The XRP price has seen more of a sideways movement in the last few weeks. Previously, the price rose massively after positive news about the legal dispute with the SEC. But in which direction will the XRP price move in the next few months? Can XRP price reach 3$ if the SEC lawsuit is resolved? Let’s analyze in this XRP SEC update.
How did XRP price move in the last few weeks?
The XRP price has seen more of a sideways movement in the last few weeks. The price has been hovering around the $0.45 level for the past 2 weeks. About a month ago, the XRP price saw a sharp increase. From $0.36, the XRP coin rose to a value of $0.57.
The XRP price has been significantly higher since the beginning of 2023. At the turn of the year, the rate was still $0.34. This means that the XRP coin has risen by around 25% to date. This increase is significantly lower than the increase in the Bitcoin price and other Altcoins.
What else is holding the XRP Price back?
While Bitcoin has risen by 90% since the beginning of the year, the XRP price has lagged behind. On the one hand, this is due to the typical developments within a bear market. In the bear market, bitcoin usually performs better than altcoins.
On the other hand, the legal dispute with the US Securities and Exchange Commission (SEC) continues to burden the XRP coin. Ripple, the company behind XRP, is accused of illegal securities trading. The sharp rise in XRP a few weeks ago was triggered by positive news of a possible verdict. The verdict is expected in the coming weeks.
Can XRP Price reach 3$?
The outcome of the legal dispute is still open. While those close to Ripple expect an acquittal, the SEC is confident Ripple will be convicted. However, should there actually be an acquittal, the XRP price should be able to rise massively.
A move above $1 seems almost certain in this case. But some investors hope that the XRP price could approach the all-time high of the XRP coin again. This is $3.84. A move to $5 would be the strong bullish scenario here.
A price explosion directly to a new all-time high seems unlikely. An acquittal would definitely translate into strong gains and a new all-time high in the next bull market would be very likely. In 2023, however, this is unlikely.