XRP Price Prediction as Lawsuit Conclusion Approaches – Can XRP Hit $10 in 2023?
XRP, the cryptocurrency that powers the global payments-focused decentralized layer-1 blockchain protocol the XRP Ledger that was created by US fintech company Ripple, continues to consolidate just to the north of its 200-Day Moving Average, having found robust support above this key level last week.
But XRP remains stuck within an aggressive downtrend that has been in play since mid-April, meaning that near-term price predictions remain somewhat downbeat.
XRP/USD was last changing hands in the mid-$0.42s, down nearly 10% this month and down around 28% from March’s highs in the $0.58 area.
Unless the cryptocurrency can break out of its current downtrend, a retest of the 200-Day Moving Average seems likely and potentially even a break below it.
That could open the door to a retest of March lows in the $0.35s.
But with broader cryptocurrency markets gaining some steam on Monday – Bitcoin was last up more than 2% - the risks of a bullish breakout for XRP are rising.
If XRP was able to get back to the north of its 100-Day Moving Average near $0.4350 and close above the current downtrend (confirming a breakout), the cryptocurrency that could open the door to a run back to yearly highs, or at least the mid-April highs in the $0.54 area.
One potential catalyst for an XRP surge could be the conclusion of, or rumors of a conclusion of, the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple.
The SEC sued Ripple back in December 2020 over allegedly raising $1.3 billion via the issuance of XRP as a security, something which Ripple denies.
The fintech company that created the XRP Ledger claims XRP is a commodity.
XRP pumped back in March on optimism that Ripple is set to win a favorable outcome in its
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