The latest update from the court dismissing the plea of the SEC to seal Hinman’s speech documents has boosted the XRP price, which was stuck within a very narrow range till now. The price soared by nearly 10% to mark the intraday high at $0.4616. However, it is witnessing some bearish action at the moment, which is believed to be eliminated in a short while, paving the way to resume a fine upswing soon.
The XRP price has been manifesting acute strength ever since the possibility of a final ruling emerged at the end of Q1 2023. The price soared high to reach $0.58 but quickly fell into a deep bearish trend as the ruling differed further. However, the recent updates on the lawsuit have eventually induced confidence within the XRP army, which appears to be extremely confident in the XRP price rally ahead.
Hence, a massive increase in the daily active addresses was witnessed immediately after the judge turned down the SEC’s request.
The address count, which was hovering around 30,000 to 35,000, quickly spiked to levels above 85,000 active addresses during the previous trading day. The massive rise in the levels indicates the shift in focus of the traders over XRP, and hence they are closely monitoring the advancements of the lawsuit. Alongside this, it also reflects the confidence of the traders, as they believe in a positive outcome of the lawsuit in the near future.
Also Read : Pro-XRP lawyer Explains What Will Happen to Coinbase if Ripple lost the Case Against the SEC
But will the XRP price reach $1 by the end of H1 2023?
The XRP price before the start of the year 2023 has been trading within a rising parallel channel. The recent bounce prevented it from reaching the lower support of the channel below $0.4 by triggering a rebound from $0.4233. The recent upswing, fueled by bullish market sentiments, is expected to initially raise price levels close to the upper resistance of the channel before testing one of the major resistance levels near $0.5.
Also Read : XRP Price Prediction 2023: Expert Predicts Potential High & Low Levels
Once these levels are cleared, the price may encounter another level of resistance at $0.6, which is also considered a trend reversal zone. If the XRPArmy is able to push the price beyond these crucial levels, then the price may maintain a decent upswing and surge beyond $1 before the end of 2023.
