XRP Price Prediction – Will XRP Reach $5 in 2023?
The XRP price has fallen by 2.5% in the past 24 hours, dropping to $0.459316. It's also down by 5.5% in the last seven days, yet ongoing expectations of a positive end to the Ripple-SEC case also means that it remains up by 27% in the last 30 days.
Tellingly, the altcoin has also risen by an impressive 115% since December 31, 2020, when the SEC's announcement of legal proceedings against Ripple caused it to fall to $0.212070. This actually makes it one of the best-performing major cryptocurrencies of the period since (e.g. bitcoin is actually down since December 2020), while a favorable settlement for Ripple will likely cause the price of XRP to rise significantly.
According to XRP's technical indicators, it's still riding a wave of momentum that began in mid-September. Its 30-day moving average (red) continues to climb above its 200-day average (blue), suggesting that it has some time left before its current momentum subsides.
At the same time, its relative strength index (purple) has dropped from 70 a week or so ago to just under 50 today. This, however, is more to do with wider market sentiment than with XRP itself, with rising inflation still causing plenty of pessimism among investors.
As far as XRP is concerned, it has had a good month or so, having risen by 41% since reaching a low of $0.325002 on September 16. It was around this time that both the Ripple and the SEC submitted motions for summary judgment, meaning both parties have asked the court presiding over their case to set down a schedule for reaching a settlement.
Needless to say, this is highly bullish for Ripple. Over the past year or so, it has witnessed a number of rulings which indicate that any summary judgment would be positive for it.
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