As the much-anticipated legal showdown between Ripple and the Securities and Exchange Commission (SEC) draws to a close, the XRP community is on the edge of their seats, eager to know the outcome and its potential effect on the price of XRP. The resolution of this lawsuit carries significant implications for XRP’s future and its ambitious goal of reaching $10 in 2023. Amidst widespread speculation and fluctuating market sentiments, this article delves into the XRP price prediction and the factors that may determine its rise or fall in the year ahead.
Crypto lawyers believe that the outcomes of the lawsuits involving Coinbase and Binance may be heavily influenced by the SEC’s case against Ripple. Ripple has been locked in a legal tussle with the SEC since December 2020 over allegations that it offered unregistered securities via XRP. More recently, the SEC filed similar lawsuits against both Coinbase and Binance. Although a favorable outcome for Ripple may weaken the SEC’s stance against the exchanges, legal experts warn that the Ripple ruling will not necessarily set a binding precedent.
Regardless, legal professionals point out that the verdicts in the Ripple lawsuit may shape the outcomes of the suits involving the two popular exchanges. The industry and the SEC could use the case’s outcome to their advantage, depending on the results. The SEC’s actions against crypto firms are expected to relent as major financial institutions increasingly embrace the crypto market.
Currently, XRP’s price wavers, grappling to break past the resistance level at $0.500. Despite briefly dipping below this mark, it managed to pick itself back up and hover at around $0.49257. The 50-day moving average now serves as a resistance level, with XRP facing hurdles around $0.5000.
If XRP cannot break this barrier, it may continue to slide downward, potentially reaching support levels at $0.4900 or $0.4750. Further declines could drive the price to support at $0.4605 or $0.4500.
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Source: Cryptonews
