The price of XRP has failed to breach key resistance levels in recent weeks, with the asset lacking a bullish boost from the ongoing Ripple and the Securities Exchange Commission (SEC) case. With the case outcome projected to impact XRP, the token’s future value significantly has been subject to speculation from various cryptocurrency players.
When looking at XRP’s possible future price movement, the machine learning algorithm-based crypto tracking platform PricePredictions is among the tools being leveraged to offer a glimpse of the token’s price trajectory. As per the tool’s 30-day price forecast, XRP investors should expect a decline in the asset’s valuation to trade at $0.356670 on March 31, according to data obtained on March 1.
If the valuation is realized, XRP would likely trade at about 6% less than the token’s price at the time of publishing. Previously, the machine learning tool had projected that XRP might trade at $0.39 on March 1.
Notably, the forecast puts into consideration different technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others.
XRP price analysis
By press time, XRP was trading at $0.38, representing daily gains of 0.5%. On the weekly chart, XRP is down over 2%, with the crypto still facing resistance at $0.40.
The bearish sentiment around XRP is also witnessed on the token’s one-day technical analysis as tracked by TradingView. A summary of the gauges recommend ‘sell’ with a score of 14. Moving averages are inclined towards ‘strong sell’ gauging at 13 while oscillators remain neutral at 9.
In reviewing the XRP price projection, the ongoing lawsuit by the SEC partly outweighs the overall market sentiment impact on the asset. Indeed, March is forecasted to be monumental for the XRP community, considering that U.S. defense attorney James Filan projected that the legal tussle might be settled within the month.
Analysts opine that if the case goes in favor of the blockchain firm, it could be a bullish trigger for XRP. The lawsuit that saw the SEC charge Ripple for selling unregistered securities in the form of XRP tokens has entered the third year, with both parties exhibiting confidence in winning. Overall, the case remains among the key XRP-related events to watch in March 2023.
Amid the uncertainty, XRP’s onchain metrics are pointing at increased token accumulation. For instance, XRP whales have recently sparked speculation after being involved in high-volume transactions.
The speculation has, however, been tied to the possible relisting of XRP by crypto exchange Coinbase, a factor considered a bullish sentiment for the sixth-ranked cryptocurrency by market cap.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.