XRP Price Prediction: XRP Could See Lift After Lawsuit Outcome Despite Dropping 1.67% In the Last Day

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XRP has experienced a decline amid a 1.56% downtrend in the crypto market and concerns about upcoming recession data affecting the U.S. economy, which could put additional strain on major banks.

The digital asset, which fuels the decentralized XRP Ledger with a focus on payments and liquidity, has dropped by approximately 1.67% in the last 24 hours.

Despite the negative price movement, positive advancements in the ongoing United States Securities and Exchange Commission (SEC) vs. Ripple lawsuit and the current technical configuration of the cryptocurrency suggest optimistic price predictions.

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$XRP Struggles to Find a Foothold

During the significant bull market in 2017 and early 2018, $XRP surpassed the $3 mark as interest in the coin’s potential grew.

However, the optimistic outlook eventually dissipated, and the token has struggled to hit its peak price again.

At press time, the $XRP token is trading at $0.44, indicating a downtrend of 1.67% in the last 24 hours.

Before this, the digital asset’s value experienced a 1.1% price rise over the past week and a 5.7% increase in the last two weeks.

$XRP currently has a 24-hour trading volume of $954 million and a further decrease of 0.29% points to an incoming bearish sentiment.

Despite the past week’s gain, XRP’s technical charts currently show a neutral form.

The digital asset is on par with its 50-day simple moving average (SMA) value of $0.44 for the short term. However, it trails below its 200-day simple moving average (SMA) value of $0.47 for the long term.

Investors should remain prepared for price fluctuations between the token’s short-term and long-term moving average indicators based on market volatility.

Regarding technical analysis, the $XRP coin met resistance at the 50% Fibonacci retracement level of $0.46 and is currently dropping toward the 38.2% Fibonacci retracement level of $0.42.

This Fibonacci retracement level could support the asset’s rebound if the market rallies. However, if the broader market decline continues, $XRP may drop further.

The relative strength index (RSI) reading of 47.01 indicates that the Ripple asset still resides in the underbought region.

Likewise, the moving average convergence divergence (MACD) indicator is positioned above the orange trendline, displaying a weak buy signal.

A Game Changer in Ripple vs. SEC Case

An optimistic XRP advocate and lawyer, John Deaton, recently pointed out an overlooked footnote in a Ripple opposition brief from 2022 that could significantly impact the outcome of the ongoing dispute.

Deaton highlighted the discovery of this small but potentially significant footnote in a Ripple legal document in a recent Twitter announcement on May 22.

Read this short ? please. When you look at all the other SEC-LIT-EMAILS cited in Ripple’s opposition, they are redacted. The one about there being reasonable grounds to not believe XRP satisfies all the Howey factors is not redacted. https://t.co/qoaCbjk7rg pic.twitter.com/Nc6kfNMJ4c

— John E Deaton (@JohnEDeaton1) May 21, 2023

The footnote believed to originate from a third-party source, confirmed that discussions about XRP had occurred among SEC staff before the notable Hinman speech.

According to the highlighted footnote, there are reasonable grounds to argue that XRP does not meet all the requirements of the Howey test. This, therefore, suggests that it should not be categorized as a ‘security’ under federal securities laws.

This revelation carries significant implications, as any internal differences of opinion among SEC officials regarding XRP’s security classification could potentially influence the ongoing litigation between the U.S. regulator and Ripple.

In December 2020, the Securities and Exchange Commission (SEC) initiated legal action against Ripple, alleging that the sale of its $XRP token violated securities regulations by not being properly registered.

If the outcome favors Ripple, we may see a significant rise in the price of the $XRP asset.

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