In the past 24 hours, the price of XRP has increased by 1.5% to reach $0.393371 despite news of Silvergate’s voluntary liquidation impacting the market as a whole. Over the past week, the coin has seen a rise of 2.5% and remains relatively flat over the past 30 days, although there has been a 15.5% increase since the start of 2023. This positive movement, combined with optimistic expectations regarding Ripple’s case with the SEC, suggests a promising outlook for XRP. In addition, a whale has moved $10 million in XRP off the Bitso crypto-exchange, indicating the possibility of major returns later in the year.
The chart for XRP reveals a bullish reversal, due to a sudden positive shift after a period of negative indicators. While XRP is currently facing a resistance level of around $0.4, breaking through this barrier could lead to more significant gains. Although there have been several large movements of XRP in recent days, there is not yet a unanimous sentiment in the market.
However, Judge Analisa Torres recently made two decisions that have underlined the weakness of the SEC’s case against Ripple. These rulings suggest that the case could end in a summary judgment or settlement that is mostly favorable to Ripple. If this is the case, XRP could potentially challenge its all-time high of $3.40. This is supported by Ripple’s overall health as a business, with the company processing $226.31 million in net XRP sales in Q4 2022 and its on-demand liquidity product now available in over 40 countries.
While XRP may not see substantial gains until the Ripple-SEC case ends later in the year, traders looking for gains now should consider other high-potential coins on the market. Cryptonews has compiled a list of the top 15 cryptocurrencies for 2023, featuring new altcoins and ICO projects.