Over the past several days, XRP prices have significantly increased. Within a few days, prices rose by around 5%. Repeated price gains for XRP have been seen in recent weeks, regardless of changes in the general market. Will XRP continue to go up? Will XRP price reach 1$?
Why is XRP UP Today?
The 31 cents and 33 cents price area for XRP represents a strong support. Every time prices dipped into this territory, they soon enough went back up. This is because the buying power is getting involved, lifting prices higher. Recently, the crypto market showed green profits, Bitcoin broke through the $17,000.
XRP prices being around the support price of 33 cents took advantage of higher crypto prices, making in the past 24 hours more than 6%.
Why Ripple has a lawsuit with the SEC?
In December 2020, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, Inc., alleging that the company offered unregistered securities in the form of XRP, a digital currency that Ripple created and distributed. The SEC filed a complaint against Ripple and its two co-founders, Christian Larsen and Brad Garlinghouse, alleging that they generated more than $1.3 billion by selling XRP to retail investors without properly registering the cryptocurrency with the SEC as a security as required by law.
Will Ripple win over the SEC?
The allegations in the SEC’s lawsuit have been denied by Ripple, which has vowed to challenge the case in court. The situation is still open, and it is not yet apparent how it will be handled. Brad Garlinghouse has, however, frequently expressed his conviction that Ripple would win the legal dispute.
Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…
Ripple Prediction 2023: Will XRP price reach 1$?
The resolution of the SEC lawsuit plays a major role in how XRP prices perform in 2023. If this happens and the crypto market continues to rise steadily, XRP can easily reach 1$. Most analysts are predicting such a move, especially after the bearish 2022 year. That’s why buying XRP at current prices can be a good move in such higher price anticipations.
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