The XRP price has dropped by 1.5% in the past 24 hours, sliding to $0.461331 on the news that Ripple and the SEC have been given a one-week extension to file motions for summary judgment.
XRP’s current level means it has gained by 8% in a week and by 2% in the last 30 days, with the altcoin also up by 35% since the beginning of the year.
These gains have followed from the increasingly popular expectation that the Ripple-SEC case will end with an outcome that’s favourable to Ripple, with both parties now moving for the judge to issue a ruling.
And if this ruling is indeed positive, XRP will almost certainly witness a massive rally in the following weeks, potentially making it the best-performing of any major cryptocurrency this year.
XRP Price Prediction as Lawsuit to End Favourably – Can XRP Hit $10 in 2023?
XRP’s chart is in a mixed position at the moment, with its indicators generally moving in contradictory directions.
Its relative strength index (purple) has risen today from an oversold position below 30, suggesting an increase in momentum that has weakened a little in the past couple of hours.
On the other hand, its 30-day moving average (yellow) has begun sliding towards its 200-day average (blue), implying that the coin’s price could be in for a fall over the next few days.
However, XRP’s medium-term support level (green) has increased modestly over the past few days, so it’s possible that any near-term slip may be quiclly reversed.
Moving away from technicals, the fundamental picture for XRP continues to look encouraging, with the SEC and Ripple now working on filing motions for the case to be concluded with a summary judgment.
The deadline for these is June 13, meaning that the case could reach its long-awaited conclusion a few weeks after this date, after the judge has had some time to consider each party’s motion.
As for whether the judge is likely to side with Ripple or SEC, legal opinion has increasingly taken the view in the past few weeks that Ripple has a very good chance of getting a decision in its favour.
Most recently, this has been based on the judge denying the SEC’s motion to block public access to the so-called Hinman emails, which are a number of documents related to an important speech given by the SEC’s William Hinman in 2018.
This speech saw Hinman declare that Ethereum is not a security, with the thinking being that the docs related to it could shed important light on whether the SEC also believed at the time that XRP wasn’t a security either.
As such, the XRP and wider cryptocurrency community is hoping that this points to a Ripple victory of sorts, or at least a decision that enables it to continue its business as before.
If so, we could expect XRP to rally to $1 in a matter of weeks or days, while a wider market recovery could help it move up to $2 or $3.
Its current all-time high is $3.40, yet this was set back in January 2018, meaning that XRP effectively missed out on the 2021 bull market.
For this reason, the next bull market — perhaps coming in 2024 with the next Bitcoin halving — could see it rise even higher.
Alternative High-Potential Altcoins
Despite XRP’s prospects looking good, it still can’t be ruled out that Ripple will lose its case with the SEC, something which will obviously hurt the altcoin’s price.
Given this risk, investors may prefer to diversify their portfolios and look at newer altcoins with more upside potential.
And at the moment, presale tokens arguably have more potential than any category of cryptocurrency.
One of the most promising of these ecoterra, a soon-to-be-launched recycle-to-earn platform that has raised over $4 million in its presale.
This sale is currently in its seventh stage, with 1 ECOTERRA costing $0.008500, a price that will rise to $0.001 by the time the sale ends in the next few weeks.
This gives investors only a limited amount of time in which to acquire some ECOTERRA at discounted prices, with the coin’s fundamentals likely to help it rally strongly once it lists on exchanges.
Once launched, ecoterra’s platform will enable users to recycle various household recyclables at designated reverse vending machines, with users able to receive ECOTERRA in reward for registering recycled objects via the official ecoterra app.
Of course, it’s not the only interesting presale token for sale at the moment, with another exciting new project being AiDoge, an AI-powered meme-generating platform that has already raised over $10.5 million since the offering for its native token $AI began at the end of April.
Due for launch in the third quarter of the year, AiDoge combines advanced AI algorithms and extensive datasets to generate memes, with the only input needed from the user being a short text-based description of the meme they want to generate.
Users can also vote for their memes, which can earn their creators rewards in $AI, which can also be used for staking.
This gives $AI real utility, and along with ECOTERRA it looks set to become one of the most successful new platforms of the year, at least judging by the runaway success of its presale.