As the cryptocurrency market continues to show signs of volatility, all eyes are on XRP and the key events expected to take place in March that could have a significant impact on the digital token.
XRP has had a challenging few weeks, with its value threatened by a number of factors, including ongoing legal battles and macroeconomic developments. However, there is bullishness among XRP traders and investors, as several events in March could potentially push the token upward, provided they are not counteracted by negative developments.
The Ongoing Legal Battle Between Ripple and the SEC
One of the most significant events that could influence the price of XRP is the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). The two sides have been locked in a legal dispute for over two years, with the SEC alleging that XRP is a security that was sold illegally to investors. The case has had a significant impact on the price of XRP, with fluctuations often occurring as a result of developments in the case.
Ripple CEO Brad Garlinghouse is optimistic that a ruling will be reached in the first half of 2023, with some speculating that it could come as early as March. If the ruling is in favor of Ripple, it could have a significant positive impact on the price of XRP.
SEC Lawsuit Against Ethereum
Another event that could influence the price of XRP is a lawsuit filed by XRP community attorney Fred Rispoli of Hodl Law against the SEC. The lawsuit asks the court to declare that Ethereum and its ETH coin are not securities. The SEC has responded with a motion for dismissal, but the first hearing in the case is scheduled for March 13.
If the court rules in favor of Hodl Law, it could have significant implications for the entire cryptocurrency ecosystem and could potentially push the price of XRP upward.
Market Sentiment
Despite these potential positive developments, sentiment among the XRP community is currently bearish, with many indicating a ‘sell’ rating for XRP on summary gauges. However, oscillators are slightly in the ‘buy’ range, suggesting that there may be a reason for optimism.
All things considered, March 2023 is shaping up to be an important month for XRP and the wider cryptocurrency market. The legal battles between Ripple and the SEC, and the SEC and Hodl Law, could have significant implications for the price of XRP, and traders and investors will be closely watching the developments as they unfold. As of now, XRP is currently trading at $0.381, and all signs point to a month of significant volatility in the crypto market.
Source: https://coinpedia.org/news/top-5-must-watch-events-that-could-send-ripple-soaring-in-march-2023/