The cryptocurrency market rose by more than 10% in the previous week. The price of XRP is trailing since it continues to perform poorly during the same period. Prices for XRP are known to lag and typically move in the same direction as the market. While XRP’s price continues to hover below the 40-cent threshold, this is why most eyes are focused on it. When will XRP increase? What goals does XRP have for 2023?
In this article on XRP price prediction, let’s analyze it.
Why is XRP not increasing?
Three American banks announced their insolvency as the cryptocurrency market began to rebound. Even the US government had to step in to prevent the complete collapse of the US economy. People began to understand the value of “becoming your own bank” as a result, and they started to invest in cryptocurrencies again. From its low of $19,800, bitcoin has risen to its current price of $24,600.
Conversely, XRP currently hangs out at $0.36 and shows no signs of recovering. In actuality, XRP has always been perceived as behind. The time it takes for XRP to follow changes in the cryptocurrency market. This is the situation in the present. Ripple also had some exposure to the failed banks, which explains why XRP values did not soar like those of other altcoins.
XRP SEC Updates: Is anything new with the XRP Lawsuit?
No information has been released regarding any updates to the XRP SEC complaint. The CEO of Ripple was certain that the company would win the case, and most of the filings were going well. The case is expected to be resolved in the third and fourth quarters of 2023.
XRP Price Analysis: Will it rise?
Before XRP follows, the cryptocurrency market must confirm its upward trajectory. When Bitcoin firmly establishes itself much above $25,000, XRP can shatter the $0.40 price barrier and continue to rise.
For now, the market is waiting for confirmation as to whether the recent price explosion in cryptocurrencies was a swift response to fundamentals or the result of stronger buying power, which would raise the price of cryptocurrencies.