Amid a broader pullback in the digital currency market on Wednesday as hotter-than-expected United Kingdom inflation data triggers jitters about sticky inflation across major worldwide economies that can potentially prevent monetary authority from being able to cut interest prices in the coming quarters, XRP Ripple (XRP) has been falling.
The digital currency, which powers the decentralized, payments/liquidity-focused XRP Ripple (XRP) Ledger which was made by United States fintech company Ripple back in 2012, was last trading just to the south of the $0.4550 level, having dipped next to 2.5 percent on the day.
Regardless of the bearish price action being witnessed on Wednesday, recent developments in the XRP Ripple (XRP) vs Ripple lawsuit, likewise as the digital currency’s current technical set-up, mean that price forecasts remain upbeat.
XRP Ripple (XRP) Price Forecast as Lawsuit Resolution Nears
The SEC sued Ripple back in December 2020 over raising greater than $1 Billion in funds via an unregistered security sale of XRP Ripple (XRP) tokens.
Ripple denies that XRP Ripple (XRP) is a security and the United States fintech company is about to secure evidence that the SEC previously used to agree with this argument.
The judge presiding over the lawsuit past week rejected an SEC motion to seal documents relating to a speech made by previous SEC Chairman Hinman.
In that speech, made back in 2018, Hinman stated neither Bitcoin (BTC) nor Ethereum (ETH) were securities.
And specialists think that internal SEC documents relating to this speech are likely to show dissenting opinions within the SEC regarding whether other digital currencies like XRP Ripple (XRP) are likewise securities.
Pro- XRP Ripple (XRP) lawyer John Deaton, a previous federal prosecutor and the founder of CryptoLaw, commented that “we know that some senior officials at the SEC discussed that there was a reasonable basis to conclude XRP Ripple (XRP) was not a security”.
“If SEC staff believed XRP Ripple (XRP) was not a security, it’s reasonable for Ripple to believe the same.”
Hence, the denial of the SEC’s motion to seal these documents was seen as a big win for Ripple and gave XRP Ripple (XRP) a substantial boost at the time.
Nonetheless, XRP/USD was able to break over a downtrend that had been in play since mid-April and confirm its bounce from a retest of the 200DMA earlier this month.
Although while XRP Ripple (XRP) is for now struggling to get over its 50DMA, a retest of annual highs in the $58s is on the cards if news regarding the Ripple vs SEC lawsuit remains positive.
If Ripple is able to secure a favorable ruling with the SEC that doesn’t label XRP Ripple (XRP) a security, this should be a boon for the United States fintech company’s cross-border liquidity/payments business, which could substantially boost XRP Ripple (XRP) demand.
Can XRP Ripple (XRP) Hit $10 in 2023?
Whilst a favorable ruling or outcome to the SEC lawsuit would certainly be a huge positive catalyst for XRP Ripple (XRP), and would very likely see the digital currency become one of the best performers in the cryptocurrency space in the year, greater than 10x profits to hit $10 per crypto token this year can potentially be an overly optimistic forecast.
That’s because the bull market in the broader cryptocurrency markets seems to still be in its infancy.
Yes, macro conditions are set to make better in the year, with the Fed’s price hiking cycle looking likely to already be over.
On the other hand, digital currencies like Ripple may have to wait several years and for further fiat currency debasement (via new rate-cutting cycles and liquidity injections) to post 10x profits from current levels.
XRP Ripple (XRP) (XRP) and Blue-chip Cryptocurrency Alternatives to Consider
Although while blue-chip digital currencies may continue to perform well in the months ahead and years, investors should nonetheless always be on the lookout to diversify their cryptocurrency holdings.
1 high-risk-high-reward financing strategy that some investors can potentially want to consider is getting involved in cryptocurrency presales.
This is where investors buy the crypto tokens of up-start cryptocurrency projects to assist fund their development.
These crypto tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential profits to early investors.
A lot of these projects have fantastic teams behind them and a great vision to deliver a revolutionary cryptocurrency application/platform.
If an investor can identify such projects, the risk/reward of their presale financing is quite good.
The group at Cryptonews spends many of time combing through presale projects to assist investors out.
Here is a list of 15 of what the project deems as the best cryptocurrency presales of 2023.
