Is Ripple (XRP) a Buying Opportunity for 2023? In this technical analysis and price prediction, we find out.
What can we expect from Ripple (XRP) in 2023?
Despite all the bad things that have been happening around Ripple, its cryptocurrency XRP continues to hold up to the blows of the US Securities and Exchange Commission, and if you want to find out where the price is headed in 2023, here’s a technical analysis.
At the time of writing, XRP is trading at $0.34, accumulating a 1.93% loss over the past 24 hours.
With a market cap of $17.218 million, it is the sixth largest cryptocurrency in the crypto ecosystem
This large market size, which has been maintained for more than 7 years, is undoubtedly the main reason why the project resists the SEC process with such determination.
We recall that in 2020 the US Securities Commission sued Ripple for selling unregistered securities. The legal dispute continues to this day, and while there is still no resolution for or against, it appears that Ripple could get out of it.
Ripple CEO Brad Garlinghouse is optimistic about improving regulatory clarity for cryptocurrencies in the US by 2023. This, as well as providing a positive outlook for the entire market for the current year, shows his confidence in us in the regulatory system and suggests that the dispute with the SEC could end on good terms.
Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023
Technical analysis and prediction of Ripple (XRP) up to 2023
Currently, on the XRP monthly chart, we can see a clear bearish direction in the short/medium term and a large sideways buildup of the long term trend.
Ripple was one of the few cryptocurrencies that did not hit new highs in the 2020-2021 crypto bull due to the lawsuit it is facing before the SEC.
Despite this, the price action has never signaled a death knell for the project.
Currently, what we are seeing on the monthly chart is a large sideways period, which could mean a break in the longer-term trend before looking for new highs.
To confirm the recovery of this trend, it is necessary to cross the descending line marked in green in the graph below.
A first sign of recovery of the long-term trend will be the crossing of the trend line, which I highlight in black, which delimits the bearish period that has developed since April 2021.
The key support level is at $0.17. While the support area will likely be visited, it doesn’t look like it will be missed. Regardless, it’s important to keep that level in check.
Important short-term levels
In the short term, the direction is undoubtedly bearish, so we can continue to expect Ripple to sell in early 2023.
The price is currently providing support in the previous lows area around $0.30.
A rally can be expected from this point. However, the trend is down, so we will most likely see new lows in the near future.
To consider buying, resistance must begin to be overcome. The closest is at $0.39 and the most important is at $0.51.
