Will XRP Reach $1 in 2023?
Will XRP Reach $1 in 2023? It is possible for XRP to reach $1 in 2023?
Before we get into the Forecasts, here is the latest News Update
Latest XRP News and Analysis
- Uphold CEO Simon Mcloughlin has disclosed specifics of their fresh collaboration with Ripple, a blockchain-driven global payments provider. Mcloughlin anticipates an initial transaction volume of approximately $5 billion annually stemming from this partnership.
- Ledger Support has issued a warning to XRP digital currency holders regarding a fraudulent scheme designed to deceive users and drain their cryptocurrency holdings. This scam, detailed in a recent post, masquerades as a live airdrop event, enticing participants with promises of substantial returns. Utilizing deepfake videos, the scammers entice unsuspecting users with the false offerings of an exchange-traded fund (ETF) and a gift program associated with XRP.
- XRP trades above $0.60 but faces resistance around $0.630 despite several attempts. It surged above the 50-day Moving Average ($0.6129) and holds position above the 200-day MA ($0.608), reflecting a bullish stance.
- Moving Averages: The 50-day MA surpasses the 200-day MA, reinforcing the bullish momentum.
- RSI: With an RSI of 57.87, trending upwards, buyer dominance is evident, outnumbering sellers.
- Support and Resistance: Support at $0.57 has been upheld, while resistance lies at $0.650, with $0.63 proving to be a notable challenge.
- Market Sentiment: Fear and Greed bars rise in the Greed zone, indicating positive market sentiment. The momentum indicator aligns with a bullish outlook.
- MACD Indicator: The MACD line surpasses the signal line, both in the positive axis with rising green histogram bars, signaling a buy.
Overall, XRP displays bullish momentum across technical indicators.
XRP Buy or Sell, Crowd Poll
Net Buy Rating = Buy% – Sell%
- July 1st: 41.6%
- July 13th – Ripple SEC Court Decision
- Sep 1st: 51.0%
- Nov 1st: +43.5%
- Nov 24th: +47.0%
XRP Prediction In Next Bull Run: In the last bull run, XRP maintained stability, mostly between $1 and $2, influenced by Ripple’s legal battle with the US SEC, resulting in delistings from major exchanges, like Coinbase. However, the upcoming bull run offers a new outlook for XRP. Ripple’s legal victories and relisting on major exchanges, including Coinbase, hint at a brighter future.
Will XRP Reach $1? About XRP
XRP is a cryptocurrency developed by Ripple Labs that is designed to facilitate fast and low-cost international payments.
The Ripple network uses XRP as a means of facilitating payments between different currencies and financial institutions. Instead of relying on traditional methods, such as correspondent banking, which can be slow and costly, the Ripple network enables near-instant settlement of transactions between different currencies and financial institutions.
Will XRP Reach $1? Utility of XRP:
The following are the major use cases of XRP:
- XRP is primarily used to facilitate fast and low-cost cross-border payments between different currencies and financial institutions.
- XRP can also be used as a means of sending remittances, which is the process of sending money to another country or region.
- Some DeFi platforms use XRP as a means of facilitating transactions or providing liquidity.
- XRP can be used for micropayments because of Ripple’s fast settlement times and low transaction fees
- XRP can also be used as a means of hedging against market volatility, as its value can fluctuate independently of other cryptocurrencies and traditional assets.
Will XRP Reach $1? XRP vs SEC
- In a landmark judgment, a US court ruled that Ripple’s cryptocurrency, XRP, is not a security per the Howey Test, creating a significant precedent for the crypto industry. However, the ruling distinguished between XRP as a digital asset and the sales of XRP directly from Ripple, which were deemed securities offerings amounting to about $728 million. This aspect of the judgment could result in Ripple facing fines, although an appeal is expected.
- XRP is now trading live on multiple exchanges across the United States
Will XRP Reach $1? The Calculations
XRP will need to rise by nearly 40% to reach $1 this year. This is quite possible, here are the reasons why
- XRP is highly bullish now given the SEC judgement. The price of XRP has been significantly affected since December 2020, when the SEC accused Ripple of selling XRP as unregistered securities. This resulted in decreased investor interest and a dip in XRP’s price. However, with this ruling, XRP has the potential for a significant price surge, perhaps even doubling. XRP is already up 50% since the ruling
- US Inflation has hit 3% and with two more rate hikes likely, liquidity could start improving by the end of the year
- Ripple and XRP continue to innovate and expand partnerships building the ecosystem for further growth
Also Read: XRP Price Prediction
EGRAG CRYPTO, a notable crypto influencer on X (formerly known as Twitter), predicts XRP could reach as high as $1.4 this year. On June 10th, EGRAG Crypto pinpointed a Mini Ascending Triangle (Mini AT) in XRP’s trajectory, which subsequently led to a significant Perfect Breakout. On Saturday, EGRAG CRYPTO identified a Mega Ascending Triangle (MEGA AT) formation, forecasting another considerable breakout. Their analysis suggests that XRP’s price might ascend to approximately $1.40, potentially oscillating between $1.3 and $1.5.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.