With the crypto community still awaiting the outcome of the Ripple versus Securities Exchange Commission (SEC) lawsuit, investors seem to be keeping a close eye on the price of XRP going into 2023.
In case the lawsuit is decided in favor of Ripple, for instance, that will be considered a bullish sentiment for the investors aiming to buy XRP. Putting everything into context, the US regulator sued the blockchain firm for purportedly selling more than $1.3 billion worth of XRP tokens. Based on the allegations by the SEC, the tokens were securities during the sale between 2013 and December 2020.
Notably, both sides of the case have handed in their closing arguments, which raises the possibility that a resolution might be reached in the short term. One defense attorney, James Filan, disclosed in advance of the pending verdict that the SEC had submitted a second petition aiming to keep some of the involved papers confidential.
XRP Technical Analysis
The near-term technical analysis (TA) for XRP on the 1-week gauges is bearish as the summary gauge points to a selling sentiment at 13 while moving averages (MA) suggest a ‘strong sell’ also at 13 as highlighted by Finbold.
Looking elsewhere, the oscillators point to ‘buy’ at three, as shown by the data acquired from the market analytics platform TradingView on December 28.
For now, XRP is trading at $0.3485, down 0.43% in the past 24 hours, although it is up 0.73% in the last seven days, with a total market cap of $17.61 billion.
In the meantime on December 27, crypto trading expert Ali Martinez insisted that XRP could be showing a ‘sell signal’ on its chart based on the TD (Tom Demark) Sequential. While referring to his technical analysis, he said that investors should also expect a bearish formation for XRP, which is an indicator of a possible correction.
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“The TD Sequential presents a sell signal on XRP four-hour chart while a bearish divergence forms against the RSI.”
XRP AI Price Projection
Particularly, the machine learning algorithm at PricePredictions which utilizes different technical analysis indicators, including Bollinger Bands (BB), moving average convergence divergence (MACD), relative strength index (RSI), moving averages (MA), and others, projects that XRP will likely trade at $0.35 on January 12, 2023.
Elsewhere, the Coin Price Forecast, which utilizes data science and machine self-learning technology for cryptos, projects that the XRP price in the first half of this year, will rise to $0.52; and in the second half, the price would lose $0.01 to close the year at $0.51, representing a 43% gain on the current price.
In the end, despite the drop in price across 2022, as of December 21, XRP whale and shark addresses that are holding between 1 million to 10 million tokens increased to 1,617 in December 2022. The holdings increased the addresses to account for the all-time high share of the XRP tokens held at 7.23%, meaning large-scale investors remain interested in the token. What happens next?