Since the onset of the Securities and Exchange Commission (SEC) vs. Ripple case in December 2020, the value of Ripple’s cross-border settlement token, XRP, has been on a complete roller coaster ride. And, with the cryptocurrency market going through a turbulent period this year, it has ultimately resulted in increased opportunities for the XRP token in 2023.
Favorable Technical Indicators
The price of XRP sits on top of a strong demand area, which is marginally above $0.30. Since June, Ripple’s XRP tokens have maintained this support and according to data, as XRP price rises to trade at $0.35, bulls will be aiming for a pre-Christmas breakout.
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I looked behind and realised we had been walking an incredible journey with #XRP for a long time. It wouldn’t be possible without you.
RSI is at the lowest ever, like 2017 w/ a price on the support, above $0.33.
Fingers crossed.
Enjoy your holidays with your loved ones! pic.twitter.com/QFTUJMpj9d
— Dark Defender (@DefendDark) December 23, 2022
Information gathered from fxstreet, also reveals that the top of the falling wedge, as per the XRP/USDT 1W chart, is being tested by the price of XRP. A clear close above the upper trend line might indicate a breakout with a potential beginning of a new uptrend.
Massive Whale Accumulation
Whales in the crypto market has been seent to amass more XRP tokens by taking advantage of the recent price fall the cryptocurrency experienced. In addition, as per a report, over the course of the past five weeks, the percentage of XRP held by whale addresses has increased from 16.7% to 18.3%.
Read More: XRP Whales Holding Hits An ATH
In particular, as of December 23, the number of XRP whale and shark addresses holding 1 million to 10 million tokens hit a new all-time high. The number climbed up to a staggering 1,617 addresses, as per data from Santiment.
XRP Smart Contracts Coming Soon
Matt Hamilton, who formerly served as the director of developer relations for Ripple, has hinted that smart contracts may soon be available on the cutting-edge XRP Ledger.
According to Hamilton, the cutting-edge features such as “fungible tokens, NFTs, escrows, multisig, and DEX” are already incorporated into the blockchain.
Well, most functionality needed (fungible tokens, NFTs, escrows, multisig, DEX) are all built in.
But yes, smart contracts are in development
— Matt Hamilton (@HammerToe) December 22, 2022
Win Verdict In XRP Lawsuit?
Despite the strong fundamental prognosis for the XRP price, the outcome of the legal dispute that Ripple has been involved in with the U.S. SEC will eventually determine the price’s final course.
Read More: Ripple Seeks Virtually No Redaction For Summary Judgment
However, prominent crypto experts predict significant price movement in XRP with a positive outcome in the court case. U.S. lawmaker and congressional candidate January Walker recently emphasised the significance of Ripple possibly outmanoeuvring the SEC in the ongoing dispute. According to Walker, a settlement would be detrimental to the Web3 environment.
If Ripple settles it will be a loss for the whole world & WEB3.
— January Walker (@UtahPolitician) December 12, 2022
Both sides have handed in their closing arguments, and it appears as though a decision will be made sooner rather than later. A victory for Ripple can most certainly lead to an increase in the price of XRP.
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Ripple’s XRP Price Rally In 2023?
With a growing list of global partnerships like Balmain Thread and Travelex to name a few, Ripple is aiming towards becoming the de-facto crypto solution for facilitating cross-border payments.
Additionally, the crypto giant recently partnered with a Seattle-based Web3 startup called Stably, to launch its first-ever stablecoin called USDS on its XRP Ledger.
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Many crypto analysts confirm that the strong fundamentals as well as favorable technical metrics do indicate a potential price rally for the XRP token in the coming year of 2023.
Disclaimer: None of this is investment advice. Please do your due diligence before investing in any crypto asset.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.