XRP is down today, trading at $0.3771, a more than 1% decrease in its 24-hour price. However, it has enjoyed some positive price movement in the past week, with a seven-day high of $0.4073. XRP still holds its number 6 position in the crypto market and is considered one of the crypto projects with enormous potential.
XRP is secured by a unique Federated Consensus Mechanism where transaction confirmation occurs through a consensus protocol. Will we see a return to the $0.04 price level? A close look at the price trends and charts will reveal the next possible price moves of the token.
XRP Price Trend
XRP traded at $0.2522 on December 24, 2022, and the asset, like other cryptocurrencies, struggled to shake off the effects of the bear market. In 2023, it traded rather conservatively at $0.3388 on January 1 before rising to $0.3742 on January 11, 2023.
By January 13, it attained the $0.38 price level and peaked at $0.4133 on January 20, 2023. However, it recorded some price fluctuations and has remained in the $0.3 price range since February 16, 2023.
XRP Price Prediction
XRP is down today, confirming the downtrend that started on February 21, 2023, on the daily price chart. It has fallen below its 50-day and 200-day Simple Moving Average (SMA) on the chart, a bearish signal.
The bearish pressure created a death cross earlier on the chart, which ushered in price fluctuations before the current downtrend. Also, the Relative Strength Index (RSI) at 45.56 is close to the oversold region of 30. The indicator is also moving downwards, reflecting the current bearish pressure.
XRP’s Moving Average Convergence/Divergence (MACD) is below its signal line, a bearish sentiment. However, the histogram shows small bars on the chart, which might signal a possible trend reversal for the asset.
XRP’s support levels are $0.3743, $0.3806, and $0.3849; resistance levels are $0.3955, $0.4018, and $0.4061. XRP is below the $0,3849 support and will have to rally above it to record any significant price increase. However, a further decline in its price cannot be ruled out.
Factors Affecting XRP’s Price
The decline in XRP’s price and the previous gains earlier in the year can be attributed to different factors on the network. Here are the top events on the Ripple Labs network that could influence its price behavior.
XRP vs. SEC
Ripple Labs have been in a legal battle with the United States Securities and Exchange Commission (SEC) since 2020. The SEC accused Ripple Labs of offering unregistered XRP tokens to the general public and labeled the tokens as securities.
Ripple CEO is optimistic the crypto firm will get ruling on XRP lawsuit soon, slams ’embarrassing’ SEC https://t.co/QgMKJxcR8P
— CNBC (@CNBC) January 18, 2023
However, in a counterargument, XRP’s team refuted the claims and held unto the argument that cryptocurrencies are not securities. This prolonged legal drama has created fear, uncertainty, and doubt in the XRP community, with the token not yet reaching its full potential.
However, a summary judgment is scheduled for 2023, and the outcome will likely affect the token’s price in the market. Despite the current legal issues, some crypto users believe there is hope for XRP tokens after the judgment.
Ripple Believes In Increasing Cryptocurrency Real World Utility
Ripple Labs, on their website, shared their beliefs for 2023 and the future of cryptocurrency. They believe the increased adoption of Central bank-backed digital currency (CBDC) will boost the adoption of cryptocurrencies on the broader market.
#Crypto has real-world utility for initiatives related to social impact and to sustainability.
Hear why Ripple’s VP of Impact Ken Weber predicts NGOs will begin to integrate crypto into their programming to better serve the financially vulnerable. https://t.co/KscpPINuCj
— Ripple (@Ripple) February 23, 2023
Some countries like El Salvador have adopted digital currencies as legal tender, and other conservative regions are warming up. Digital currencies provide speed, scalability, and security since they operate on blockchain technology. These currencies now eliminate the costs of trading foreign exchange.
Also, XRP’s team called for increased adoption of NFTs in 2023. NFTs are now included in games and the Metaverse and Web3 technology. These unique digital artworks have gained more relevance since they have real applications.
Ripple predicts that by 2025, many universities will include blockchain studies in their curriculum.
XRP Goes Green
XRP’s network is committed to a cleaner and more efficient future. The company aims to reduce its carbon footprint and achieve net-zero carbon emissions by 2030 or earlier.
Global warming has been a source of general concern, with carbon spotted as the main hazard to a cleaner and safer environment. XRP committed $100 million to its network in May 2022 for carbon offset. Such moves can boost the asset’s price and promote its popularity among crypto users.
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