XRP Price Predictions: Are Whales Buying On Bullish Ripple-SEC Case?
• The XRP price has dropped by 3% in the past 24 hours, falling to $0.428988 as the cryptocurrency market responds to news of yet another rate hike from the Federal Reserve.
• Despite today’s dip, the altcoin remains up by 16% in a week and by 10% in the last month, while it has also risen by 26% since the start of 2023.
• Ripple CEO Brad Garlinghouse expects an end to the case this year and perhaps by the summer.
XRP Price Drop After Fed Rate Hike
The XRP price has dropped by 3% in the past 24 hours, falling to $0.428988 as the cryptocurrency market responds to news of yet another rate hike from the Federal Reserve. Despite today’s dip, however, XRP remains up 16% in a week and 10% in the last month and is up 26% since 2021 began.
Ripple-SEC Case Close To End
Earlier this week rumors spread online that Ripple’s lawsuit with SEC was close to ending with a positive outcome for Ripple. Although no decision has been made yet, Ripple CEO Brad Garlinghouse believes one will arrive soon – possibly even before summer 2021.
Relative Strength Index Suggests Loss Of Momentum
XRP did enjoy a massive rally earlier this week but its relative strength index (purple) has since fallen back down to just under 60 – indicating a loss of momentum. On the other hand, XRP’s 30 day moving average (red) is beginning to rise towards its 200-day average (blue), suggesting that there is still room for growth ahead depending on how events play out with respect to Ripple’s legal battle with SEC over allegations of selling unregistered securities.
Positive Results For Ripple?
Recent rulings in favor of Ripple suggest there may be some reason for optimism about their legal battle against SEC coming out favorably for them; including decisions excluding one of SEC’s key expert witnesses and granting access to important emails related to cryptocurrencies being classified as securities or not.
Conclusion
The near future could prove very interesting for XRP investors depending on how events unfold as far as Ripple’s legal battle goes; which could potentially lead to very significant gains if they manage to come out victorious against all odds against them.