An artificial intelligence (AI) tool has predicted the price of Ripple (XRP) for the end of 2023. According to AI, Ripple's price change will depend on many things, including the current lawsuit the cryptocurrency is facing with the Securities and Exchange Commission.
XRP and SEC have been at loggerheads since 2020, when the regulatory body alleged that Ripple sold billions of its tokens to investors as an illegal security. In a statement that was released by SEC in 2020, they said, "We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple's business and other important long-standing protections that are fundamental to our robust public market system."
"Issuers seeking the benefits of a public offering, including access to retail investors, broad distribution, and a secondary trading market, must comply with the federal securities laws that require registration of offerings unless an exemption from registration applies," Stephanie Avakian, Director of the SEC's Enforcement Division added.
According to CoinPriceForecast, the finance prediction platform, this case's outcome is crucial to XRP price prediction. If the case favors Ripple, the XRP price will benefit highly. But majorly, the XRP price prediction made by this AI has indicated that the cryptocurrency is set to have a good year in terms of a price increase.
Despite the price loss last year, XRP had started the year well with $0.3386, currently trading at $0.389. That is about a 15 percent increase from the price it started the year with. According to CoinPriceForecast, their XRP price prediction at the end of the year is around $0.49, which is about a 26% increase, judging from its price this month.
More Analysis on XRP Price
More details from the analysis done by the AI price predictor show that 2023 might be a good year for cryptocurrency. However, there is still hesitation because the case XRP is still with the Securities and Exchange Commission.
At the time of writing, XRP's price was around $0.389, with about 3% losses on its 24-hour chart. At the moment, the AI predictions tool says that XRP has a significant support level at $0.36283, and it is expected to move to the price range of $0.41 before going through form reversals. More information from this prediction tool shows that XRP can break the support level of $0. 41, investors should expect it to reach the price range of $0.51.
In summary, everything largely depends on the case outcome between Ripple and the SEC. Assuming XRP becomes victorious, investors might push more money into the token, leading to a huge bullish trend. However, losing the case to the SEC might mean a bearish trend.
Andrew Pickett, lead Trial Attorney at Andrew Pickett Law, said that Ripple winning the case would hugely benefit them and the whole crypto industry. He says, "If Ripple is successful in their lawsuit, it could help solidify XRP’s legality in the US market, which would benefit its price. This could open up the cryptocurrency industry to more mainstream investors and businesses that would have previously been cautious about entering the market due to legal uncertainty."