The cryptocurrency community is optimistic about the future of XRP, despite Ripple CEO Brad Garlinghouse revealing the company’s exposure to collapsed bank Silicon Valley Bank (SVB). According to data retrieved from CoinMarketCap, the crypto tracking platform, XRP is set to reach an estimated average price of $0.4101 by March 31, representing a 13.64% increase or +$0.04923 to the token’s price as of March 13. The projections of the community for the XRP token have been 91.73% historically accurate over the last six months, making them an alternative to the AI platform price estimates, which have predicted a lower XRP price for the same period.
However, technical analysis (TA) on the one-day gauges over at the finance monitoring website TradingView is bearish. Its summary aligns with the ‘strong sell’ sentiment at 16, which is the result of moving averages (MA) pointing at ‘strong sell’ at 14, and oscillators in the ‘neutral’ area at 8. Meanwhile, the token is currently changing hands at $0.3609, down 0.08% on the day, losing 1.96% over the previous week, and 5.76% across the past 30 days, according to Finbold’s latest data on March 13.
The outcome of Ripple’s legal battle with the United States Securities and Exchange Commission (SEC), the crypto and macroeconomic landscape, and other factors related to the ecosystem will affect whether the community’s positive predictions come to fruition.
Crypto Community Optimistic About XRP
XRP, one of the leading digital currencies, has been under the spotlight for various reasons lately, including Ripple’s legal battle with the SEC and Garlinghouse revealing his company’s exposure to the failed Silicon Valley Bank.
Despite these issues, the crypto community seems optimistic about XRP’s future. According to data from CoinMarketCap, the community’s estimated average price for XRP by March 31 is $0.4101, indicating a 13.64% increase or +$0.04923 to the token’s price as of March 13. Additionally, the historic accuracy of community predictions for XRP over the last six months is 91.73%.
The crypto community has provided an alternative to AI platforms for predicting XRP prices. The AI platforms have predicted a lower token price for the same period. However, it’s crucial to note that these projections are not a guarantee of the end-of-the-month prices.
Technical Analysis Suggests Sell for XRP
In contrast, technical analysis (TA) on the one-day gauges over at the finance monitoring website TradingView is bearish, with a ‘strong sell’ sentiment at 16. According to the site’s analysis, this is the result of the moving averages (MA) pointing at ‘strong sell’ at 14, and oscillators in the ‘neutral’ area at 8. The current price of XRP is $0.3609, down 0.08% on the day, losing 1.96% over the previous week, and 5.76% across the past 30 days.
In light of the current bearish TA on XRP, investors should exercise caution before investing in the token. The crypto and macroeconomic landscape, as well as the outcome of Ripple’s legal battle with the SEC, might impact the token’s price in the future positively or negatively.
Legal Battle With SEC
Ripple, the blockchain company behind XRP, has been involved in a legal battle with the SEC since December 2020. The SEC accused Ripple of conducting an unregistered securities offering worth $1.3 billion by selling XRP to investors. In its lawsuit, the regulator also claimed that XRP is security and that Ripple’s co-founders used the token to enrich themselves.
Ripple has vehemently denied the SEC’s allegations and argued that XRP is a currency and not a security. The company’s legal team has also criticized the SEC’s “regulatory uncertainty” surrounding cryptocurrencies and claimed that it’s hurting innovation in the industry.
Ripple’s legal battle with the SEC has significantly affected the company and XRP. Several exchanges, including Coinbase and Binance, have suspended XRP trading, and Ripple’s partners have distanced themselves from the blockchain company. XRP’s price has also been volatile, dipping and rising based on new developments concerning the legal case.
Crypto & Macroeconomic Landscape
Apart from Ripple’s legal battle with the SEC, the wider crypto and macroeconomic landscape might also affect XRP’s future price. The crypto market is inherently volatile, with prices fluctuating frequently based on various factors, including global events, investor sentiment, regulations, and technological advancements.
In recent weeks, there have been several events that might impact the crypto market and, by extension, XRP. For instance, Bitcoin and other cryptocurrencies experienced a dip in their prices earlier this month due to power outages in China that affected cryptocurrency mining. Additionally, the US government is considering raising the capital gains tax, which might have implications for investors in cryptocurrencies.
Conclusion
Despite Ripple’s legal battle with the SEC and Garlinghouse’s admission of his company’s exposure to the failed Silicon Valley Bank, the crypto community remains optimistic about XRP’s future. However, technical analysis suggests that the token is in ‘sell’ territory, and investors should exercise caution before investing in it. Additionally, the outcome of Ripple’s legal case with the SEC, the crypto and macroeconomic landscape, and other factors related to the ecosystem will affect whether the community’s positive predictions come to fruition. As such, investors must conduct thorough research before investing in XRP or any other cryptocurrency.