The conclusion of the Ripple vs SEC court case is expected to trigger XRP’s value in 2022
Ripple has mostly remained on the sidelines in the past year despite other cryptocurrencies reaching record highs. Fortunately, XRP is springing back to life as the prolonged court case with SEC seems to be reaching an end, that too in favor of Ripple. This has triggered Ripple’s price to aim for a comeback in 2022. At the time of writing, XRP was at US$0.6822 with a market capitalization of US$3.940 billion.
Ripple’s native currency, XRP has surged ahead in February as confidence in the market rises that there might be a positive end for the decentralized ecosystem in the XRP vs SEC court case. While the situation is getting more sure and intense, cryptocurrency investors are staking up on Ripple. On the other hand, Ripple Labs, the company behind the XRP coin, has also bought back some of its shares as it prepares for a potential public stock exchange listing after the court case concludes.
Technically speaking, Ripple’s price is on the upward path recently. The cryptocurrency has found some reliable support near the 50-day EMA (Exponential Moving Average) at US$0.74 to make it to US$1. These indicate that a major price surge is on the way for Ripple in the coming months. Although XRP won’t be able to outperform top digital tokens like Bitcoin and Ethereum in the short run, it has the potential to do so in the long haul. According to on-chain data provided by Santiment analytics feed, XRP has faced its second-largest accumulation phase recently. Addresses that hold 10 million XRP have grabbed 900 million coins.
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Ripple’s Price Change Over the Years
Since its inception, XRP enjoyed a lot of attention and constant price surges only for SEC to slash a legal case against it. But to clearly understand where Ripple stands, we have to go through its price actions through the years.
Launched in 2013, XRP stayed on the sidelines till 2017 before hitting mainstream adoption. In less than a year, Ripple’s price went up by 35,000%. While the cryptocurrency was reaching new milestones, the company behind it managed to achieve a threshold of 100 banks worldwide that signed on to RippleNet. After touching a record high in early 2018, Ripple couldn’t sustain the overall cryptocurrency market crash and declined by 43%. Throughout 2019, Ripple’s price was pretty stable. However, XRP didn’t reach a record high in 2020 when all other cryptocurrencies were enjoying the bullish trend. Rather, it spiked in the middle of 2021 and reached a moderate value in August that same year.
How XRP vs SEC Court Could Impact Ripple’s Price?
In December 2022, SEC filed a case against Ripple Labs, accusing the company of trading XRP as unauthorized security. SEC alleged that Ripple Lab raised over US$1.3 billion through an unregistered, ongoing digital assets security offering. Since then, cryptocurrency has been facing major price hits throughout the years. Finally, the investors are seeing light at the end of the tunnel.
This month, Ripple had won a plethora of emotions that are seen to be critical for Ripple Lab’s defense. The court ruled in favor of XRP, allowing the company to unseal two key documents. They are expected to reveal how SEC has classified XRP back in 2012. Last year, Empower Oversight alleged that former SEC officials were biased against Ripple Lab and XRP in favor of Ethereum.
Where is XRP Headed in 2022?
Ripple’s price is completely relying on the XRP vs SEC court case now. If it comes in favor of Ripple, then it is not just success to the company, but the whole cryptocurrency market. That will be the first time a decentralized medium has ever won against a government wing. Therefore, XRP’s price is expected to reach record highs post that.
Currently, according to CoinCodex analysis, 21 indicators are showing bullish signals and 10 bearish signals. Another price analysis suggests that it could encounter a bullish trend in the short term and reach US$1.28 in 2023.