Ripple’s XRP, which holds the position of the 6th largest currency in terms of market cap, is currently facing a bearish trend in both its daily and weekly charts. Despite this, the coin’s trading volume has increased significantly, experiencing a 150% surge in the past 24 hours.
According to the latest data by CoinMarketcap, the coin’s price is currently trading at $0.436, showing a 5% drop within the last 24 hours and a decline of 6.53% in the last seven days.
As per the technical analysis of the coin, it has observed a bearish trend in the long term. This trend is expected to lead to a decrease in the price of XRP by $0.01114 over the next seven days. The predicted price is expected to reach $0.42487 by May 15th, 2023.
However, in the short term, the machine learning algorithm has found that the coin is currently experiencing a neutral trend. Based on this analysis, investors should expect a slight increase in price with a possibility of a decrease over the next few hours.
Ripple’s XRP Lawsuit Success Could Boost Long-Term Price
Meanwhile, a significant achievement in the ongoing lawsuit could lead to a long-term rise in the coin’s price. At the XRP Las Vegas 2023 meetup, Ripple CEO Brad Garlinghouse expressed his confidence in Ripple’s victory in the ongoing Ripple v. SEC lawsuit.
During a two-day conference focused on blockchain technology, Garlinghouse addressed a group of XRP supporters and declared confidently, “WE’RE GOING TO WIN THIS THING.”
Among the prominent figures attending the event was CryptoLaw founder and attorney John Deaton. The conference aimed to foster discussion and recognition of the progress made within the XRP community.
Since December 2020, Ripple has been engaged in a legal dispute with the US SEC regarding classifying Ripple’s coin as a security. Ripple has continuously refuted the allegations and maintained that XRP does not fall under the security category.
The case outcome could set a precedent for how other cryptocurrencies are regulated in the US. Throughout the legal battle, the Ripple community has remained steadfast in its support for Ripple.
Garlinghouse’s statement at the XRP Las Vegas 2023 meetup and subsequent tweet show that the CEO appreciates the community’s support.
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