Ripple’s rollercoaster journey with the US Securities and Exchange Commission (SEC) continues in Q4 of 2023. The recent legal triumphs, unexpected price surges, and looming court battles have kept both investors and enthusiasts on their toes. What are the implications of Ripple’s court win and the subsequent appeal by the SEC? What will happen to XRP price?
What happened to Ripple and SEC?
After a significant court victory for Ripple, where the U.S. court decided XRP wasn’t a security, the cryptocurrency’s value surged by 50%. However, XRP later lost these gains, mirroring Bitcoin’s price drop from $31,000 to about $25,000.
Despite the previous win, Ripple and the SEC are set to face off again in 2024 due to an appeal by the regulator.
XRP Price Analysis
Many forecasts point out that XRP will be priced at $0.52 by September 30, 2023. This prediction considers several technical analysis indicators like the ATR, Bollinger Bands, MACD, and RSI. This means that XRP should continue to drop below $0.50 then re-gain the $0.50 price territory.
Current XRP Price Prediction
At the moment, XRP trades at approximately $0.50. In the last day, it dipped by 1.07% but saw a 0.30% rise over the past week. The cryptocurrency has a strong support level at $0.45and faces resistance at $0.53. As of today, XRP’s market capitalization stands at $26.5 billion, a decline from its July 20 peak of $43.12 billion, which was influenced by Ripple’s positive legal outcome against the SEC.
Based on the above, XRP will continue to crash, and redress higher around its resistance price of $0.53 for September. The rest of 2023 totally depends on Ripple’s development in the SEC appeal, and the crypto market in general.