Investors are keeping a close eye on the price of XRP as the cryptocurrency industry awaits the outcome of a lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple.
The outcome of the case has not yet been announced, and it remains to be seen whether the agency will extend its projected March 2023 summary adjudication date. A ruling in favor of Ripple will have a positive impact on XRP price.
Notably, predictions from CoinpriceForecast, a financial forecasting platform that uses machine learning techniques, show a significant increase in XRP by the end of the year.
XRP started the year at $0.3386 and is currently trading at $0.394, so the price is up more than 15% since the beginning of the year. The artificial intelligence (AI) platform price prediction is $0.49 by the end of 2023, up 26% from today. Meanwhile, the annual change was +45%.
XRP Price Target 2023 | source: Currency Price Forecast
XRP Price Analysis
At press time, Ripple was up 1.14% on the daily chart. Currently, the price has significant support at $0.36283 and must overcome the next key resistance at $0.41732. If Ripple’s token can break through this level, it is targeting $0.50 in the near future.
XRP price chart 4 hours | Source: Tradingview
Overall, the outcome of the lawsuit could affect the future of XRP. Of these, the winning Ripple will breathe new life into the token and vice versa. However, if XRP is listed on an exchange, the outlook may be positive.
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With the verdict in favor of LBRY, a growing number of comments call for a relisting of XRP. Notably, fans have been urging exchanges Coinbase and Binance US to restore the tokens on their respective platforms.
Meanwhile, TradingView’s 1-month-scale XRP technical indicator is giving mixed signals. Specifically, the summary is consistent with a “sell” sentiment at 10, while the moving average is “strong sell” at 9. In contrast, oscillators point to a “buy” at 3.
Source: TradingView
According to lead litigator Andrew Pickett, the industry is eagerly awaiting the outcome of the lawsuit between Ripple and the SEC.
“If Ripple wins the lawsuit, it could help strengthen XRP’s legitimacy in the U.S. market and would benefit prices.”
He sees the outcome as the base case, “an important precedent for the adoption of other cryptocurrencies like Bitcoin,” especially by leading financial institutions.
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