XRP’s 2023 Outlook: Will It Reach $3 Again?
Despite legal victories, XRP’s path to $3 remains uncertain. Explore the latest on-chain data, Ripple-SEC case. Will XRP recover? Find insights in our analysis.
XRP has seen a tough time lately, dropping below the $0.50. The market’s instability, combined with recent developments, has put pressure on XRP. Even after a legal victory against the SEC, Ripple lost its previous gains.
Recently, regulatory authorities suggested digital currencies like XRP do not have inherent value because they are just computer code. However, the SEC would not pursue more legal battles in their case with Ripple.
That is why experts believe the struggles are over, and XRP may hit $3 in the next few years. Will XRP go back to $3? Let’s discuss this by focusing on some of the recent aspects.
XRP Price History: From Soaring Highs to Consolidation Below $1
Ripple (XRP) showed a remarkable rally in 2017, surging to an all-time high of $3.2. However, it later entered a consolidation phase below $1. A similar rally began in May 2020, propelling XRP to $2 in April 2021.
Despite forming a higher high and higher low pattern, true bullish sentiment awaits a price breakthrough above the $1 mark in 2023. Will it cross the level?
How Low will XRP Go in 2023?
If XRP sustains this higher low pattern, then it might not cross the $0.4 level. However, as per the XRP price predictions, if it breaks this critical support level, you can expect a long-term bearish outlook for XRP.
Whale Alert Sparks Speculation as XRP Transfers Surge
Crypto tracking platform Whale Alert recently caught the attention of the crypto community with a significant XRP transfer. They reported a whopping 66,666,659 XRP, valued at approximately $33,065,809, moving from Binance to an undisclosed wallet. This large transfer has triggered speculation about its potential impact on XRP’s price.
In the XRP ecosystem, Ripple has also been making some noteworthy moves. They have recently transferred substantial amounts of XRP into secure escrow accounts. Specifically, 300,000,000 XRP, worth around $146,927,854, and an additional 500,000,000 XRP, valued at roughly $244,748,526, have been placed in escrow. These actions come amid Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Despite the legal drama, XRP has been seeing increased usage lately, with a seven-month high in on-chain transactions and a three-month peak in circulation. These metrics indicate growing engagement and activity within the XRP ecosystem, potentially leading to higher demand.
While the path to a $3 XRP price mark remains uncertain, events in the XRP ecosystem continue to influence the token’s price and stir up investor speculation.
Ripple and SEC Settlement Scenario Post-Coinbase Ruling
XRP’s price increased slightly on Saturday after a recent drop, but it is still below $0.51. Legal expert John E. Deaton from CryptoLaw thinks there should not be an appeal in the Ripple case. He says the SEC’s argument does not hold up.
There is also talk about a possible settlement between Ripple and the SEC. Deaton believes it depends on a ruling in another case involving Coinbase. If the judge decides in favor of Coinbase, it could change things for Ripple and the SEC.
There is no new news in these cases on Sunday, but people are still watching and waiting for updates. The Ripple case could affect the SEC’s case against Coinbase, so it’s important to keep an eye on both.
Could XRP Skyrocket?
XRP’s price has not gone past the $0.5042 level recently. It happens partly because market participants are waiting for the decision on an SEC appeal. If XRP manages to break through that $0.5042 level, it could go higher and challenge the $1 resistance.
But if the court decides in favor of the SEC, XRP might struggle. It could drop below $0.49 and even reach the $0.4322 support level.
Right now, XRP’s Relative Strength Index (RSI) is at 32.04, which means it still has room to fall a bit more before it is considered oversold. So, whether XRP goes up or down depends on that court decision and market sentiment.
How High Can XRP Realistically Go?
Many investors have expected that the XRP price will surge after XRP wins the case against SEC, but it is not happening in the XRP price, so you should not expect a higher price in XRP in 2023. If it breaks the resistance of $0.5, the price could hit $1.
Conclusion
Definitely, $3 had some buyers a few years back, and participants were bullish even when XRP touched $2. So, the XRP price could go back to $3, but it is tough to predict how long it will take. If you are interested in XRP, please do your own research and consider both fundamental and technical aspects before putting your money in such altcoins.
