There are some events expected to take place in March that could be qualified as influential on XRP price

By Selena On Feb 28, 2023

Cryptocurrency traders and investors are closely monitoring the current and upcoming developments surrounding XRP as it slowly starts to regain its value after several trying weeks that threatened to undo the advancements the token has made since the year’s turn, trying to determine if they could influence its further movements.

At the time of writing, XRP is changing hands at $0.3778.

XRP/USD 4-hour chart | Source: TradingView

Some March events might impact XRP, possibly driving the digital currency higher until unfavorable developments in the cryptocurrency market and the larger macroeconomic scene offset them.

The legal dispute between the blockchain business Ripple, the issuer of XRP, and the SEC has been going on for more than two years. Depending on how it turns out, it will undoubtedly affect the price of the associated cryptocurrency.

Although the exact date of the court’s decision is still uncertain, Ripple CEO Brad Garlinghouse is optimistic that it will be rendered in the first half of 2023, and pro-Ripple attorney John E. Deaton thinks there is a remote possibility that it may occur in March. In an interview with Real Vision Crypto in December, he explained: “I don’t see it happening before March 31st, but it is possible because the judge is very aware. She granted us amici status. She knows that there are tens of thousands of holders, and there have been 17 amicus briefs filed in this case, so it is very possible, but you have millions of pages of documents that have been filed. She is going to go through it.”

In the meantime, an attorney for the XRP community named Fred Rispoli of Hodl Law has sued the SEC, requesting that the court rule that Ethereum and ETH are not securities. This complaint was filed against the regulator two months ago.

The SEC responded by filing a petition for dismissal, claiming that “Hodl Law’s accusations make plain that the SEC has not reached a definitive determination about the Ethereum network or Ether.” The ecology may be significantly impacted by the outcome of this case’s first hearing, which is set for March 13.

The events anticipated in March 2023 can potentially impact the price of XRP as they develop significantly. However, the community sentiment displayed on the financial tracking platform TradingView is largely bearish, indicating a “sell” for XRP on summary gauges, despite oscillators being slightly in the “buy” range.

XRP 1-month sentiment gauges | Source: TradingView

It will be interesting to watch these developments impact on XRP, which is currently trading at $0.3777. According to the crypto community’s predictions on CoinMarketCap, the price of XRP could increase by as much as 9.8% by the end of March. Still, the algorithms at PricePredictions predict that it might decline by that date.

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