As the Ripple vs. SEC lawsuit edges closer to a resolution, the crypto industry is watching with bated breath, as traders lean short – could there be turbulent times ahead for XRP price prediction?
The lawsuit’s outcome holds tremendous potential to shape the regulatory landscape in the United States, an arena currently lacking a cohesive framework for governing the sector.
A key development came when Judge Torres rejected the SEC’s plea to keep the Hinman documents confidential, paving the way for public access.
With an anticipated disclosure date of 13th June 2023, this development might tilt the balance in Ripple’s favor.
However, traders are displaying caution amidst these developments – short positions against XRP have risen, indicating a more sceptical sentiment within the trading community.
CEO Brad Garlinghouse Pushes Ahead Despite Ripple Lawsuit
Despite this, Ripple has been forging ahead with ambitious projects – they’re partnering with Hong Kong’s e-HKD Pilot Programme to explore real estate tokenization, and they’re collaborating with over 20 countries to develop Central Bank Digital Currencies (CBDCs).
Ripple CEO Brad Garlinghouse expects a court decision on the SEC lawsuit “in weeks, not months.”
His optimism, coupled with recent developments, suggests that Ripple might be on the verge of a significant breakthrough.
As we delve into the price analysis, these developments will be crucial in shaping XRP’s trajectory and the broader crypto market.
XRP Price Analysis: SEC v. Ripple Looms Large
As markets brace for the rapidly approaching SEC v. Ripple judgement, XRP’s technical structure remains poised for a huge break up in the event of a positive disclose on June 13.
With XRP currently trading at $0.46 (representing a 24 hour change of +2.18%), 9 days of consolidation seems to be holding strong.
The ongoing price level sits with impressive technical poise above the MA20, and a well-defended re-test of MA20 support yesterday has sent price flying +5% over the past 48 hours.
Indeed, this comes following Judge Torres’ agreement to allow a disclosure of the Hinman documents on May 16.
Which ended 28 days of capstone local resistance from the MA20 as price surged up from a lower consolidation level atop the MA200.
Now riding strong above a well-established historical support level at $0.45, price action seems intent to push up higher – displaying a bullish inverse head and shoulders pattern.
Some concern emerges from the RSI which has struggled to cool off despite the 9 day consolidation period.
Currently reading at 53.9, XRP’s RSI produces a tough overbought signal, however, the uniqueness of this price action dependent on an unfurling legal drama could shatter reliance on oscillators.
Despite the concern arising from the RSI, XRP’s MACD shows minor bullish divergence at 0.0030 – providing a much needed vote of confidence in bullish technical structure.
XRP Price Prediction: Garlinghouse Sentiment Pushes Price to Upside
As the steadfast optimism of Ripple’s longstanding CEO Brad Garlinghouse continues to charge-up price action, the XRP price prediction looks increasingly bullish.
Heading out of strong consolidation above the MA20, an upside swing seems likely as market anticipation of an impending court ruling grows.
Downside risk seems muted here, with two well-defended consolidation levels at both the MA20 and MA200 providing strong support to price structure.
Looking to the upside, XRP bulls are likely targeting a push up to $0.50 (a possible +8.11% move).
While downside risk here is very minimal, a possible downtick would likely catch strong support at $0.45 (a possible -2.7% decline).
This leaves the XRP price prediction with an impressive risk: reward structure of 3, characterising current technical structure with a lucrative triple reward to risk.
Ripple (XRP) Alternatives to Consider
While cryptocurrencies such as Ripple (XRP) may continue to perform well in the coming months and years, investors should nonetheless always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.