With the cryptocurrency community still awaiting the outcome of the Ripple v. Securities Exchange Commission (SEC) lawsuit, investors are keeping a close eye on the price of XRP heading into 2023.
If the lawsuit is decided in favor of Ripple, for example, this is anticipated to be seen as a bullish sentiment for XRP. As a reminder, the US regulator sued the blockchain company for allegedly illegally selling over $1.3 billion worth of XRP tokens. According to the SEC, the tokens were securities during the sale between 2013 and December 2020.
Both sides have now handed in their closing arguments, which raises the possibility that a resolution may be reached in the near future. James Filan, a defense attorney, disclosed in advance of the verdict that the SEC had submitted a second petition trying to keep certain papers confidential.
XRP technical analysis
The short-term technical analysis (TA) for XRP on the 1-week gauges is bearish as the summary gauge points to a ‘sell’ sentiment at 13 while moving averages (MA) suggest a ‘strong sell’ also at 13.
Elsewhere, the oscillators point to ‘buy’ at three, according to the data obtained from the market analytics platform TradingView on December 28.
Currently, XRP is changing hands at $0.3588, down 3.18% in the last 24 hours, although it is up 4.21% across the previous seven days, with a total market worth of $18 billion.
Meanwhile on December 27, crypto trading expert Ali Martinez has warned that XRP could be indicating ‘a sell signal’ on its chart based on the TD (Tom Demark) Sequential. In his technical analysis he noted that investors should also anticipate a bearish formation for XRP, an indicator of a possible correction.
“The TD Sequential presents a sell signal on XRP four-hour chart while a bearish divergence forms against the RSI.”
XRP AI price prediction
In particular, the machine learning algorithm at PricePredictions which uses various technical analysis (TA) indicators, such as the relative strength index (RSI), Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others, forecast that XRP will likely trade at $0.33 on January 1, 2023
Elsewhere, the Coin Price Forecast, which uses data science and machine self-learning technology for cryptocurrencies, predicts that XRP price in the first half of 2023, will climb to $0.52; and in the second half, the price would lose $0.01 of value and close the year at $0.51, which is +43% to the current price.
Finally, despite the decline in price across 2022, as of December 21, XRP whale and shark addresses holding between 1 million to 10 million tokens increased to 1,617 in the last month of 2022. The holdings elevated the addresses to account for the all-time high share of the XRP tokens held at 7.23%, meaning large scale investors still remain interested in the token.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/is-xrp-a-good-investment-in-2023/