Things are not looking good for XRP. At least, that’s from a technical perspective. Regarding Ripple’s ongoing lawsuit against the US Securities and Exchange Commission, which accused the global crypto payments company of selling XRP as an unregistered security, no one knows what is going to happen. The judge presiding over the case is expected to make a ruling by the end of this quarter as to whether the case goes to trial or not and XRP bulls are hoping that Ripple might be able to force the SEC into a settlement.
Regarding XRP’s technicals, the cryptocurrency’s ongoing slump since posting yearly highs in January in the $0.43 area is raising the prospect of a retest of 2022 lows in the $0.30 area. XRP/USD was last changing hands in the mid-$0.36s, down a further more than 2.0% on Monday, taking losses on the month to just shy of 10%. Price predictions are thus becoming more pessimistic.
XRP is falling in tandem with the broader cryptocurrency market, which is weighed down by concerns about the SEC’s latest regulatory enforcement actions against BUSD stablecoin issuer Paxos. The cryptocurrency’s upside has been capped by a downtrend since last September and has bottomed in the $0.30 area twice since then. A repeat of history looks like it may be on the cards.
Crypto Experts Give Their XRP Price Predictions
The mean XRP price forecast from a panel of 55 fintech experts surveyed by Finder.com in late December sees XRP hitting $3.81 in 2025 if Ripple achieves a favorable outcome in its lawsuit against the SEC (i.e. the judge dismisses the case, there is a settlement or Ripple secures an outright victory). If Ripple achieves an unfavorable outcome, it will rise to just under $1.0 by 2025, according to the mean price prediction given by panel members.
According to Tradercobb.com’s Craig Cobb, one of the experts surveyed by Finder.com, “the crypto market loves to jump on a bandwagon and XRP winning its case in a bear market could likely see herd mentality which will pump the price of this old-school top-10 coin”. The panel was split over whether it is a good time to buy XRP, hold it or sell it.
27% said XRP is a buy, 38% a hold and 36% a sell. Finder.com cited Martin Froehler, CEO at Morpher as saying that if Ripple wins, “it’s a huge win for the entire crypto industry”. Froehler gave one of the survey’s more optimistic price predictions, targeting $5 by 2025 if XRP wins against the SEC.
Is It Too Late to Buy XRP?
Asking whether it’s too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook.
If you deem XRP as likely to rise substantially in price in the current years, based on your own research, it is probably worth buying some. If not, then stay away.
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XRP Alternatives to Consider
As discussed above, XRP’s near-term outlook is patchy. Traders looking for quick gains may prefer to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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