XRP’s price is yet to witness an explosive surge like other dominating altcoins as investors are holding tight to their investment plans with the anticipation of Ripple’s win against the SEC in the lawsuit.
As the XRP investors eagerly await the outcome of the ongoing battle between Ripple and the U.S. Securities and Exchange Commission (SEC), the heated debate over whether XRP will be treated as security continues to put the crypto world under pressure. Market experts believe Ripple’s win may strengthen long-term holders’ bullish goals and push XRP’s price by 10x.
“XRP Is Not A Security” Develops Bullish Hopes!
Controversies regarding whether XRP is a security have become headlines in the XRP community. Moreover, the recent settlement by the SEC against LBRY Inc marks a victory for Ripple Labs as the regulatory body admitted that the LBC token is not a security. Additionally, U.S. Attorney John Deaton relieved investors as he claimed that XRP could not be treated as securities despite selling it as an investment contract.
Moreover, Ripple’s projects on bringing tokenization will significantly benefit XRP’s price as Ripple’s XRP Ledger (XRPL) seeks to tokenize a wide range of digital assets, including stablecoins, NFT tokens, and leading assets like Bitcoin and Ethereum.
Additionally, the adoption rate of tokenization is moving fast and is predicted to touch the $1 trillion mark by 2024, which will bring notable achievements for the XRP community. A recent report from Ripple hinted at the domination of XRPL as it continues to witness increased on-chain activity.
Timeline For XRP’s Bullish Journey
All the eyes of the crypto market are now on the judge’s ruling, whose date is yet to be finalized. The motions for summary judgment were already drafted last year, and XRP’s bullish pump now depends on the judge’s conclusion. It is expected that the lawsuit may come to an end by March 2023, after which XRP may witness some price action.
As of writing, XRP price trades at $0.397, with a decline of 1.72% in the last 24 hours. A prominent analyst, Exactus, predicts that XRP price may break its previous year’s consolidation level if it opens a weekly candle above its resistance zone of $0.415-$0.42, sending its price back to all-time high or above $4.
The analyst noted that the RSI-14 level hovers near a stable region and has more room to continue an upward rally for XRP with ease. Furthermore, the tokenization initiative (XRPL) and Ripple’s win will undoubtedly create a bullish scenario for an exponential uptrend in the XRP price chart.
Traders should be cautious as a bearish reversal is expected if XRP heads below the support zone of $0.38-$0.39, which may dump the token to the bottom level of $0.3. However, this momentum is only possible if Ripple loses the lawsuit, which is unlikely to happen.