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XRP has been stagnant for the past three weeks
Prices tied to cryptocurrency sentiment and SEC case
Garlinghouse expects a breakthrough in cryptocurrency regulation in 2023.
ripple (XRP/USD) is trading around $0.33, the level that started in 2023. The cryptocurrency has held its price range for the past three weeks. The bull market recovered quickly as the price fell to his $0.30 on Jan. 2. What will happen to XRP this year?
Well, after a disastrous 2022, much is expected of cryptocurrencies this year. A possible improvement in macro conditions will definitely push prices higher, but this is unlikely to happen in Q1.For XRP, the Ripple and US SEC litigation will be an additional factor. Despite the glimpses of Ripple’s success, the crypto community is still uneasy about the outcome. For Ripple CEO Brad Garlinghouse, 2023 is somewhat optimistic. But, as he advises, be careful.
Garlinghouse is no stranger to throwing punches at U.S. regulators since the lawsuit against Ripple began. Garlinghouse used his Twitter to share his views on cryptocurrencies in 2023 and believes it’s time to clarify U.S. crypto regulation. Ripple CEO says it’s time to define “security” in the digital asset sector without mentioning pending lawsuit with SEC. I still believe there is an opportunity and 2023 could be the year of ‘breakthrough’.
However, with the lingering case for the XRP classification, there will be no noticeable price change as the outlook reflects cautiousness.
The technical outlook shows that the bulls have successfully defended the support at $0.31. An interesting highlight was when a strong bullish pinbar formed when price fell below support. However, the momentum is weak and the MACD remains bearish.
XRP price It may struggle further, but buyers will take notice when the price approaches $0.31. The level is a clear buy zone to watch.
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