Undoubtedly, XRP has piqued the interest of many crypto traders and investors in 2023, especially with the end of the longstanding legal tussle between Ripple and the United States Securities and Exchange Commission (SEC) drawing near.
Being on the watchlist of several technical analysts, there have also been diverse XRP price predictions in circulation. Amid these many expert opinions, the anticipated summary judgment or conclusive court verdict in the Ripple-SEC seems to be the greatest determinant of the price action of XRP in the coming months.
Speaking on when the XRP lawsuit would end, Ripple CEO Brad Garlinghouse thinks Judge Analisa Torres would issue the summary judgment before or by the end of September 2023. Also, he noted that crypto firms may leave the United States terrain given the lack of clear rules coupled with the growing attack on crypto companies by the SEC.
Recall that Coinbase Chief Legal Officer Paul Grewal said the Securities Commission is resolute on achieving crypto regulation by enforcement, noting that the rulemaking approach would take time.
Owing to this, Garlinghouse earlier submitted that the San Francisco-based crypto solutions company and cross-border payment firm would evacuate the U.S. if the SEC wins in the XRP lawsuit. But this may not happen as there have been huge indications that Ripple would win the case or have a favorable response.
XRP holding Firm despite SEC Battles — price prediction
Notably, XRP has retained its spot on the list of top ten cryptocurrencies by market capitalization amidst the lingering claims from the SEC that it is an unregistered security asset.
At its price of $0.468 at the time of writing, XRP has risen over 36% since the beginning of the year and 10.26% in the last seven days. A close look at the XRP/ USDT chart further shows that the sixth-largest crypto asset by market capitalization could move further up as reflected by its technical indicators such as moving averages and relative strength index.
In particular, XRP’s 30-day moving average (yellow line) is far above its 200-day average (blue), indicating strong buying pressure on the asset which could last for days or weeks. Its Relative Strength Index, on the other hand, has remained above the “50” level since Wednesday, indicating that buyers are leading the XRP market. As earlier published, top analyst Egrag noted that XRP could rise by roughly 640% to reach $3.3 per coin.
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