The XRP price has dropped by $0.400093 in the past 24 hours, representing a fall of 3% as the market as a whole dips by only 1%. The current price marks a 0.5% in a week and a 15% gain in the last 30 days, with XRP doing very little in response to the news that Ripple has appointed a new President, long-time employee Monica Long.
However, while the appointment of a new President at this juncture may possibly raise hopes that a decision is near in Ripple’s case with the SEC, opinion remains mixed on the firm’s chances of securing a positive decision. Because while some observers have long affirmed that Ripple has a strong case and the SEC a weak one, others have also suggested that there remains a chance the dispute could go to a full jury.
XRP’s current price leaves it with a mixed set of indicators. Its relative strength index (purple) is on the way down from 70 and may continue sinking until its falls below 50 (or even further), suggesting that the coin is in for further falls.
Conversely, XRP’s 30-day moving average (red) continues to rise toward its 200-day average (blue), suggesting that it’s still in the middle of a medium-term rally. However, given how uncertain the market remains, it’s hard to say whether another rally or fall is the likeliest outcome at the moment.
Things also aren’t helped by how uncertain Ripple’s case with the SEC is. On the one hand, this case does look like it’s drawing near to its end, with CEO Brad Garlinghouse telling CNBC recently that he expects the case to conclude by the end of the first half of 2023, or by the end of the year at the very latest.
“I feel very good about where we are relative to the law and the facts,” he said, underlining how Ripple has confidence in its case. Likewise, US-based lawyer James K. Filan tweeted on January 20 that “Everything is Briefed” with regards to the case and that “Now We Wait,” leaving XRP holders with the expectation that it’s now only a matter of time before the end of the altcoin’s two-year limbo arrives.
However, some observers aren’t 100% confident that Ripple will receive the result it’s hoping for. This includes attorney John E. Deaton, who despite arguing that Ripple has a good case has nonetheless suggested in the past week or so that the case may not receive a summary judgment in the next few days, and that instead, it could go to a full jury.
Needless to say, Judge Torres deciding to initiate a full trial with a full jury would drag out the case for even longer. And in the process, would expect XRP to suffer a substantial loss.
That said, it needs to be remembered that the cryptocurrency community mostly believes that Ripple has presented a compelling case. By contrast, the SEC has mounted a weak one, with the securities regulator arguably unable to establish how Ripple developed a ‘common enterprise’ — as described in the Howey test — that would boost the value of XRP.
There are plenty of other indicators that Ripple has a decent case, and a decent chance. For instance, November saw 14 amicus briefs – including one from Coinbase – filed on Ripple’s behalf to the court, with each presenting arguments and/or evidence in its favor. Interestingly, the SEC managed to submit only one such brief, reinforcing suspicions that its case isn’t exactly watertight.
There have also been a number of positive rulings that Ripple has secured in the last year or so. This includes the court upholding its right to present a fair notice defense, as well as Judge Torres granting it access to important documents and emails related to a 2018 speech given by then-Chairman William Hinman.
Given that Ripple has a good defense, yet given that a court may naturally lean towards a US regulator, there’s likely a 50-50 chance of either outcome. However, assuming that Ripple does secure a favorable summary judgment, there’s little doubt that XRP would moon.
Some holders have preferred forecasts in the region of $1.30 for the immediate aftermath of a positive judgment. Meanwhile, others are looking to a longer-term target in the region of $10, which would imply a 2,400% rise from its current price.
Buy XRP Now
Given how low XRP is right now, it may indeed be a be a very good time to buy the altcoin. Of course, this would necessitate waiting for Ripple’s case to conclude, which may take some time. As such, if you’re looking for other high-potential crypto projects alongside XRP, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
A quick 3min read about today's crypto news!
A quick 3min read about today's crypto news!