In this episode of Watch This Before You Buy, the host covers XRP, a coin that has been heavily impacted by an ongoing SEC lawsuit. The current price point for XRP is 34 cents, with a highest point of 3.84 in the past. The host notes that despite the lawsuit, Ripple CEO Brad Garlinghouse is optimistic about gaining regulatory clarity for the cryptocurrency industry in the US by 2023. The host also highlights the sentiment-driven market of crypto and the importance of fundamental catalysts for XRP’s price movement. Finally, the host provides some potential accumulation zones for XRP.
Watch This Before You Buy: XRP Analysis and Predictions
Welcome to Another Episode
Welcome to another episode of Watch This Before You Buy! In today’s episode, we’re taking a look at XRP, a very common coin that a lot of people want to see. We’ve had huge amounts of requests for this coin, and many people have been enjoying my recent Cardano video. If you haven’t seen it, go back and watch it, along with all the other ones I’ve done.
Let Us Know Which Coin You Want to See Next
As always, drop a comment down below to let us know which coin you want to see next on this channel. Do you want to see one of your favorite coins or a coin you’re invested in? Let us know, and I will do my best to cover it in the future. I’ve taken down notes on many of the different recommendations we’ve received, which is why we’re focusing on XRP today.
Taking a Look at XRP Token Price
Let’s kick things off by taking a look at the token price. Before we get into it, I just want to say that if you like this kind of content, please leave a like as it really helps us out. And don’t forget to subscribe to the channel for more. We’re trying to hit 215,000 subscribers this year, and any help is much appreciated.
So, the current price point for XRP is 34 cents, up 1% on the day. If we look back, we can see that the highest this coin has been is 3.84. This means we’re currently down 91%. However, it’s important to note that XRP has been massively suppressed by an overlooming SEC lawsuit. This has been going on for a long time, and many people only think of XRP as the coin that has a lawsuit. But this wasn’t always the case. Back when I first got started in crypto, this coin was only about half a cent, and I remember investing my first $20 into it.
Ripple CEO Optimistic about US Regulatory Clarity for Crypto
Ripple CEO Brad Garlinghouse is optimistic about the US gaining regulatory clarity for the cryptocurrency industry in 2023. He shared his hopes on Twitter, referencing bills such as the Securities Clarity Act, Responsible Financial Innovation Act, and Clarity for Digital Tokens Act. He believes that support for cryptocurrency regulation in the US is bipartisan and bicameral.
It’s important to note that XRP and Ripple are not the same entity. While they are essentially the same, they are not correlated. However, in a sentiment-driven market such as crypto, whatever happens with Ripple will see a reaction in the price.
XRP Analysis and Predictions
Moving on to XRP analysis and predictions, let’s take a look at the weekly chart. We’re currently laying at a weekly support level with one two touches, including a wick where price has moved up since. This is a strong level as it turned into support after three resistance taps. If we go to the daily chart, we can see immense buying pressure, with a huge spike in buy volume compared to sell volume.
It’s crucial to note that XRP needs a fundamental catalyst for the price to continue upwards. We need to see them stop being sued or at least a settlement or something for the price to increase. However, if a settlement is reached, XRP could potentially break its trend and move upwards.
In conclusion, XRP is a common coin with a lot of potential, but it’s currently suppressed due to an ongoing SEC lawsuit. The CEO of Ripple is optimistic about the US gaining regulatory clarity for the cryptocurrency industry in 2023. XRP needs a fundamental catalyst for the price to continue upwards, but with a settlement, it could potentially break its trend and move upwards. Keep an eye on XRP in the future, and don’t forget to drop a comment to let us know which coin you want to see next on this channel.