The XRP price has deviated dramatically from the broader cryptocurrency market, with the token benefiting further from the continuing legal battle between Ripple and the Securities and Exchange Commission (SEC).
The newly discovered XRP momentum has resulted in the cryptocurrency reclaiming a previously held support position. We can predict the price of XRP on Easter Sunday, 2023, using CoinCodex’s technical analysis indicators.
According to data gathered on March 22, XRP is expected to break over resistance at $0.50 on April 9. The expected price is $0.509, even though it is set to fall a month from April 21 to trade at $0.444.
PricePredictions, a machine learning algorithm-based crypto tracking platform, is another tool that provides a peek at the token’s price trend. According to the tool’s price estimate, XRP investors could anticipate a lesser asset valuation rise to $0.464 on April 9.
XRP is trading at $0.4385, down 3% in the last 24 hours and up 21% over the previous seven days on the weekly chart.
While XRP has primarily followed the overall market’s upward trend recently, the remarkable rise may be attributable to growing optimism that Ripple would eventually prevail in the SEC litigation. This follows a series of beneficial occurrences for the blockchain company leading up to the summary decision.
XRP investors became thrilled again when the defendants in this litigation recently filed a Letter Notice of Additional Authorities. On March 20, attorney James Filan tweeted a copy of a court document that appears to suggest the defendants tried to strengthen their fair notice position by citing another case in which U.S. Bankruptcy Court for the Southern District of New York Judge Michael E. Wiles rejected an SEC argument because it was too broad.
According to Ripple, the market is in disarray due to the SEC’s lack of openness over applying securities rules to digital assets. As a result, market participants are unsure of what they must do to be in compliance with the law. Ripple CEO Brad Garlinghouse stated that the company is confident that the conclusion of the year’s first half will resolve the litigation.
Read more:
- As XRP Price Made Sudden Jump, Massive XRP Transfers Have Been Made, One Of Them Initiated By Ripple
- Ripple-Backed XRPL’s Aims To Provide Digital Payment Infrastructure For Central Banks And Financial Institutions
- Relevance Of Former SEC Official William Hinman Documents In Other Litigations Will Affect Ripple