While the cryptocurrency community awaits the conclusion of the legal standoff between the United States Securities and Exchange Commission (SEC) and Ripple, the token at the center of it – XRP – is under pressure from the market’s bearish sentiment. However, machine algorithms are slightly bullish on the asset.
Specifically, the cryptocurrency monitoring and forecast platform PricePredictions, which deploys machine learning algorithms that scour through various technical analysis (TA) indicators to deliver projections of possible future prices of digital assets, has set the price of the XRP token at $0.453745 on June 1, 2023.
Indeed, should these predictions, based on indicators such as moving average (MA), moving average convergence divergence (MACD), average true range (ATR), relative strength index (RSI), and Bollinger Bands (BB), materialize, it would indicate a 0.9% increase to the price of XRP at press time.
XRP price analysis
As things stand, XRP was at press time changing hands at the price of $0.4497, demonstrating a decrease of 1.19% on the day and a 1.41% drop in the last month, whereas, on its weekly chart, the token is recording an increase of 0.61%, as per the latest data retrieved on May 25.
In the meantime, defense lawyer James K. Filan shared on Twitter that one of the attorneys from Ripple’s legal team, Kylie Chiseul Kim, has withdrawn from the case due to her leaving the company Kellog, Hansen, Todd, Figel & Frederick – one of the two legal firms representing the blockchain company in the lawsuit.
Reacting to the news, the crypto public has interpreted it with speculation that the case might be concluding, be it with a settlement or either of the sides winning, whereas others saw nothing more in it than one lawyer switching workplaces.
Regardless, the outcome of the lawsuit is expected to have a significant influence on the price of XRP once the summary judgment finally arrives. Taking into account the recent developments regarding the controversial Hinman documents, the odds could indeed be in Ripple’s favor.
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