The price of XRP has dipped by 1% in the past 24 hours, dropping to $0.515094 as the cryptocurrency market as a whole falls by 0.5% over the same period.
XRP’s current price means that it has risen by 1.5% in a week and by 35% in the last 30 days, with expectations surrounding the outcome of the Ripple-SEC case helping to boost the altcoin in recent weeks.
There has been an expectation for over a month now that this case could be due to end anytime soon, and that the outcome will prove largely favorable to Ripple, enabling it to continue its business as before.
If so, there’s little doubt that XRP would enjoy a massive rally, propelling it back up to $1 and later to its current all-time high of $3.40, before witnessing even bigger gains next year.
XRP Price Prediction as $800 Million Trading Volume Comes In – Can XRP Reach $10 in 2023?
XRP’s indicators continue to show strong momentum, with its 30-day moving average (yellow) still rising steeply above its 200-day (blue).
And even though its relative strength index (purple) has begun to sink very slightly, it still remains around 60, staying in a position where it could resume its ascent anytime soon.
And with Ripple looking forward to the end of its long-running case with the SEC, it may be only a matter of days or weeks before XRP receive another, much bigger boost.
Indeed, all major depositions, briefings and pieces of evidence have been submitted in the case, with both parties waiting for Judge Analisa Torres’ to make a decision.
Lawyer and XRP supporter John E. Deaton suggests that such a decision could arrive by May 6, which is now less than three weeks away.
If accurate, this prediction means investors don’t have much time left to acquire some XRP at discounted prices, with today’s slide arguably providing a good opportunity to buy the altcoin at a relatively low price.
Of course, there’s always a chance that Ripple loses the case, yet expert opinion seems to suggest that it has a good chance of securing a positive judgment or settlement.
For instance, lawyer Jeremy Hogan recently argued that the SEC hasn’t really been effective in proving one of the major arguments underlying its case, which is that buyers of XRP entered into an ‘investment contract’ with Ripple when they first bought tokens.
Assuming that Hogan is correct here, a Ripple victory would potentially enable XRP to become the best-performing top-100 cryptocurrency this year.
From $0.5, it would easily rise back up to $1 in a matter of weeks, with a return to more bullish market conditions also helping it to pass its current record high of $3.40.
And if crypto does re-enter a bull market at some point towards the end of this year or at the start of the next, we could even see XRP approaching $10.
This article was originally published by CryptoNews.
