XRP price prediction 2023: Will Ripple reach $1.14?
PRICE predictions on Ripple, the company behind the XRP, are taking place among traders as New York is about to decide the future of most cryptocurrencies.
Back in 2020, the U.S. Securities Exchange Commission (SEC) charged the cryptocurrency company with raising over $1.3billion - but not registering the cash.
Additionally, the SEC claims Ripple allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services.
The ongoing lawsuit has led to crypto traders and other interested parties guessing the price of XRP and deciding what this means for crypto as a whole.
Before we discuss predictions, keep in mind that buying cryptocurrencies or stocks and shares is a very risky business.
Investing is not a guaranteed way to make money, so make sure you know the risks and can afford to lose the cash.
Cryptocurrencies are highly volatile, so your money can go down as well as up in value in the blink of an eye.
As always, you should only invest in things you understand.
There's scant regulation for cryptocurrency firms, meaning you won't have any protection if and when things go wrong.
Plus, there's no guarantee that you'll be able to convert crypto assets into cash, as it depends on demand and supply in the market.
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What is the price of XRP?
XRP is a type of digital currency that can be used on the Ripple network, and it can be transferred between individuals and banks.
While XRP is a coin, Ripple is a network that allows the transfer of money.
As of today, the value of XRP is currently sitting at $0.438 down from its $1.28 valuation in 2021.
This is largely due to the lawsuit and the uncertainty of its future.
XRP price predictions in 2023
It's impossible to know how the XRP price will change in future for certain, but that hasn't stopped experts and investors from making predictions.
Just make sure that you take the predictions with a pinch of salt, as they're nowhere near guaranteed.
For example, optimists like Gov Capital believe Ripple will win the lawsuit, ultimately bringing the value of the company up to $1.14 after one year.
This means, if you invested $100 now, your current investment may be worth $260.416 on March 22, 2024.
Some think the opposite.
WalletInvestor is predicting that next year the company will fall to $0.141.
What factors could affects its price?
A number of factors affect cryptocurrency values, including regulatory crackdowns and comments by high-profile individuals, such as Elon Musk.
But mostly, the deciding factor will be the verdict from the SEC lawsuit against XRP's parent company Ripple Labs Inc.
While the SEC lawsuit is ongoing, major exchanges such as Kraken, Coinbase and eToro have all suspended trading.
Zak Killermann, crypto expert at Finder, told The Sun: "The outcome of this court case will likely dictate many crypto-regulations to come, so don't expect the case to end sooner than later.
"Given that XRP has maintained its spot in the top 10 cryptos (by market cap) even with an ongoing legal battle - a victory could help whiplash the market back to bullish overnight."
While Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, has previously said: "With any nascent technology there will be high risks, as the future of the payments industry is carved out and the lack of current regulation is a warning light.
"Traders should also be cautious as XRP has also been sent higher simply due to speculation over future price rises rather than an underlying use case."
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