{"id":50306,"date":"2023-08-18T23:07:39","date_gmt":"2023-08-19T03:07:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/xrp-price-prediction-as-judge-torres-grants-secs-ripple-case-appeal-process-will-xrp-fall-to-1-cent\/"},"modified":"2023-08-18T23:07:42","modified_gmt":"2023-08-19T03:07:42","slug":"xrp-price-prediction-as-judge-torres-grants-secs-ripple-case-appeal-process-will-xrp-fall-to-1-cent","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50306","title":{"rendered":"XRP Price Prediction as Judge Torres Grants SEC’s Ripple Case Appeal Process \u2013 Will XRP Fall to 1 Cent?"},"content":{"rendered":"
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While XRP is trading more than 16% up from Thursday\u2019s lows and is back to the north of its 200DMA and the psychologically important $0.50 level, the world\u2019s fifth-largest cryptocurrency by market capitalization continues to trade lower by around 20% on the week.<\/p>\n

XRP, the token that powers the XRP Ledger which was launched by US fintech firm Ripple Labs more than one decade ago, has fallen hard this week amid a broader rout in the cryptocurrency market that has seen other major tokens like Bitcoin (BTC) and Ether (ETH) also take a big hit.<\/p>\n

A few things have been weighing on broad crypto sentiment.<\/p>\n

Firstly, macro has been a headwind in recent weeks \u2013 US long-dated bond yields are back near multi-year highs as traders bet the strong US economy means higher interest rates for longer, while US stocks (correlated to crypto in recent years) have been pulling back.<\/p>\n

Thinner than usual August liquidity conditions, which mean the month is often volatile and bearish (in the stock market, at least), have also been cited.<\/p>\n

The fact that Bitcoin and Ether both broke below major support levels, calling their 2023 uptrends into question, has also weighed heavily on sentiment.<\/p>\n

The net result for XRP is that it is now down nearly 50% from the more than 1-year highs it hit earlier this year in the $0.90s.<\/p>\n

Judge Torres Hands SEC a Lifeline in Lawsuit Against Ripple<\/strong><\/h2>\n

Another factor likely to be weighing on XRP specifically is the fact that a US judge just handed the US Securities and Exchange Commission (SEC) a lifeline in its lawsuit against XRP\u2019s issuer Ripple Labs.<\/p>\n

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Judge Torres, who is presiding over the case, just approved the SEC\u2019s appeal to file an interlocutory appeal in wake of a key decision she issued last month.<\/p>\n

Back in July, Torres ruled that Ripple\u2019s electronic\/algorithmic sales of XRP to retail customers via exchanges did not constitute a securities offering.<\/p>\n

However, she did rule that Ripple\u2019s institutional sales violated US securities law.<\/p>\n

The SEC sued Ripple back in December 2020, claiming they sold $1.3 billion worth of unregistered securities in the form of the XRP token.<\/p>\n

As per attorney John Deaton, the appeal\u2019s approval by Torres should lengthen the lawsuit by another 3-6 months.<\/p>\n

Where Next for XRP?<\/strong><\/h2>\n

XRP\u2019s sudden and dramatic reversal lows from last month\u2019s highs has seen it break to the south of its 2023 uptrend.<\/p>\n

Should it also lose a grip on its 200DMA, then a fall back to support levels in the $0.45, $0.41, $0.35 and $0.30 levels becomes a possibility.<\/p>\n

Will XRP Fall to 1 Cent?<\/strong><\/h2>\n

If XRP fell to 1 cent from current levels, that would mark a 98% drawdown from current levels.<\/p>\n

While more near-term downside is certainly a possibility, a drop this big is unlikely, especially in light of the fact that Ripple remains in the driving seat in its lawsuit versus the SEC.<\/p>\n

While the latest broad crypto market downside is a setback, it remains too early to call an end to the 2023 bull market, with most major coins still substantially higher on the year.<\/p>\n

XRP Alternatives to Consider<\/strong><\/h2>\n

For crypto investors looking to diversify, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.<\/p>\n

This is where investors buy the tokens of up-start crypto projects to help fund their development.<\/p>\n

These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.<\/p>\n

Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application\/platform.<\/p>\n

If an investor can identify such projects, the risk\/reward of their presale investment is very good.<\/p>\n

The team at Cryptonews spends a lot of time combing through presale projects to help investors out.<\/p>\n

Here is a list of 15 of what the project deems as the best crypto presales of 2023.<\/p>\n

See the 15 Cryptocurrencies<\/p>\n

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/sup><\/i><\/p>\n<\/p><\/div>\n