Investors are keeping a close eye on the price of XRP as the cryptocurrency industry waits for the outcome of the case brought forward by the United States Securities and Exchange Commission (SEC) against Ripple.
The outcome of the SEC’s continuing case is still up in the air, and it remains to be seen whether the agency will drag it out beyond the projected date of a summary judgment in March 2023. If the case is found in Ripple’s favor, it is expected to affect the XRP price positively.
Notably, the projections made by CoinPriceForecast, the finance prediction platform that uses machine self-learning technology, indicate a significant increase for XRP by the end of 2023, as per data retrieved by Finbold on February 17.
XRP started 2023 at $0.3386, and it is currently trading at $0.389, so the price has increased by 15% from the beginning of the year. The forecasted artificial intelligence (AI) price prediction at the end of 2023 is $0.49, a 26% climb from the price on February 17. Meanwhile, the year-to-year change is a 45% increase.
XRP 2023 price target. Source: CoinPriceForecast
XRP price analysis
By press time, XRP was changing hands at $0.389 with losses of over 2.5% on the daily chart. At the moment, the price of XRP has a significant support level at $0.36283, while the price of the currency has to break through the next important resistance level, which is $0.41732. If XRP can break above this level, it may aim for $0.50 in the near future.
XRP 1-day price chart. Source: Finbold
In general, the case results will likely influence the future of XRP, with a victory for Ripple likely being bullish for the token and a loss being bearish. Nonetheless, an optimistic outlook is possible if XRP is relisted on exchanges.
With the favorable ruling for LBRY, there is an increasing clamor for XRP’s relisting. Notably, XRP fans have been urging crypto exchanges Coinbase and Binance US to reinstate the token on their respective platforms.
XRP’s technical indicators on TradingView‘s one-month gauges are mixed, with the summary aligning with the ‘sell’ sentiment at 10 while moving averages are for the ‘strong sell’ at 9. Oscillators are pointing at ‘buy’ with 3.
According to the lead trial attorney Andrew Pickett, the result of the lawsuit between Ripple and the SEC is being eagerly awaited across the sector, with Pickett highlighting that:
“If Ripple is successful in their lawsuit, it could help solidify XRP’s legality in the US market, which would benefit its price.”
He views the outcome as a fundamental setting, ‘an important precedent applicable to other cryptocurrencies, such as Bitcoin,’ especially by leading financial institutions.
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