November was supposed to be a good month for Ripple. However, the crypto space was taken by surprise as the FTX crash unfolded. In turn, the crypto market crashed by more than 20%. Now that prices are recovering, is it wise to buy XRP? When is a good time to buy XRP? Let’s analyze in this XRP price prediction article.
XRP SEC updates: What’s new?
James K. Filan’s most recent reports indicate that the court has approved LBRY’s request for an expedited briefing schedule regarding the commission’s requested remedies.
In the document submitted, LBRY claimed that during a status conference on Nov. 21, it gave the SEC a settlement proposal on Nov. 25. On Nov. 29, following the filing of the settlement plan, the parties met to negotiate the conditions, but they were unable to come to an agreement over the remedies requested by the regulator. Given its financial situation, LBRY asked for an accelerated briefing timetable, which the court has already granted.
When will Ripple SEC case end?
The litigation might go on for another three to four months, according to Ripple CEO Brad Garlinghouse, and finish in the first half of 2023. He also disclosed that if the SEC agrees that XRP is not a security, Ripple would negotiate a settlement.
When the SEC was required to turn over the “Hinman papers,” which were traded on October 20, Ripple was given a tiny victory. These mostly concern a speech where a former SEC director said that ether (ETH) was not a security.
XRP Price Analysis December 2022
It has become apparent that the bottom price of XRP stands around 30 cents. If we look at figure 1, we can see how XRP price rebounded every time it reached that price area. The FTX crash took a heavy toll on the entire crypto market including XRP. In fact, its prices dropped from a high of around 50 cents to the 30 cents price area, losing 40% in a matter of days.
However, since the latter price area is a support, prices managed to rebound to the current 40 cents price area.
XRP Price Prediction: How High will XRP reach by 2023?
The crypto market is expected to continue its sideway trend till the end of the year. XRP specifically can at best reach its previous price of 50 cents and consolidate around that price area.
The month of December has been bearish for the previous years of 2021 and 2020. We can expect however in 2022 a slightly better performance for XRP.
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