The crypto market was up in January 2023, but XRP was underperforming even in the last three years. Tech-focused NASDAQ 100 stock market index recovered from its yearly low. Bitcoin and Ethereum have surged more than 35%. Cardano is up 50%; even the meme coins such as Dogecoin have also surged 25%, but XRP was the underperforming top ten cryptocurrencies year to date.
Ripple Labs’ ongoing SEC lawsuit has been influencing the sentiment of Ripple investors, and the XRP price will not zoom until it ends. XRP was launched in 2012. Later the most popular dollar-pegged stablecoin USDT came into the market, offering the same facilities for easy and quick cross-border transactions. As a result, USDT hit a $135 billion market cap, whereas XRP is struggling to maintain $21 billion.
Now stablecoins (USDT, USDC) is used widely for lending and borrowing digital assets and money on decentralized finance protocol, and Ripple is moving forward to sell XRP to financial institutions as a payment processor.
As a result, market experts think Ripple was launched to solve cross-border problems. Still, people are now using stablecoins, so Ripple has zero product-market fit as it has limited growth potential for the next five years. Indeed, it will impact the XRP price. Will the XRP price surge after the end of the SEC-Ripple lawsuit case? Will XRP regain its lost momentum? Click here to read more about XRP predictions. The final judgment will come in the first half of 2023, and Ripple’s CEO, Bradley Kent Garlinghouse, thinks the judgment will favor Ripple.
The bearish phase started in November 2021. After that, the candlesticks formed lower lows and lower highs in the last six months. The price has been consolidating within a range with strong support around $0.3.
However, XRP can break the support and continue the downtrend in 2023. On the other hand, if you believe in the potential of XRP and its use cases, you can accumulate more XRP at the current price to capitalize on a price surge in the next few months.
Based on our algorithmic price analysis, Ripple’s (XRP) price will cross $1 in 2024. Next year will be better for the whole crypto market so investors will observe a steady price surge in XRP.
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