XRP has stalled for the last 3 weeks
The price has been tied to the crypto sentiment and case with SEC
Garlinghouse expects a “breakthrough” in crypto regulation in 2023
Ripple (XRP/USD) trades around $0.33, a level it started for 2023. The cryptocurrency has held the price zone for the past three weeks. Bulls recovered quickly as the price slid to $0.30 on January 2. But still, the upside remains limited. What holds for XRP this year?
Well, much is expected for cryptocurrencies this year after a disastrous 2022. A possible improvement in the macro situation will definitely boost the price, although this looks unlikely in the first quarter. For XRP, Ripple’s case with the US SEC will be an additional factor. While there have been glimpses of Ripple’s success, the crypto community still remains unsettled over the outcome. For Ripple CEO Brad Garlinghouse, 2023 carries some optimism. But as he advises, it needs caution.
Garlinghouse is not new to throwing punches at the US regulator since the case against Ripple started. Taking to Twitter to share views about crypto in 2023, Garlinghouse believes it is time for regulatory clarity on crypto in the US. Without referring to the pending case with the SEC, the Ripple CEO says it is time to define “security” in the digital asset sector. He still believes the US stands a chance if regulations come fast, and 2023 could be the year of a “breakthrough.”
But as the XRP classification case drags on, there is no notable price change as the outlook reflects caution. Still, the latest price action may excite buyers.
XRP stalls above the $0.31 support
XRP/USD Chart by TradingView
A technical outlook shows bulls have successfully defended $0.31 support. An interesting highlight was when a strong bullish pin bar formed as the price slid below the support. The formation of the pin bar underlined that buyers quickly arrested the price drop and stabilized it. However, momentum is weak, with the MACD remaining bearish.
What next for XRP?
XRP price may struggle further, but buyers will be observant if prices approach $0.31. The level is a clear buying zone to watch.
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