With the new year drawing near, the participants in the cryptocurrency sector are looking at indicators to try and predict the price of assets they are investing in, including XRP, the token that has been at the center of a widely publicized lawsuit.
As things stand, the machine learning algorithms at the crypto tracking platform PricePredictions have forecast that the price of XRP on January 1, 2023, would stand at $0.337826, according to data retrieved by Finbold on December 22.
Encompassing various technical analysis (TA) indicators, such as the relative strength index (RSI), Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others, the platform sees a 2.81% decrease to the price of XRP at press time.
The bearish predictions arrive against the backdrop of XRP whales and sharks taking advantage of the token’s recent price correction to accumulate, breaking the records by increasing the percentage of supply held to 7.23%, as well as growing the number of these addresses to 1,617, as Finbold reported.
Legal battle and community squabbles
Meanwhile, the legal battle that the United States Securities and Exchange Commission (SEC) is waging against the blockchain company and XRP issuer Ripple seems to be nearing its conclusion, which is expected to have a profound effect on the price of XRP, and the nature of this effect will depend on the final outcome.
In connection with this, the Cardano (ADA) founder Charles Hoskinson declared that he would no longer speak about Ripple or XRP after receiving backlash from the XRP community over his stance on the lawsuit, as well as the rumor that it would be concluded on December 15.
It is also worth mentioning that Ripple CEO Brad Garlinghouse slammed as “ridiculous and frankly shameful that [the SEC] Chair Gensler was touting the SEC’s enforcement action as the ‘cop on the beat,’ yet (…) met with SBF multiple times, but was caught completely flat-footed when the alleged fraud finally came to light.”
At the same time, Ethereum (ETH) co-founder Vitalik Buterin said that Ripple-issued XRP was “still completely centralized,” in response to which Ripple chief technology officer David Schwartz criticized Buterin for not understanding the difference between Ripple – the company, and XRP – the token.
XRP price makes modest daily gains
At press time, XRP was changing hands at the price of $0.3476, recording an increase of 1.09% on the day but still representing a decline of 8.82% compared to the previous seven days, as its losses on the monthly charts amount to 2.74%.
With a market capitalization of $17.05 billion, XRP holds the position of the seventh-largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved by Finbold on December 22.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
