• The XRP price has fallen 2.3% in the past 24 hours, dropping to $0.387535 amid a marketwide fall today.
• Ripple’s legal battle with the SEC is ongoing and its conclusion could have an effect on the XRP price.
• XRP’s key support level to watch out for is $0.38, while its medium-term support level is $0.35.
XRP Price Falls 2.3%
The XRP price has fallen by 3% in the past 24 hours, dropping to $0.387535 amid a marketwide fall today. It has now increased by 1% in a week and dipped by a very slight 0.2% in the last 30 days as the XRP community continues to wait for the conclusion of Ripple’s long-running legal battle with the SEC.
SEC Lawsuit Against Terraform Labs
It’s partly because of the SEC that the market, and XRP, have fallen today, with the securities regulator suing stablecoin issuer Terraform Labs and its (fugitive) CEO Do Kwon yesterday. However, with Ripple’s case with the SEC looking good, and with the XRP community urging Coinbase to relist the token, it could have a good 2023 ahead of it.
Technical Picture
XRP remains in a dangerous position, with the coin arguably primed for more falls. Its relative strength index (purple) has dropped below 50 in the past day, and could fall further after spending much of January close to 70. Meanwhile, XRP’s 30-day moving average (red) has stopped rising relative to its 200-day (blue), and could therefore be about to drop back down again. The key support level to watch out for is $0.38 – if this breaks then prices may dip all away down to about $0..36
Ripple Case With SEC Conclusion
As far as longer term prospects go holders are still waiting patiently for Ripple’s case against SEC come to an end so they can get some clarity on what will happen next.. According Ripple CEO Brad Garlinghouse interview last month ,this case should reach a judgement by first half or 2023 or latest by end of year . There are favorable rulings from court which gives hope that ripple will get positive outcome from this lawsuit .
XRP Price Predictions
With resolution around corner ,there is optimism among many members of xrp community about future prospects . If things goes favorably for ripple we can expect good performance from xrp during 2023 . Currently we should keep eye on key support at 0 . 38 -if this breaks then prices may dip all away down near 0 . 35 .