Investors in the cryptocurrency industry are eagerly awaiting the outcome of the United States Securities and Exchange Commission (SEC) lawsuit against Ripple, as the result of the case could significantly affect the price of XRP. In the meantime, the finance prediction platform CoinPriceForecast, which uses machine self-learning technology, is forecasting a significant increase for XRP by the end of 2023.
XRP started 2023 at a price of $0.3386, and as of February 17, it is currently trading at $0.389, which is a 15% increase from the beginning of the year. The AI-based price prediction for XRP at the end of 2023 is $0.49, which is a 26% increase from the current price and a 45% increase year-to-year.
At the time of writing, XRP was trading at $0.389 with losses of over 2.5% on the daily chart. It has a significant support level at $0.36283, and it needs to break through the next important resistance level of $0.41732 in order to reach its predicted price of $0.50.
The outcome of the SEC’s case is likely to have a major impact on XRP’s future. If Ripple is successful in the lawsuit, it could help solidify XRP’s legality in the US market and benefit its price. The result of the case is also likely to set a precedent applicable to other cryptocurrencies, such as Bitcoin, and could be taken into consideration by leading financial institutions.
In the meantime, XRP fans have been urging Coinbase and Binance US to reinstate the token on their respective platforms. According to TradingView’s one-month gauges, the summary is aligning with the ‘sell’ sentiment at 10 while moving averages are for the ‘strong sell’ at 9. Oscillators are pointing at ‘buy’ with 3.
Although the case between Ripple and the SEC is ongoing, investors are keeping a close eye on the price of XRP as they wait for the outcome. If the case is found in Ripple’s favor, it is expected to affect the XRP price positively. However, it is important to note that the cryptocurrency industry is highly volatile, and investors should always do their own research and exercise caution when investing.
