The analyst says XRP could have a bright future if it wins a legal battle against the SEC
CriptoFácil – The price of XRP has been in a downward spiral since the beginning of the process opened by the US Securities and Exchange Commission, the Securities and Exchange Commission, in December 2020. Over time, practically ignored by the US regulator, the use of XRP has grown and strengthened.
According to analyst Ekta Mourya, looking at the process and analyzing its history, the scenario for XRP is positive for 2023. She points out that the case has severely hurt XRP, which has suffered delistings from many exchanges around the world. As of January 2021, 26 cryptocurrency exchanges have pulled XRP from their platforms.
In this case, the SEC claims that XRP is a security and therefore cannot be traded in the United States without its approval. Since then, Ripple has faced a major dilemma regarding its legal security, which has been an obstacle to developing partnerships with many companies.
“Therefore, the final ruling in the ongoing SEC v. Ripple is undoubtedly the most anticipated in the crypto ecosystem. A significant movement in the price of XRP could bring about a positive outcome in the lawsuit.”
XRP holders consider the $1 level to be the key psychological level for the altcoin. The third largest cryptocurrency by market capitalization has remained below this level throughout the year, but according to Moriah, that could change in 2023.
It highlights that the 50-day exponential moving average is acting as resistance at $0.49 and the target to break the falling wedge is at $1.76.
“While a breakout of the falling wedge could happen in either direction, the outlook is bullish. The data shows that there is a 68% chance that the breakout move will be bullish. For a bullish breakout, the $1.76 level is the price target.”