XRP Price Prediction – 3 Reasons Why XRP Can Hit $5 in 2023
The XRP price has risen by a 10.5% in the past 24 hours, recovering from the wider market selloff seen yesterday. At $0.500878, it has increased by a modest 1.5% in the past week but surged by 50% in a month, as investors increasingly come to expect a positive outcome to Ripple's legal case with the SEC.
Ever since Ripple and the SEC filed separate motions for summary judgment, there has been an assumption that their legal tussle had entered its end phase and that it will be only a matter of months before it culminates with some kind of settlement. If correct, this suspicion will provide the XRP price with a massive boost and could help it surpass its existing all-time high of $3.40 in the following months.
In terms of XRP's chart, it has just formed a golden cross. This is when its 30-day average (red) crosses over its longer-term 200-day average (blue), signaling bullish upwards momentum and a possible breakout to a new medium or long-term level.
At the same time, XRP's relative strength index (purple) is rising again after a slight dip to around 55. Basically, this means that its momentum is increasing without being overbought, suggesting that it can continue to rise.
Technicals represent one reason why XRP can hit new highs in 2023, with the coin's RSI being down for much of this year. However, the main reason why it will trouble and likely surpass its current ATH is that Ripple's case against the SEC is drawing to a close.
Not only is it drawing to a close, but things increasingly look as though Ripple will secure a positive settlement. This week, for instance, Judge Torres permitted Ripple's motion to present two amicus briefs that will likely support its case, doing so against the SEC's own submissions to the court.
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