The price of XRP has fell 3% over the past 24 hours, falling to $0.367287 as the market rattles on concerns over the financial health of Silvergate Bank.
His current level means he has down more than 5% in a week and by nearly 10% in the last 30 days, although it remains up 8% since the start of the year.
Despite the bad news coming out of Silvergate, XRP holders have reason to be optimistic over the long term.
This relates to the long-running legal battle between Ripple and the SEC, with Ripple CEO Brad Garlinghouse saying on Thursday that he expects it to end this year, which could bring very bullish news for XRP.
XRP Price Prediction as Ripple CEO Prepares for Conclusion of SEC Legal Proceeding “This Year” – Can XRP Hit $10?
If there’s a silver lining to today’s market turmoil, it’s that XRP indicators are now in a position where the crypto should rebound soon.
Its 30-day moving average (red) has fallen below its 200-day moving average (blue), bringing it closer to a low that would typically signal a recovery.
Likewise, XRP’s relative strength index (purple) sank just below 40 – once it hits 30 or less, it will have entered oversold territory, implying the profitability of buying it at a discount.
The key support level here is $0.36, which XRP latched onto earlier this morning. It could represent the bottom of any further declines today, providing buyers with a good entry point.
It is entirely possible to argue that $0.36 is a massive reduction for XRP, which is in a position to benefit from some very important news this year.
As noted above, Ripple’s Brad Garlinghouse once again reiterated that he expected his company’s case with the SEC to end this yearwith the CEO also saying that the outcome of the case “will be decisive for the entire sector”.
Assuming a positive outcome for Ripple, which would allow it to continue its activities, there is little doubt that XRP will see a strong rise. Its all-time high stands at $3.40 and was set in January 2018, meaning it missed setting a new all-time high during the bull market of 2020-21.
The fact that it missed a new ATH in 2021 is significant, as it suggests it could reach a new all-time high once the Ripple-SEC filing is concluded.
Of course, it must first obtain a favorable summary judgment, but the opinion within the industry is that it has a good chance of achieving that. For example, over the past year, Ripple’s right to present a fair notice defense has been upheld.
Similarly, Judge Analisa Torres also granted Ripple access to important documents and emails related to a speech given in 2018 by William Hinman, then Chairman of the SEC. This speech is significant for XRP since Hinman stated in it that neither Bitcoin nor Ethereum are securities.
There is also a common argument that the SEC’s case is not particularly strong, with some claiming that the regulator failed to establish how Ripple developed a “joint venture” that would boost the value of XRP (as noted in the Howey test).
If the SEC wants to demonstrate that Ripple sold unregistered securities, it must provide a clear statement of what exactly this joint venture is, but for some it has yet to do so.
In the event of a positive outcome, Ripple will be free to continue its activities. And what’s interesting is that even though the case continues to cast a shadow over this company, it has managed to grow in recent months.
For example, at the end of January, Ripple published its XRP Markets Report for the fourth quarter of 2022. This revealed that it had processed $226.31 million in net XRP sales in this quarter alone, its on-demand liquidity product now being available in over 40 countriesafter launches in France, Sweden and Africa.
It goes without saying that with a positive health check, Ripple will be free to expand even more aggressively. This, in turn, will increase demand for XRP, which could benefit from substantial price increases later in the year, especially if the market as a whole continues to recover.
Alternatives to XRP
Although XRP is significantly undervalued, a rally is unlikely to follow until the end of the Ripple-SEC lawsuit, which may not happen before the end of the year.
However, there are other high-potential crypto projects in the market right now, which is why we’ve reviewed the top 10 cryptocurrencies for 2023, as analyzed by the team. CryptoNews IndustryTalk.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The “Industry Talk” section presents the views of those involved in the crypto industry and is not part of the editorial content of Cryptonews.com.