If you are thinking about investing in altcoins, XRP is one of the top ones in terms of market cap. In this XRP price prediction, we will cover the price behavior in the recent past and bring price forecasts from some of the top price analysis platforms.
Ripple (XRP) Overview
Ripple is a cross-border payment company that uses XRP as a source of liquidity. The company is also responsible for issuing XRP tokens and boasts of having over 300 institutional clients globally. XRP runs on Ripple decentralized ledger technology. The payment network – RippleNet uses XRP to facilitate payments to and from different countries.
Ripple is currently the leading company in this kind of payment, although there are other competitors, such as Stellar. The company has, however, faced a lot of challenges lately with the lawsuit from the SEC and the others that followed. Although this weighed on the price of XRP significantly at the time, XRP seems to be showing strength right now despite the fact that it has been replaced three times recently in the third, fourth, and fifth place by market cap. It is now in seventh place, with a market capitalization of $25,774,338,004.
XRP has a maximum supply of 100000000000 tokens, but there are currently only 45,404,028,640 XRP in circulation. $5,722,994,536 worth of tokens have been traded in the last 24 hours.
Ripple (XRP) Price Prediction: Analysis
XRP price has experienced some big bullish moves earlier this month, but things have quieted a bit recently. Following the big 80% gain on the day that Ripple filed its defense in the SEC lawsuit, the price has stagnated around $0.5. This led to the 50 Moving Average line crossing below the 100MA line. This is referred to as a death cross and, in this case, indicates a bearish trend in the long-term.
On the contrary, a golden cross just recently occurred between the 20 and 50MA lines. This, on the other hand, signifies the start of a bullish trend in the short-term, so generally, things are green now but could turn red eventually unless conditions of the market change.
The Relative Strength Index (RSI) is also showing signs of strength. After dropping steeply to slightly below 60, it has bounced off and is slowly rising again. This suggests that buyers have taken control and are pushing it upward again.
Also, worthy of note is that two critical areas of support have been established at $0.38769 and $0.47883, where the price can bounce from in the event of a pullback. Below are even more support and resistance areas to note. These are calculated by Walletinvestor:
- Resistance Level (R3): 0.615;
- Resistance Level (R2): 0.584;
- Resistance Level (R1): 0.560;
- Pivot Point: 0.529;
- Support Level (S1): 0.5046;
- Support Level (S2): 0.474;
- Support Level (S3): 0.449.
The case between the SEC is unlikely to be settled before the trial date, a new report says. The SEC and Ripple, after meeting to discuss the possibility of an out of court settlement, wrote to the Judge of the U.S District Court for Southern District of New York, Judge Analisa Torres. The discovery letter stated that after a number of meetings between the plaintiff and defendant, they cannot see the possibility of a settlement between the two prior to the trial date. This comes ahead of the pretrial meeting with Ripple, SEC, and the judge.
Meanwhile, another U.S based crypto exchange PayBito has delisted XRP from its listed assets. The exchange says the decision is because of the legal battle that Ripple Labs is facing. The managing director Raj Chowdhury, however, says that the exchange will monitor the events surrounding the case and could list the asset again if the case is concluded well. XRP holdings of its customers are safe, and they can withdraw their account balance with no problems.
XRP Price Prediction: Market Opinions
Walletinvestor is bullish on XRP’s future. By the beginning of March 2021, the website expects XRP to reach a price of $0.711. The lowest price the token is expected to start in March is $0.656. Below is the price forecast for the first 5 days of March.
Longforecast predicts that XRP will be $0.47 by the start of March. The lowest expected price for the month is $0.35, while the highest expected price is $0.64. The closing price for the month is $0.57.
Tradingbeasts foresees that XRP will be worth $0.6568251 at the start of March. The maximum expected price during the month is $0.8229752, and the lowest expected price is $0.5596231. The closing price is $0.6583801.
XRP price prediction from this website is that it will reach an average of $0.78. This is because they expect a massive adoption of the cryptocurrency in the month. This will lead to a growth of the market cap and thus price.
XRP Price Prediction: Verdict
This was our XRP price prediction for March 2021. This analysis is based on past price performance, which may not be the same in the future. Therefore, you should do thorough research before any investment.
Court Orders SEC to Answer Ripple’s Interrogatories
Ripple, however, has failed to bury the SEC in paperwork, with the judge granting the agency’s motion for a protection order against “unduly burdensome” requests
Magistrate Judge Sarah Netburn has ordered the U.S. Securities and Exchange Commission to answer some of Ripple’s hotly-contested interrogatories, which are meant to determine whether or not the plaintiff’s contentions can be supported by facts.
The agency will have to specify why the company’s XRP sales are investment contracts:
The SEC’s legal theory is not an excuse to avoid responding to Defendants’ factual inquiry. Nor is it a basis to answer a different question than posed.
In addition, the SEC will have to state whether it believes that Ripple’s efforts were key to boosting the price of XRP.
However, Ripple’s interrogatory about whether or not the XRP Ledger was fully functional prior to the start of the securities offering has been denied for being too vague:
The Court agrees that this interrogatory seeks relevant information. But Defendants’ interrogatory is too vague for the reasons identified by the SEC.
Netburn has also granted the SEC’s motion for a protective order, which allows the regulator not to respond to all of Ripple’s “unreasonably burdensome” interrogatories.
The agency claimed that covering all the 29,947 requests would take 104 days without “breaks or sleep.”
Earlier this week, the court also granted the SEC’s motion to extend the expert discovery deadline to Jan. 14, 2022, despite Ripple’s protestations.
Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto
- Ripple CEO aired his opinion on the crypto market and regulations.
- Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.
At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.
In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.
Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,
“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”
To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.
Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.
As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.
Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2
It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.
“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”
XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.
XRP Holders left with bearish and frozen funds
Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.
“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.