XRP recorded $600 million in trading volumes, and investors wonder whether cryptocurrency will reach $10 billion by 2023. The latest developments in the XRP ecosystem and the wider development of the cryptocurrency market have driven this XRP price prediction.
XRP’s Latest News: Legal Battle with SEC, Price Prediction
Cryptocurrency investors have been watching Ripple’s legal battle with the US Securities and Exchange Commission (SEC) for more than two years. The SEC filed a lawsuit against Ripple Labs, the company behind XRP, claiming that the cryptocurrency is a security and that Ripple made it available to investors without legal registration. However, it is increasingly difficult to predict the outcome of the case.
On February 23, cryptocurrency advocate and attorney John Deaton proposed a scenario that could speed up a settlement if needed. Deaton tweeted that he believes a Ripple attorney would urge a settlement if the SEC agrees in writing that all current and future XRP transactions are not securities. Deaton also expressed confidence that Ripple would emerge victorious and that the Supreme Court would not uphold the SEC excess.
On February 24, Empower Oversight, the US corruption watchdog and whistleblower, criticized the SEC for repeatedly denying transparency organizations access to public interest materials, particularly those related to the cryptocurrency industry.
On February 24, the US watchdog for corruption and whistleblowers, Empower Oversight, criticized the SEC for repeatedly denying transparency organizations access to material of public interest, particularly regarding the cryptocurrency industry. Despite the legal concerns, many investors and experts remain bullish on the long-term potential for XRP/USD.
Pannus Matthew, CEO of Dubai-based Joyalukkas Exchange, announced on LinkedIn that he recently met with Ripple executives Mark Johnson, William Cooley and Nick Taplin. This news indicates that Ripple has a new business partner.
According to Matthew, the Ripple On-Demand Liquidity (ODL) platform can offer a great solution for money transfer companies looking to scale and reduce the cost of cross-border payments while providing fast settlement and constant access to liquidity.
While Ripple is yet to make an official announcement about its new partner, Matthew’s statement strongly suggests that the partnership has already been established. The use of ХRP-based ODL is said to increase the efficiency of Ripple’s cross-border financial transactions. Despite this positive development, the price of XRP/USD has fallen from previous highs.
XRP Price Prediction
On Feb 26, the XRP/USD pair started trading at $0.37782. It recorded a high of $0.37858 and a low of $0.37589. The pair is currently trading at $0.37642, down 0.39% in the last 24 hours. Additionally, the value of XRP/USD has fallen more than 4.5% over the past week.
The XRP/USD pair struggled below $0.3850 but found support at $0.3750. In case of a bearish breakout of the $0.3750 support zone, Ripple could slide further to the next support area at $0.3702 or $0.3620.
Leading technical indicators like MACD and RSI are now entering the buy zone, suggesting that the market is currently in a buy trend. Additionally, a bullish break of $0.3847 could lead to swings towards $0.3975.
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