Ripple’s XRP token has secured its name in the list of top cryptocurrencies. Given the current market scenario, experts opine that XRP is set for a price rise. Although embroiled in a legal lawsuit, the crypto has been on a positive rise recently. However, along with partnerships and network developments, much of the increase can be attributed to the investors’ positive reaction to the speculation that Ripple would likely win the lawsuit against SEC.
While investors wait with optimism, they are also curious to know if the crypto can reach $10 in 2023. Let’s analyze how several factors can affect this price prediction in 2023.
The Ripple Vs SEC Lawsuit And Its Impact On XRP’s Price Rise
XRP was once the coin with the greatest potential and innovative use cases for financial institutions and banks. But, in December 2020, the crypto turned into the most scandalous one when SEC filed a lawsuit against Ripple Labs, allegedly claiming that the XRP token was a security and that the company offered it to investors without legal registration. Since then, Ripple has been trying to protect itself against the SEC and fighting to break the resistance level in price.
However, 2023 came in with hope for Ripple, as the lawsuit is almost nearing an end, and experts believe that it could positively affect XRP’s price rise. Professionals like former US congressional candidate Gokhstein believe that if Ripple scores a win, it will contribute to the massive rise of the entire cryptocurrency market.
Also, cryptocurrency advocate and lawyer John Deaton communicated his confidence that Ripple will emerge victorious and the Supreme Court would not uphold the SEC's overreach, which has added fuel to the increase in social sentiment around the XRP price rise. He also tweeted that Ripple's attorney will strongly recommend a settlement if the SEC accepts in writing that all current and future XRP transactions are not securities. A favorable outcome in the SEC case would skyrocket XRP prices to the moon.
Ripple's Potential Partnership And Its Impact On XRP
Although XRP had major price resistance, it didn’t stop the company from rolling out new technologies or making strategic partnerships. The payment service provider has partnered with hundreds of financial organizations and banks, facilitating fast and easy transfers across borders at the best prices. Some notable names include Axis Bank, Federal Bank, Canara Bank, Metrobank, and more.
Even amidst the ongoing lawsuit, Ripple managed to form a new alliance with the Dubai-based Joyalukkas Exchange. Punnoose Mathew, managing director, recently reported his meeting with the representatives of Ripple. He added that the business would leverage Ripple’s On-Demand Liquidity technology to streamline its cross-border payments. Additionally, its recent collaboration with the Japanese payment giant SBI has garnered the attention of various technical corporations across the South Pacific region.
This growing list of partnerships and expansion will significantly affect the price of XRP. With increased adoption, the crypto would increase in value, and the price could reach $10.
The US Interest Rates Expected To Rise, Bringing G20 Conference Into Limelight
Federal regulations and fear of inflation have been looming around the crypto market since 2022. Currently, there is greater pressure on riskier assets as the US economic data has raised new concerns for the Federal Reserve. Data from the US also shows the possibility of a 50 basis point rate increase.
Against this backdrop, G20 highlighted cryptos and underlined the need for a strong global regulatory framework. These G20 headlines and the rising Fed concerns are causing XRP to remain under pressure.
Cross-Chain Bridge Proposal Could Pave The Way For Interoperability In Cryptocurrency
Ripple has plans to launch a new cross-chain bridge for the XRPL network to support cross-chain transfers between different blockchain networks. The technology aims to facilitate cross-chain transfers and provide blockchain interoperability between XRPL and various networks.
Mayukha Vadari, a software engineer at Ripple, recently tweeted about the new cross-chain bridge protocol and shared the link on the same.
Once the bridge is implemented, the blockchain will join numerous networks that leverage this technology, including Ethereum, Avalanche, Solana, Binance Smart Chain, and others. This is a positive catalyst for XRP price as it would significantly increase the adoption rate.
XRP Price Prediction 2023
XRP has recently recorded a $600 million trading volume, and investors are now curious to know if the cryptocurrency can reach $10 in 2023. The crypto is currently trading at $0.374949, although significantly down from its 2018 all-time high of $3.84. Its value has plunged by over 4.5% over the past week, and the crypto has been struggling under the $0.3850 level while gaining support near $0.3750.
According to the graph, a bearish breakdown of the $0.3750 support zone would pull it down until the next support area of $0.3702 or $0.3620. On the other hand, if a bullish breakout of the $0.3847 resistance level occurs could expose it toward the $0.3975 level.
XRP/USD Price Chart - Source: Tradingview
This price prediction was fueled by recent developments in the XRP ecosystem and a broader surge in the cryptocurrency market. Ripple’s fast transaction speed is one of its key selling points, making it an ideal choice for financial institutions.
Crypto experts predict that XRP has the potential to reach $10, and the ongoing lawsuit has not diminished this. Furthermore, given how rapidly Ripple is rolling out developments and network adoption, the XRP price could skyrocket to new all-time highs by the end of 2023.