After briefly crossing the psychological threshold at $0.50 in late March, XRP price managed to stay above this level for almost a full month. However, as of April 19, the token dropped below this key level again.
XRP’s price may have stayed above $0.50 for nearly a month, but the asset failed to break through the $0.55 resistance level leaving investors wondering whether the asset will climb back up once again or continue to fall.
After it dropped below the $0.50 level, the 50-day moving average provided support at $0.46, which allowed XRP to bounce back up, albeit only to $0.47. This is where it sits at the time of writing, April 28, 2023.
Investors hold their breath as XRP awaits ruling
The XRP price has been monitored carefully by investors from around the world. Many expect XRP to see a strong surge once the US SEC case against Ripple finally reaches its ruling. The crypto industry seems confident that XRP could win the case, which would force the regulator to rethink its definition of a security.
Since there is no official timeline for the ruling, XRP community attorney John E. Deaton expected it to come by late April. He based this assumption on the previous time it took for Judge Torres to make her rulings.
“This decision is as big as the decision this judge has ever faced. Think about what other decision is as big as this decision when it comes to global trade and finance in modern history. This is the most significant no-fraud SEC enforcement action since 1946,” Deaton said.
The issue is delicate and will have great consequences for the crypto industry, regardless of how the judge rules. If the ruling goes in Ripple’s favor, the judge would have to justify it, but it would be a massive victory for the digital asset sector.
The US SEC’s crackdown on crypto has already caused many crypto companies to consider leaving the US and moving to a different country. According to recent reports, Coinbase might be among them, although the exchange has only hinted at this potentially being the case. If Ripple loses the legal battle with the SEC, many believe the company will follow in Coinbase’s footsteps and move overseas.
The good news is that Ripple and XRP have many major markets that would be happy to welcome them in Europe and Asia. So, even if Ripple loses the legal battle, it will have somewhere to go, and its token will maintain its utility and likely value.
XRP price analysis
At the time of writing, the XRP price sits at $0.47 after going up by 2.72% in the last 24 hours. On a weekly basis, however, XRP is only up by 0.30%, indicating that it managed to return to similar levels as 7 days ago, with some fluctuations in between.
This is also clearly visible on the asset’s 7-day chart, which has seen it fluctuate between $0.45 and $0.47 over the last week.
Whether the token will manage to reclaim its previous level at $0.50 and go above or not majorly depends on two factors — the behavior of the broader market and Ripple’s legal battle with the SEC.
So far, neither one of those two seems perfectly clear, which means that investors must be ready for anything.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.