XRP, the digital currency tied to the XRP Ledger, seems to be making a comeback after facing a prolonged period of uncertainty, mainly due to the ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC).
Despite the regulatory hurdles, XRP is making strides against major currencies and other cryptocurrencies. This article dives into the current price scenario, recent trends, future possibilities, and the latest buzz surrounding XRP.
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Ripple Price Prediction
As of 12:22 p.m. UTC on December 22, 2023, XRP is dancing around $0.624453. That’s a 3.50% climb in the past 24 hours and a 1.40% nudge upwards in the last 7 days. Its market cap sits at $33.48 billion, and it is the sixth-largest cryptocurrency.
The price is consolidating inside the symmetrical triangle. we have to wait for a successful breakout or breakdown to confirm the next direction.
Over the last week, XRP has been playing in the $0.60 to $0.65 range, with some occasional jumps and falls. The $0.65 mark, aligning with the 50-day moving average on the daily chart, is proving to be a bit of a tough nut to crack. If XRP manages to break through, it might signal a bullish shift, opening doors to potential gains at $0.70 and $0.75.
On the flip side, $0.60 is acting as a sturdy psychological support. A dip below this might trigger a bearish stretch, with $0.55 and $0.50 as the next critical supports.
A glance at the daily chart shows XRP trading below the 200-day moving average, suggesting a more extended downtrend. However, it’s perched above the 100-day moving average, hinting at a shorter-term uptick. The relative strength index (RSI) is hanging out around the 50 level, signaling a balanced market sentiment.
Weekly Wiggles
XRP’s journey has been heavily influenced by the SEC’s lawsuit saga against Ripple, the brains behind the XRP Ledger, kicked off in December 2020. The claim is that Ripple and its bigwigs sold XRP as unregistered securities, breaking federal securities laws—a legal dance that’s been going on for a year, with its fair share of plot twists.
Despite hitting a high of $3.84 in January 2018, XRP has taken an 80% hit, struggling to regain its former glory. 2023 has mostly seen XRP below the $1 mark, with brief exceptions.
Starting the week at $0.62, XRP hit a weekly high of $0.66 on December 20, 2023, thanks to a positive SEC nod. The regulator’s announcement of greenlighting the first spot Bitcoin exchange-traded fund (ETF) in the U.S. brought a cheer to the crypto arena. But the joy was short-lived, and XRP dipped to a weekly low of $0.59 on December 21, 2023, as the overall market took a correction.
As of December 22, 2023, XRP has picked up a bit, trading at $0.62, marking a weekly change of 0.40%.
XRP Future Analysis
The future of XRP is hanging on the outcome of the SEC lawsuit, expected to wrap up in early 2024. The case has gone through various stages, with both parties throwing documents, evidence, and arguments into the ring, seeking the court’s intervention on multiple fronts.
A recent twist in the tale is the court green-lighting Ripple’s request to get the SEC to spill the beans on its views about Bitcoin, Ethereum, and other cryptocurrencies. This could potentially be a game-changer, showing that the SEC didn’t treat XRP differently from its crypto brethren.
The lawsuit’s outcome is a big deal not just for XRP but for the entire crypto industry. If Ripple emerges victorious, XRP’s price could shoot through the roof, removing regulatory hurdles and restoring faith in the coin. Ripple might resume its partnerships and operations, giving XRP a new lease on life. But if the SEC comes out on top, brace yourself for a significant dip in XRP’s price, coupled with hefty penalties, potential delisting, lawsuits, and a shrinking market share.
Conclusion
XRP, the underdog of the crypto scene, is making a comeback, or so it seems. Its future hangs in the balance, waiting for the SEC lawsuit to unfold. Right now, it’s at $0.62, with a modest 0.40% weekly change. Resistance at $0.65 and support at $0.60 are the current battlegrounds.
As the crypto world gears up for the holidays and year-end, the mood is cautiously optimistic. Remember, crypto waters can get choppy—stay informed, tread carefully, and do your homework before diving in.
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