boost XRP’s value. If accurate, such analysis suggests that Ripple may be able to achieve some sort of positive ruling or settlement.
And what is promising for Ripple is that it has been able to grow its business even in the context of a long-running legal battle. For example, its Q4 2022 XRP Market Report It was revealed last week that it made $226.31 million in net XRP sales in that quarter alone.
Given the health of Ripple’s business, a victory in the SEC case could indeed clear the way for a big expansion in demand for XRP. A positive conclusion could easily see the price of the altcoin rise to $1 in a matter of days, while at the end of the year it could rise even higher.
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Despite such optimism, it is likely to still take a few more months for the Ripple-SEC case to come to an end. So 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.
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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