The price of XRP has diverged significantly from that of the overall cryptocurrency market, with the token finding further positive triggers from the ongoing legal struggle between Ripple and the Securities and Exchange Commission (SEC).
The newly discovered momentum for XRP has led to the token regaining a previous support position. Using CoinCodex’s technical analysis indicators, Finbold was able to get a price prediction for the price of XRP on Easter Sunday, 2023.
According to information gathered on March 22, it is projected that XRP will break above resistance at $0.50 on April 9. The price that is anticipated to be achieved is $0.509, even though it is due to drop a month from now, on April 21, to trade at $0.444.
In comparison, the machine learning algorithm-based crypto tracking platform PricePredictions is another tool that offers a glimpse of the token’s price trajectory. As per the tool’s price forecast, XRP investors should expect a slightly lower climb in the asset’s valuation to trade at $0.464 on April 9, according to data obtained on March 22.
Notably, the forecast puts into consideration different technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others.
XRP price analysis and trajectory
Currently, XRP is trading at $0.4459, up 6.01% in the last 24 hours and a further 21.70% across the previous seven days on the weekly chart.
While XRP has generally followed the overall market’s positive trajectory as of late, the extraordinary gain may be attributed to rising hopes that Ripple would ultimately prevail in the SEC lawsuit. That comes after a string of favorable events for the blockchain firm leading up to the summary decision.
As the defendants in this lawsuit recently filed a Letter Notice of Additional Authorities, XRP investors became excited again. On March 20, attorney James Filan tweeted a copy of a court document that appears to show the defendants attempted to bolster their fair notice defense by citing a different case in which U.S. Bankruptcy Court for the Southern District of New York Judge Michael E. Wiles rejected an SEC argument on the grounds that it was too vague.
According to Ripple, the market is in disarray because of the SEC’s lack of transparency about the application of securities rules to digital assets. This, in turn, makes it hard for market players to know what they need to do to stay in compliance with the law. CEO Brad Garlinghouse of Ripple said the company is still confident the litigation will be settled before the end of the first half of the year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
