- Ripple CEO Brad Garlinghouse has expressed optimism that a resolution to the company’s legal battle with the SEC will be reached as early as June 2023.
- XRP price is on track to breach a multi-year declining trend line, preparing for an explosive 45% upswing if the trend is breached.
- XRPL core ledger development continues in full swing as countdown to the SEC v. Ripple verdict begins.
XRP price is close to breaking out of the multi-year downtrend it started in November 2021. Brad Garlinghouse, the CEO of payment giant Ripple is optimistic of a win in the lawsuit brought by the US Securities and Exchange Commission. Ripple’s optimism is clear with the rapid pace of development of their decentralized public blockchain XRPL core ledger.
Also read: XRP Price Prediction: Ripple primed for a 20% breakout
XRP price climbs higher with Brad Garlinghouse’s optimism of Ripple win
XRP price is at a critical juncture where the altcoin could break out of a multi-year downtrend. The XRP downtrend started in November 2021 and since then factors like the SEC v. Ripple lawsuit updates, developments and announcements by Ripple, the largest public holder of XRP have influenced the asset’s price.
Ripple CEO Brad Garlinghouse shares the optimism and enthusiasm of XRP holders. Garlinghouse is confident of the payment giant’s win in the SEC v. Ripple lawsuit. As of January 19, 2023 all motions have been fully briefed and filed by both parties. A decision from Judge Analisa Torres is awaited. Brad Garlinghouse anticipates a decision to be made "some time in the coming single digit months,” possibly as early as June.
Ripple’s confidence in a win is mirrored by the development of the XRPL core ledger. XRP Ledger is a decentralized public blockchain that is currently under development and boasts new updates in its ecosystem.
David Schwartz, CTO of Ripple and one of the original architects of the XRP Ledger blockchain recently shared a visualization tool to check the development status of the XRPL.
Check out this sweet XRPL core ledger development status visualization tool.https://t.co/zSLC5SIxWX
— David "JoelKatz" Schwartz (@JoelKatz) January 14, 2023
XRP price is on track for 45% upswing on one condition
XRP price is at an important level after slicing through the 30-day, 50-day and 100-day Exponential Moving Averages (EMAs). Akash Girimath, lead technical analyst at FXStreet argues that a retest and subsequent break above these EMAs confirmed buyer interest in XRP. A breakout from the multi-year descending trend line will allow XRP price to move past $0.4930.
XRP/USDT price chart
Between July and October, XRP price yielded 44% gains, wiping out losses from May. A 44.67% upswing in XRP now could push the altcoin to the $0.5966 target. A decline below the EMA confluence at $0.394 could invalidate the bullish thesis for the altcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin price crashes 7.7% in Asian session, sets off $200 million in liquidations
Bitcoin price saw a sudden selling pressure early in the Asian session on December 11. This move comes after BTC set up a new yearly high at $44,700 on December 8. The sudden move to the downside has liquidated more than $200 million in positions.
Ripple plunges alongside altcoins in marketwide crash, Galaxy CEO admits XRP Army is real
The SEC v. Ripple lawsuit is in headlines again as pro-XRP attorney John Deaton criticizes former SEC Chair Jay Clayton for his comments on the court ruling. Clayton believes the initial issuance of XRP tokens was a securities transaction in the capital raising phase.
Solana continues to see inflows from the Ethereum chain, SOL price sustains above $72
Solana has captivated market participants' attention and attracted capital inflows from the Ethereum chain. SOL is making headlines for airdrops in the Solana ecosystem and the token has yielded double-digit gains for holders in the past week.
MATIC price could face selling pressure from mounting inflow to exchanges
Polygon’s native token MATIC is likely to succumb to selling pressure from rising inflow of the asset to exchanges. Large wallet investors are sending MATIC to Binance and Coinbase, increasing the selling pressure on the asset.
BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.