As the lawsuit between Ripple (XRP) and the SEC is expected to conclude this year, XRP maximalists are starting to whistle the bull.
In the cryptocurrency market, 2023 has started in light of new hopes and new expectations. After the difficult 2022 year, analysis started to come from many crypto analysts one after another. The majority thinks that this year will be promising and that recovery is possible. Ripple has also become one of the most curious crypto projects this year. Millions of investors await the conclusion of the lawsuit between Ripple and the SEC. In 2023, characterized as Ripple’s triumphant year, the XRP price also started whistling the bull.
Ripple Case, Ripple Enhancements and XRP Price
At the end of last year, Ripple (XRP) came to the fore with important developments. The project, which attracted attention with its wallet, network and DApp developments, was also a matter of curiosity about the fate of the XRP price.
The ongoing litigation between Ripple and the SEC has also started to get complicated. While the global crypto market sees a possible Ripple victory, the SEC side is not considering giving up. The SEC wants Ripple to receive a penalty and be considered a security.
The fact that several SEC documents got out there and it will be used in court was seen as a clear Ripple victory. However, several lawyers argued that this document was not important enough to affect the case.
Ripple, which has made a big debut and even rivaled Bitcoin, has not been able to throw off the negative ground on it for years. Another reason for this was the ongoing adverse weather conditions on the XRP side. XRP tumbled from a low of around $3.5 to as low as $0.35.
However, it is claimed that this year will be a year in which things will work out for Ripple and the rise can begin. Many crypto analysts expect a bull run on the XRP side with the victory of the case. Ben Armstrong, nicknamed Bitboy, claimed that Ripple would win the case and the SEC chairman would resign.
Looking at the latest developments, the course of the case may change if the documents the SEC concealed do not work. Still, the Ripple side stated that if it loses the case, it will exit the US and continue its services. However, the loss of the SEC and the gain of Ripple could start a new cycle in the cryptocurrency market.
XRP Chart Analysis Will XRP Price Pull On The Bulls?
Many Twitter users have suggested that the XRP price will revive in 2023. In particular, maximalists believe that XRP will reach its highest peak. A possible XRP peak could make other cryptocurrencies start their bull run as well.
But looking at the current XRP situation, the price and chart should be interesting and convince the bulls. In the crypto market, which is still in a bear cycle, there has not been enough interest and investment in XRP. Realistically speaking, things will not be easy for XRP, which has a market cap of billions of dollars.
Also, an event that took place tonight has made Ripple investors nervous. XRP suffered strong selling pressure during the closing hours and pinned to $0.3. After this shocking event, the price returned to its previous level with a ravenous buying. Many people attribute this to the circulation of 1 billion XRP unlocked.
However, from a general perspective, it is striking that the XRP price is in the very bottom region. A user who has invested in XRP for years evaluated this price as very cheap. But the Terra crisis and the FTX bankruptcy revealed that no cryptocurrency is guaranteed.
It can be said that the most important factor that can trigger the XRP price is the ongoing lawsuit with the SEC. If there is a Ripple victory as a result of this lawsuit, there may be volatility for XRP in a short time. This situation, which is described as the logic of “buy the news, sell the expectation”, may be in the eyes of the bulls. If the bulls aren’t interested, there could be a failed move at the end of the volatility.
On the other hand, XRP will have to break the rock-solid $1.5 and $2 resistance points for a possible bull run.
Graphically, XRP, which is in the bottom zone, started to whistle the bulls. Support and resistance points are also important for XRP in the crypto market, which revolves around the logic of buy-sell rather than long-term.
XRP could back up if it breaks the resistance at $0.3675. A break of this resistance could allow XRP to focus on the $0.3950 resistance. Breaking these resistances and continuing the uptrend needs the support of the bulls. Finally, XRP can be stuck at 0.5, the strongest resistance point in the short. At this level, if the resistance of the bears outweighs, the pullback comes to the fore.
Wanting to break the resistance points, XRP started whistling the bulls in light of the expectations on social media and the SEC lawsuit. The bulls, on the other hand, are waiting to be confident that the SEC will lose.
On the other hand, when looking at the bearish scenario, the needle that provides the drop to $ 0.3 during the night draws attention. This point has become an important support level for XRP. In a possible XRP drop, $0.3 may need to be protected. If this level is broken, XRP can regress to $0.285.
As a result, dreams and expectations are on the table in terms of XRP. Saying that the lawsuit between the SEC and Ripple is nearing its end, analysts suggest that XRP will mark the year 2023. Many crypto investors think that the next bull cycle will sprout by XRP. But from a chart perspective, XRP needs to whistle the bulls more.
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