The Present XRP price has dropped by 3% in the last 24 hours and is now trading at $0.367287. The digital asset has been affected by concerns about its financial state, Silvergate Bank.
This demonstrates that the currency has gone down by more than 5% in the last 7 days and almost 10% in the past 30 days. In spite of this, XRP is still 8% up from the beginning of the year.
In spite of the bad news coming from SilvergateXRP owners have reasons to be hopeful in the long-term.
This refers to the ongoing legal battle between the SEC and Ripple CEO Brad Garlinghouse which is likely to be concluded this year, possibly bringing good news for XRP.
XRP Price Prospects as Ripple CEO Awaits SEC Lawsuit Outcome ‘This Year’ – Is XRP Heading to $10?
Fortunately, XRP’s indicators suggest that the coin is likely to recover soon, giving some hope in a market filled with pessimism.
Its 30-day moving average (red) has fallen below its 200 day (blue) which is typically a sign of a potential rally.
Moreover, XRP’s Relative Strength Index (purple) has dropped below 40. When it reaches 30 it will be oversold which will be a good time to buy the coin at a discount.
The key support level is $0.36 which XRP held on to earlier today. Thus, buyers have a great chance to enter the market at a low price.
It is likely that $0.36 represents a great opportunity for XRP investors. The coin is poised to benefit greatly this year from some important news.
Brad Garlinghouse once again said that the case against the SEC should be concluded this year and that its resolution is being discussed. He called it “pivotal for the whole industry.”
If the news is goodXRP could go up significantly. Its all-time high stands at $3.40 and was achieved back in January 2018. The coin missed a chance to set a new record during the 2020-21 bull markets.
This shows that XRP’s future is tied to the SEC case. If the results are positive then it is plausible that XRP could get to $10.
The current XRP price is offering investors the chance to purchase the coin at a low price. Its long-term outlook is still good and today’s value could be the lowest possible.
It is highly likely that Ripple’s case against the SEC will be decided this year. When it is, XRP could surge if the news is positive and reach $10.
The Ripple-SEC lawsuit has been a focal point of the crypto industry for the past year, and it is now nearing its potential conclusion. If the company receives a favorable summary decision, it could be one of the biggest landmark events in the crypto sector. The case has already seen a few successes, such as Ripple’s fair notice defense being upheld, as well as access to emails and documents relating to the 2018 speech by former SEC Chairman William Hinman.
There are some who believe the SEC’s case is relatively weak, as they have yet to establish how Ripple created a ‘common enterprise’ that would increase the value of XRP, as described in the Howey Test. If the SEC is able to prove the sale of unregistered securities, then Ripple could continue to operate, and possibly grow further. The January release of the Q4 2022XRP Markets Report showed net XRP sales of $226.31 Million in the quarter, and its on-demand liquidity product is now available in over 40 countries.
The potential conclusion of the Ripple-SEC lawsuit could be monumental for XRP, and industry experts believe that if a favorable result is achieved, the token could experience a significant price increase. However, until the very end, it is unlikely that XRP will rally, so investors may want to consider other high-potential projects on the crypto market. Cryptonews.com’s Industry Talk team has created a list of the top 15 cryptocurrencies for 2023, which is updated each week with new altcoins, ICO projects, and more.
