As the Ripple vs. SEC litigation continues, the community awaits the outcome with anticipation, hoping that Ripple will ultimately prevail. If that occurs, many expect (and some have already predicted) a significant price increase in XRP.
How Will The XRP Price Be Impacted By The Lawsuit?
According to Defender, the price of XRP skyrocketed to $1.96 after the SEC’s complaint was filed, which was a significant increase from its previous value of $0.17. The defender believes that this behavior is evidence that XRP is not affected by the lawsuit, as it is supranational and not constrained by any one country or its government.
Defender predicts that XRP will become the World Reserve Currency, regulated by the IMF, BIS, and World Bank.
“Therefore SEC’s decision cannot have any influence on the price but can only damage the reputation of a US Law in terms of justice and implementation of emerging technology.”
He also believes that the price of XRP has consistently exhibited characteristics of an Elliott Wave Pattern since 2013 and that the second corrective wave will finish sometime in 2023, most likely after the first quarter. When he concluded his analysis, he said, “When we see the 3rd Wave, it will be too late for the most. Let’s experience.”
As of this writing, one XRP is worth $0.3467, with a gain of 0.2% in the last 24 hours. On the daily time scale, the price has fluctuated significantly around $0.3, as seen by the large wick to the downside.
Since the price has repeatedly been rejected by the 200-day and 50-day moving averages, the first downturn has been in effect. Although XRP rebounded well from the $0.3 support level and returned upwards, it is currently not performing well.