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XRP Price Prediction as XRP Becomes Best Weekly Performer – New High Coming in 2023?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The price of XRP has risen by 0.5% in the past 24 hours, reaching $0.535868 as the cryptocurrency market as a whole falls by 1.5%.

Its current price means it has gained 20% in the last seven days, making it the best-performing top-100 coin this week, while it’s also up by 45% in the past fortnight.

Such price action has been driven by expectations that the Ripple-SEC case is close to ending, with whales apparently taking XRP off exchanges as they accumulate the token.

And once the above case does reach its inevitable conclusion, a positive outcome for Ripple will send XRP’s price rising even higher.

XRP Price Prediction as XRP Becomes Best Weekly Performer

Based solely on XRP’s chart and technical indicators, it seems that the cryptocurrency is probably due a corrective selloff sooner or later.

Source: TradingView

Its relative strength index (purple) surged over 70 yesterday, but has now begun falling, potentially signaling a loss of momentum that may result in price falls.

On the other hand, XRP’s 30-day moving average (red) has just overtaken its 200-day average, something which could point towards a breakout rally that could continue for several days yet.

While XRP is arguably overbought at the moment, it’s worth remembering that the cryptocurrency has been dramatically undervalued, and for a pretty long time.

It’s, therefore, possible that conventional indicators can be disregarded a little here, as the coin makes up for lost time and lost value.

In the main, it seems that whales expect further gains, with Whale Alert revealing a few large transfers away from exchanges in the past day or so.

Of course, there have also been large XRP transfers to exchanges, so at least some whales appear to be expecting a corrective selloff.

But regardless of what XRP does in the short term, there’s little doubt that it will enjoy a big rally in the event of a positive result for Ripple in its case with the SEC.

As we noted earlier this week, some observers of this case are expecting a decision imminently, with lawyer John E. Deaton sticking his neck out to suggest a conclusion this week (something which now seems less likely, now that it’s Friday).

A decision could indeed come very soon, although Ripple CEO Brad Garlinghouse has repeatedly suggested that he expects an end to the case this year, and his position hasn’t really changed on this (even with the recent price action).

Regardless of when the decision does finally arrive, the Ripple camp and cryptocurrency community seem fairly confident that it will be a positive one, in that it will enable Ripple to continue its business and exchanges to continue listing XRP.

This confidence is based on a number of recent rulings that have gone Ripple’s way, including the decision to exclude one of the SEC’s expert witnesses, who the regulator had called upon to testify that XRP buyers had had a reasonable expectation of profit (when purchasing XRP from Ripple).

This decision is the tip of the iceberg as far as previous rulings have gone, with the overarching sentiment being that Judge Analisa Torres will rule in a way that isn’t especially prejudicial to Ripple’s business.

And when a ruling does arrive, it’s likely that this business will begin expanding more rapidly than it has done up until now.

Even with the case undermining its expansion over the past couple of years, XRP Ledger accounts have risen to almost five million, up from about two million when the case began in December 2020.

Ripple’s financial reports show healthy sales of XRP as part of its cross-border payments business, which in recent months has entered new territories. 

In light of all this, Ripple could really grow rapidly in the months and years following the case’s conclusion, bringing XRP’s price with it.

From $0.536367, XRP could easily rise to $1 in the weeks following the case’s close, while it could rise to $2 or even $3 by the year’s end (depending on when a decision is reached).

And in the longer term, there’s little doubt that the coin will pass its current all-time high of $3.40, which was set back in January 2018.

Yes, XRP has plenty of lost time and rallies to make up for, and it seems it’s just beginning to do precisely that.

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