The value of XRP is aligning with the general movement of the cryptocurrency market, even as regulatory uncertainty persists regarding developments in the Ripple and Securities Exchange Commission (SEC) case. Notably, XRP remains below the $0.70 mark, despite Ripple recording several victories in its battle with the SEC.
The case continues to cast a spotlight on the potential future valuation of XRP, with the conclusion of the legal matter anticipated to have a widespread impact on the asset’s price.
In this context, Finbold consulted the CoinCodex tool, which utilizes artificial intelligence (AI) price prediction algorithms to assess the possible XRP price on a specified date. The tool projects that XRP is likely to trade at $0.66 on Christmas day in 2023, representing minor gains of about 5%.
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The projection comes as some market participants project that XRP is poised for an upswing in its valuation in the coming days. As reported by Finbold, analysts believe that XRP appears to be breaking out of the descending parallel channel it has been in since early November, suggesting a potential upswing to $0.65 or $0.66 in the near future.
XRP’s surging whale activity and SEC case impact
At the same time, XRP is experiencing a surge in whale activity, potentially hinting at what to expect in the future. In particular, on November 25, crypto analyst Ali Martinez noted that XRP is witnessing increased whale activity with data indicating that high net worth investors have accumulated 11 million XRP over the past week, valued at over $6 million.
This notable increase in bullish activity has elevated the collective XRP wealth of these major players to over 10.45 billion tokens, representing slightly over 10.5% of the total XRP supply.
Elsewhere, investors are attentively observing the progress of the SEC case. The anticipation of the SEC appealing the court ruling on Programmatic Sales introduces uncertainty into the asset’s price trajectory.
Notably, the SEC and Ripple are in active negotiations for a settlement concerning XRP sales to institutional investors. The outcome of this negotiation or a conclusive disgorgement ruling has the potential to considerably influence investor interest in XRP.
XRP price analysis
By press time, XRP was trading at $0.63, showing daily gains of over 2%, while the weekly chart indicates a 1.8% increase.
In terms of technical analysis, a review of XRP’s technical indicators reveals a bullish sentiment. One-day gauges obtained from TradingView show a ‘buy’ sentiment at 14, with moving averages indicating a ‘strong buy’ at 12, and oscillators classified as ‘neutral’ at 8.
Overall, while XRP is susceptible to various influencing factors, the general trajectory of the crypto market remains crucial in determining its price movement.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
