While the cryptocurrency community is still awaiting the outcome of the Ripple – Securities Exchange Commission (SEC) case, investors are keeping a close eye on the XRP price going to 2023.
Is XRP a good investment in 2023?
For example, if the case goes in favor of Ripple, it is expected to be seen as a bullish sentiment for those looking to buy XRP. As a reminder, the US regulator has sued the blockchain company for allegedly selling over $1.3 billion in XRP tokens illegally. According to the SEC, the tokens were securities during the sale between 2013 and December 2020.
Both sides have now submitted their closing discussions, which increases the likelihood of a settlement being reached in the near future. James Filan, a defense attorney, explained that prior to the ruling, the SEC filed a second petition attempting to keep some documents confidential.
XRP technical analysis
The short-term technical analysis (TA) for XRP on 1-week indicators points to a ‘sell’ sentiment at 13 while the moving averages (MA) is also bearish as it suggests a ‘strong sell’ at 13.
XRP 1-day chart. Source: Finbold
Meanwhile, on Dec. 27, crypto trading expert Ali Martinez warned that XRP may show a ‘sell signal’ on its chart based on the TD (Tom Demark) Ranking. In his technical analysis, he stated that investors should also wait for the bearish divergence, which is indicative of a possible correction for XRP.
“TD Sequential presents a sell signal on the XRP four-hour chart, while it is bearish against the RSI.”
XRP AI price prediction
Specifically, the machine learning algorithm at PricePredictions that uses various technical analysis (TA) indicators such as relative strength index (RSI), Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others, XRP’s 1 He predicts it will likely trade at $0.33 in January 2023.
Elsewhere, Coin Price Forecast, using data science and machine self-learning technology for cryptocurrencies, forecasts the XRP price to rise to $0.52 in the first half of 2023; and in the second half, the price will depreciate by $0.01 and close the year at $0.51 which is +43% of the current price.
XRP price prediction. Source: Coin Price Forecast
Finally, despite the price drop across 2022, XRP whale and shark addresses holding 1 to 10 million tokens as of December 21 rose to 1,617 in the final month of 2022. The high share of XRP tokens was held at 7.23%, which means that large-scale investors are still interested in the token.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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