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Key events to watch for XRP in March 2023

Key events to watch for XRP in March 2023

As XRP starts to slowly regain its value after several challenging weeks threatening to undo the advances the token has achieved since the year’s turn, cryptocurrency traders and investors are closely watching the current and future developments surrounding it, trying to deduce if they could influence its further movements.

Indeed, there are some events expected to take place in March that could be qualified as influential on XRP, potentially pushing the digital token upward, unless they are counteracted by negative developments in the cryptocurrency market and wider macroeconomic stage.

Possible lawsuit ruling

Ongoing for more than two years, the legal battle between XRP’s issuer, the blockchain company Ripple, and the United States Securities and Exchange Commission (SEC) is certainly to affect the price of the related token, depending on its ultimate outcome. 

Although the date of the court’s decision is still not definite, Ripple’s CEO Brad Garlinghouse is optimistic that the ruling would be reached in the first half of 2023, and pro-Ripple lawyer, John E. Deaton, believes there is a slight chance it could happen in March. As he explained in an interview with Real Vision Crypto in December:

“I don’t see it happening before March 31st, but it is possible because the judge is very aware. She granted us amici status. She knows that there are tens of thousands of holders, and there have been 17 amicus briefs filed in this case, so it is very possible, but you have millions of pages of documents that have been filed. She is going to go through it.”

At the same time, the SEC is facing another battle in the war against the Ripple crowd, as an XRP community attorney Fred Rispoli of Hodl Law filed a lawsuit against the regulator two months ago, asking the court to declare that Ethereum and its ETH coin are not securities.

In response, the SEC filed a motion for dismissal, stating that “Hodl Law’s own allegations make clear that the SEC has not reached a final decision about the Ethereum network or Ether.” The first hearing in this case is scheduled for March 13, and its developments could have significant effects on the ecosystem.

Price increase awaits?

As they unfold, the events expected in March 2023 have a chance to exert a strong bullish influence on the price of XRP, although the community sentiment demonstrated on the finance tracking platform TradingView is rather bearish, suggesting a ‘sell’ for XRP on summary gauges, although oscillators are slightly in the ‘buy’ range.

XRP 1-month sentiment gauges. Source: TradingView

All things considered, it will be interesting to monitor the effect that these events will exercise on XRP, which is currently trading at $0.3777, as the crypto community votes at CoinMarketCap expect it to climb as much as 9.8% by the end of March, whereas the algorithms at PricePredictions suggest only a minor increase by March 1 and even a decrease by March 31.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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