- \n
- XRP reacted to the news of a possible lawsuit resolution date.<\/span><\/em><\/li>\n
- The altcoin\u2019s network growth and velocity plummeted.<\/span><\/em><\/li>\n<\/ul>\n
Ripple\u2019s [XRP]<\/span><\/a> market capitalization shot past $20 billion for the first time since the<\/span> FTX<\/span><\/a>\u00a0 contagion hit the market more than two months ago, <\/span>data <\/span><\/a>from CoinMarketCap showed. At press time, XRP exchanged hands at $0.4052 after gaining 18% since the start of 2023.<\/span><\/p>\n
This came on the heels of the global crypto market cap reclaiming the $1 trillion mark, which indicated the reversal of FTX-induced losses.\u00a0<\/span><\/p>\n
\nRead Ripple\u2019s [XRP] Price Prediction<\/a> 2023-24<\/p>\n
\nXRP rallies as the countdowns begin<\/h3>\n
In a recent interaction, the CEO of Ripple Labs, Brad Garlinghouse <\/span>hoped<\/span><\/a> for a settlement of the two-year-long Ripple vs SEC lawsuit in the first half of 2023. He stated that Ripple was optimistic about its chances given the law and facts on the ground.\u00a0<\/span><\/p>\n
Interestingly, XRP breached the key resistance at $0.39 following Garlinghouse\u2019s claim on the settlement resolution date. At the time of writing, the price faced resistance at $0.4076. This level has limited XRP\u2019s ascent in the past hence bulls will be hoping to go beyond this to strengthen the idea of an FTX reversal.<\/span><\/p>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/pasted-image-0-50-1.png\")
<\/a><\/p>\nSource: Trading View XRP\/USD<\/p>\n<\/div>\n
The Relative Strength Index (RSI) and Awesome Oscillator (AO) suggested that bulls were still in control. However, the On Balance Volume (OBV) faced resistance. A move beyond the indicated level could result in another rally for XRP.<\/span><\/p>\n
XRP\u2019s adoption is still a worry?<\/h3>\n
However, all was not well if on-chain data was to be believed. As per Santiment data, network growth continued its downward trajectory indicating that user adoption was still not up to the mark. Even the velocity indicator, which went up on 18 January on the news of the lawsuit resolution, has dropped sharply since then.<\/span><\/p>\n
Investors\u2019 confidence remained low as weighted sentiment proceeded in the negative territory over the past week.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Ripple-XRP-12.52.09-22-Jan-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
According to Coinalyze, XRP\u2019s Open interest (OI) remained flat while the price recorded gains. This divergence signaled a possible decline from $0.4076.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/pasted-image-0-51-1.png\")
<\/a><\/p>\nSource: Coinalyze<\/p>\n<\/div>\n
\nIs your portfolio green? Check out the XRP Profit Calculator<\/a><\/p>\n
\nThe verdict of the SEC\u2019s case against Ripple over the status of XRP could have significant implications for the cryptocurrency market in the United States. The laws governing the status of cryptocurrencies as commodities or securities are still not very clear.<\/span><\/p>\n
Recently Ripple CTO, David Schwartz <\/span>explained<\/span><\/a> why XRP should be treated as a commodity while replying to a claim by another Twitter user.<\/span><\/p>\n<\/p><\/div>\n
- The altcoin\u2019s network growth and velocity plummeted.<\/span><\/em><\/li>\n<\/ul>\n