XRP Price Prediction as XRP Outperformed All Major Cryptos: Will it Break the Resistance Zone?

Last Updated March 29th 2023
5 Min Read

Over the last week, XRP has experienced consistent increases in value as the unresolved legal dispute between Ripple and the SEC is anticipated to resolve by the end of March. Within the last 24 hours, the value of the token has risen 1%, and its current price of around $0.46 has made it the top-performing cryptocurrency in the top 100 over the past week.

Despite a slight decrease, XRP's daily trading volume remains elevated, indicating that there is still strong demand for the cryptocurrency and suggesting that it may continue to experience growth in the short term. Assuming that Ripple achieves a favorable result in the ongoing legal proceedings, there is a good chance that XRP could surpass $1 and potentially even recover its peak level from 2018.

XRP/USD price chart

XRP Price Prediction: XRP Leads the Way for Best Performing Crypto Since Last Week – Is it Indicating a New Bull Market?

The current momentum of XRP is strong based on its chart, and the positive news is that its technical indicators indicate that it still has room to grow before reaching a level considered overbought.

XRP/USD price chart

Source: TradingView

After declining to 60 a few days ago, XRP's relative strength index (purple) has resumed its upward trend, indicating that the cryptocurrency may experience another surge in value soon.

Additionally, the 30-day moving average of XRP has started to rise toward the 200-day moving average (represented by the color blue). Once they intersect, it could indicate further upward price movements for the cryptocurrency. If XRP surpasses and maintains its value above the $0.475 mark, it may be on track for a more prolonged increase in value, as this is a critical resistance level for the cryptocurrency.

In any case, XRP's value will increase significantly beyond that price point if Ripple achieves a favorable settlement or verdict in its legal dispute with the SEC.

The case resolution is expected in the coming months. Still, some prominent individuals closely monitoring or involved in the legal proceedings have speculated that a verdict could be issued as early as this week.

 

Ripple's CEO, Brad Garlinghouse, has repeatedly stated that he anticipates a conclusion to the legal battle with the SEC sometime this year and possibly as early as summer. The favorable rulings and decisions Ripple has been able to achieve in its favor indicate a high likelihood of winning the legal battle against the SEC.

One of the significant wins for Ripple was the decision to exclude a crucial expert witness presented by the SEC, who was expected to testify that XRP purchasers had a justifiable expectation of profit.

Apart from that, Ripple has also received favorable decisions, such as being granted access to significant SEC emails related to a 2018 speech on classifying cryptocurrencies as securities. Additionally, the company has also successfully defended its right to use a fair notice defense in the legal dispute with the SEC.

 

These developments have instilled a sense of positivity and hope among the XRP and broader cryptocurrency community, leading to widespread anticipation for an imminent verdict. If the decision is in favor of Ripple, the gains made by XRP in the previous week will likely be insignificant. 

Despite the positive developments, it should be noted that whales have been transferring XRP to exchanges, as indicated by three whale alerts within the past 24 hours (at the time of writing).

 

Due to this activity by whales, there is a possibility of a short-term drop in the price of XRP, especially before the verdict is announced.

Despite the legal dispute negatively impacting Ripple's business for the past two years, the number of XRP Ledger accounts has grown from two million in February 2020 to nearly five million, indicating significant growth.

 

Ripple's financial report for Q4 2022 revealed net sales of approximately $226.31 million, and the company expanded its cross-border payment solution to Sweden, France, and Africa during that same period. Despite the legal case casting a shadow over the business for the past two years, XRP Ledger accounts have increased to nearly five million, up from two million in February 2020.

The growth observed in Ripple's business suggests the potential for significant prosperity if the company prevails in its legal case. Additionally, this growth indicates the potential for XRP to increase in value.

It could be said with confidence that XRP will eventually surpass its record high of about $3.40 if Ripple succeeds in the lawsuit. Some optimistic analysts have even forecasted that the price could reach double digits by the end of the year.

 

Is Now a Suitable Time to Invest in XRP?

The recent increase in XRP/USD may encounter resistance at a convergence of resistance levels, which could result in a bearish reversal in the next few weeks based on technical analysis.

The current level has played a dual role in the past as both a support in December 2021 and January 2022 and a resistance during the September-October 2022 period. Additionally, it is also the objective of the prevailing bull pennant formation.

Regarding the long-term outlook, it could take several months for the Ripple-SEC case to be resolved. Therefore, traders seeking significant profits may opt to explore other cryptocurrencies with high growth potential for the time being.

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