XRP is up 3.5% in the last 24 hours to $0.382995 as the cryptocurrency market recovers from weekend losses. Its current price is down 5% for the week and a very small 0.4% drop over the past 30 days as XRP continues to be undermined by Ripple’s protracted legal battle with the SEC.
Despite this, sentiment around the matter remains positive, and the XRP community recently took to Twitter to urge Coinbase to relist the token. This indicates confidence that Ripple will succeed in obtaining a positive ruling and that exchanges will be legally allowed to host XRP.
XRP Price Prediction As Community Urges Coinbase To Relist Token – $3 XRP Coming?
At the moment, XRP remains in a volatile position, its indicators correspond to either a continuation of the rise or further declines. Its 30-day moving average (red) has leveled off after touching the 200-day (blue) and looks like it may now move lower with the price.
Meanwhile, XRP’s relative strength index (purple) rose above 45 after falling to 40. This slight recovery, which has already fallen in recent days, could indicate further upside, although it could just as easily fall again, as it did in December.
Today’s rise came in the context of large-scale Twitter and social media campaigns to encourage Coinbase to relist XRP. Under the hashtag #RelistXRP, proponents of the coin argued that such a relisting would not only boost the token, but that Coinbase would benefit by receiving millions in exchange fees.
Some have even claimed to have heard rumors that Coinbase is indeed planning to re-list XRP, although there is no evidence to support such speculation.
However, the exchange did file an amicus brief in support of Ripple back in November. This testimony provided supports the view that Coinbase continues to take a favorable stance on XRP, even though it delisted the coin in December 2020 to avoid legal repercussions.
Another development occurred in January that supports the view that Coinbase will sooner or later relist XRP. This was when, during an appeals hearing in LBRY v. SEC, a judge declared that the sale of LBC tokens by third parties was not considered a sale of unregistered securities.
Given that LBRY itself was selling unregistered securities when it initially offered LBC tokens, this decision suggests that even if the SEC wins Ripple, exchanges will still be able to host XRP. In other words, Ripple losing the case won’t necessarily stop Coinbase from relisting the coin.
The point is that there remains a strong possibility that Ripple will eventually deliver a positive outcome. This is supported by the various favorable rulings he has received so far, including the court upholding his right to fair notice and Judge Torres granting him access to important documents and emails related to the 2018 speech he gave at the time Chairman William Hinman.
At the same time, observers say the SEC was unable to establish how Ripple developed a “joint venture” that would increase the value of XRP. Establishing this is vital if the SEC wants to demonstrate that Ripple was selling unregistered securities, but it is doubtful that it has adequately shown this.
As such, Ripple’s prospects remain good, with CEO Brad Garlinghouse recently stating that he expects the deal to close by the end of the first half of 2023 or the end of the year at the latest.
If Ripple wins, there is no doubt that Coinbase will relist XRP. Also, there is no doubt that the altcoin will have a very big growth.
Immediately after the positive result, XRP is likely to jump to $1 within a few days. After that, it could climb to $3 for the rest of the year before approaching the current all-time high of $3.40 in 2024.
In the long term, Ripple’s victory will allow it to rapidly expand its business. This is evidenced by the fact that he was able to grow this business even in the shadow of his cause, in his Q4 2022 XRP Markets Report, it was revealed that he handled $226.31 million in net XRP sales in that quarter alone.
Because of this, the years after Ripple’s victory could see XRP rise in the cryptocurrency rankings as Ripple gains more adoption and usage.
