The price of XRP is down around 1.30% in the past 24 hours after it saw a slight increase on Thursday following a sell-off across the crypto market. At a price of $0.49980, the coin is down about 4% from its price a week ago. The market generally seems to expect a positive outcome in Ripple’s case against the SEC.
As Ripple and the SEC have both filed separate applications for preliminary injunctions, it appears that the case between the two parties is entering its final phase. It is expected that only a few months will pass before the parties reach a settlement or the case is closed. If public analysts’ expectations are correct and Ripple wins, it will give XRP a huge boost. It may even help the cryptocurrency surpass its previous record high of over $3. That would represent a huge increase from the current price point.
XRP Price Forecast – 3 Reasons XRP Could Hit €5 in 2023
Looking at the chart of XRP, you can see that Ripple has formed a golden cross. A golden cross occurs when the 30-day moving average, the red line on the chart, crosses the longer 200-day moving average, the blue line on the chart. A golden cross signals bullish uptrend momentum and a potential breakout to new levels in the medium to long term.
At the same time, Ripple’s relative strength index (RSI), the purple chart at the bottom of the image, is currently rising after a short dip around 55. This means that momentum on this momentum is growing and becoming more favorable, while the currency does not start at an overbought level. This suggests that the currency could potentially continue to rise.
Technicals, such as the RSI and the golden cross, show one of the reasons why Ripple could soar to new all-time highs in 2023. This is because, for example, the RSI has been relatively low throughout the year. However, this is not the main reason why the currency can continue to rise. The biggest reason for this future increase is the fact that the lawsuit between Ripple and the SEC is entering its final phase. If the result is positive for Ripple, this will have a positive effect on the currency.
Not only is the case in its final phase, things also seem to be going more positively for Ripple. This week, Judge Torres authorized Ripple to present two parties outside of Ripple and the SEC. These two parties are likely to make statements and share information that could work in Ripple’s favor.
But it is not the only positive verdict in the case between the two parties. In January, the court ruled that the SEC must share messages and documents related to a speech by former SEC Chairman Bill Hinman that he gave in 2018. In this speech, he explained why he felt that ETH and BTC are not investments.
This was a decisive win for Ripple, as it gives a good chance that the documents surrounding the Bitcoin and Ethereum declarations will also cover Ripple. And given the different circumstances, this seems like an extra push towards a positive outcome of the case.
If Ripple can reach a settlement with the SEC where it can continue on the same footing as before, with XRP being relisted on the biggest exchanges around the world, such as Coinbase, then there is a good chance that XRP will rise.
A survey of 55 cryptocurrency and fintech specialists predicts that if Ripple wins, it will hit a price of around $3.80 in 2025. It can also be argued that the rise could be much higher should the market turn to the worse. new bullish cycle starts in the coming months.
Looking at it that way, the $3.80 estimate is a conservative estimate. That is a 12% increase from the all-time high reached in January 2018. As other coins such as Cardano, Bitcoin and Ethereum passed their 2018 all-time highs during the 2021 bull market, XRP owners may even see a potential price of $11.50, assuming a new bull market will occur.
XRP also has the fundamentals to support a long-term gain. The third reason why it could reach new highs next year is that Ripple has been collaborating a lot lately to enter markets. Ripple’s network has expanded significantly over the months of the trial. As a result, XRP is now in a good position for continued growth.
IMPT has the potential to realize large price increases.
Of course, it may take until the second quarter of next year before a decision in the case between Ripple and the SEC. This means that in the short term there may be no profit to be made from trading the coin. However, even with bearish conditions continuing, there is still an opportunity for speculative traders to make an investment that could potentially result in a large profit. These are pre-sales of the best altcoins such as Tamadoge (TAMA), Battle Infinity (IBAT) and The Impact Project (IMPT).
The most notable coin here is Tamadoge (TAMA), which raised around €19 million in September before returning around 1,800% from the pre-sale price. Although this sale has already ended, there are a number of other promising projects that are still in the pre-sale right now. The most interesting of these is Impact Project’s IMPT token.
The project runs on Ethereum and is a marketplace where you can exchange with CO2 credit to provide an environmentally friendly opportunity to invest and offset your own environmental tax. It also provides a platform where you can shop with environmentally friendly retailers. It allows users to exchange NFT-based carbon credit for purchases from retailers that support eco-friendly initiatives. The pre-sale started on October 3rd and has already raised more than €4 million.
The project, which converts tokens into carbon credits and is backed by a network of green retailers, makes it a sought-after investment among environmentally conscious investors. The use of Ethereum, which is currently in transition to a proof-of-stake platform that will reduce energy consumption by around 99%, reinforces this appeal. While it’s hard to say how much the coin will rise after it goes public, it has the fundamentals to deliver good returns to Ripple’s investors while they await the outcome of the case with the SEC.