XRP Price Prediction as $600M Trading Volume Comes In – Can XRP Reach $10 in 2023?
As XRP registers a trading volume of $600 million, investors are wondering if the cryptocurrency can reach $10 in 2023. This XRP price prediction is driven by recent developments in the XRP ecosystem, as well as a broader rise in the cryptocurrency market.
However, there are also factors that could limit XRP’s growth potential. In this article, we will take a closer look at XRP’s current market performance and the factors that may affect its future growth potential.
Ripple vs SEC: Legal Battle and Its Impact on XRP Value
Crypto investors have been following Ripple’s legal battle with the US Securities and Exchange Commission (SEC) for over two years. The SEC filed a complaint against Ripple Labs, the company behind XRP, claiming that the cryptocurrency is a security and that Ripple offered it to investors without legal registration. However, it is becoming increasingly difficult to predict the outcome of the trial.
On February 23rd, cryptocurrency advocate and lawyer John Deaton proposed a scenario that could speed up a settlement if necessary. Deaton tweeted that he believes Ripple’s counsel will strongly recommend a settlement if the SEC agrees in writing that all current and future XRP transactions are not securities. Deaton also expressed confidence that Ripple will emerge victorious and that the Supreme Court will not uphold the SEC’s overreaction.
On February 24, US corruption and whistleblower watchdog Empower Oversight criticized the SEC for repeatedly denying transparency organizations access to public interest material, particularly regarding the cryptocurrency industry.
Despite the legal concerns, many investors and experts remain bullish on the long-term potential of XRP/USD.
Ripple’s potential partnership and its impact on XRP
Punnoose Mathew, CEO of Dubai-based Joyalukkas Exchange, announced on LinkedIn that he recently met with Ripple executives Mark Johnson, William Cooley and Nick Taplin. This news suggests that Ripple may have acquired a new business partner.
According to Mathew, Ripple’s On-Demand Liquidity (ODL) platform can offer a great solution for remittance companies looking to scale up and reduce the cost of cross-border payments while ensuring fast settlement and continuous liquidity access.
Although Ripple has yet to make an official announcement about its new partner, Mathew’s statement strongly suggests that a partnership has been established. The use of ODL, which is built on XRP, is expected to increase the efficiency of Ripple’s cross-border financial operations. Despite this positive development, the XRP/USD price has fallen from previous highs.
The G20 conference takes center stage as US interest rates are expected to rise
US economic data has raised new concerns for the Federal Reserve, resulting in pressure on riskier assets. The rise in US inflation has led to expectations of a more aggressive Fed interest rate path to achieve the inflation target. Recent data from the US has also brought back the possibility of an interest rate increase of 50 basis points.
In addition, on February 24, the G20 highlighted cryptocurrencies and emphasized the need for a strong global regulatory framework. The IMF went so far as to suggest the possibility of a ban on cryptocurrency. The combination of G20 headlines and Fed concerns means that XRP/USD remains under pressure.
Cross-Chain Bridge proposal could pave the way for cryptocurrency interoperability
On February 23, Mayukha Vadari, a software engineer at Ripple, posted a proposal on GitHub for a new cross-chain bridging protocol and shared the link on Twitter.
The proposed protocol, developed by XRPL and RippleX developers, aims to provide interoperability across different networks while ensuring the security of assets on the chain bridge.
Despite this positive development, the XRP/USD price has continued to decline in the absence of a significant trigger or catalyst.
XRP Price Prediction
On February 26, the XRP/USD pair started trading at $0.37782. It recorded a high of $0.37858 and a low of $0.37589. The pair is currently trading at $0.37642, down 0.39% in the last 24 hours. Furthermore, the value of XRP/USD has fallen by more than 4.5% in the past week.
XRP/USD has struggled below the $0.3850 level while finding support near $0.3750. In the event of a bearish breakout of the $0.3750 support zone, Ripple could slide further to the next support area of $0.3702 or $0.3620.
Leading technical indicators such as MACD and RSI are now entering the buy zone, indicating that the market is currently entering a buy trend. Additionally, a bullish breakout of the $0.3847 level could reveal a ripple towards the $0.3975 level.
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