3 Cryptos to Buy Now if XRP Price Doesn’t Reach $1 in 2023
XRP ($XRP), the cryptocurrency that powers the XRP Ledger that was launched by US fintech company Ripple Labs back in 2011, has been back in the headlines on Wednesday.
District Judge Analisa Torres just rejected a bid by the US Securities and Exchange Commission (SEC) to appeal a recent legal loss it sustained in its lawsuit versus Ripple Labs.
The SEC sued Ripple Labs back in 2020 for issuing $1.3 billion worth of XRP tokens in an unregistered securities offering, but Judge Torres ruled back in July that these sales weren’t necessarily securities offerings.
The SEC hasn’t completely lost its lawsuit versus Ripple just yet, with a trail scheduled for April 2024 to resolve other outstanding issues.
But the risk that XRP will be labelled as a security warranting much higher regulatory treatments in the US is fast diminishing, meaning a better adoption outlook.
XRP’s adoption outlook is also improving as Ripple expands its global payments business – it secured a license to operate in Singapore on Wednesday, news which was also attributed as supporting the XRP price.
XRP was last trading around flat on Wednesday in the $0.53s, as it for now holds to the north of its 200-Day Moving Average.
However, despite Ripple’s recent legal wins, the technical outlook for the cryptocurrency remains murky.
The XRP price broke its 2023 uptrend in August, reducing the likelihood of a near-term recovery back to yearly highs in the $0.90 area.
XRP has been touted as a potential major outperformer during the upcoming crypto bull market, assuming this is coupled with a complete legal win for Ripple versus the SEC.
But it may struggle to reach $1 this year.
Here are a few alternative coins that potential XRP might want to check out.
An exciting new
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