XRP (XRP) Price Prediction 2023: Will XRP Finally Break Its ATH?

XRP's price has gained much momentum since President Donald Trump's victory in November. While it showed significant volatility to the downside in the daily chart this Tuesday as it settled around $3.06 at 7:30 AM UTC, the same could not be said for its long-term price actions.

XRP’s price has shown promising signs in recent times, especially in the daily chart. A significant breach occurred on the two-hour chart, which could indicate further gains for the cryptocurrency.

Ali Martinez, a technical analyst known as ali_charts on X, highlighted this development in a recent analysis. According to Martinez, XRP’s price blew off the top of a bullish flag, suggesting a potential target of $4.40. At the time of writing, XRP’s price hovered around $3.08 on Binance, indicating a potential upside of over 43%.

Several factors could be contributing to the renewed optimism in XRP. Ripple Labs has been ramping up its efforts to market the Ripple USD (RLUSD) and XRP to financial institutions. Both assets are touted as contenders to traditional cross-border payment systems and stablecoins like Tether’s USDT and Circle’s USDC.

As Ripple CEO Monica Long explained, “RLUSD is both additive and complementary to XRP.” While RLUSD is designed for dollar-denominated transactions, XRP serves as an efficient and low-cost alternative for cross-currency settlements.

Moreover, RLUSD also complements XRP by utilizing the latter in its transaction fees. Although minimal, all XRP used as a fee for the stablecoin is burned, supporting the cryptocurrency’s deflationary mechanics.

In another development, institutional adoption of XRP and Ripple’s solutions has been a key talking point throughout 2024. Ripple’s presence at the World Economic Forum in Davos and its executives’ interactions with institutional players signaled the company’s focus on this segment.

On the legal front, the U.S. Securities and Exchange Commission (SEC) has already filed its principal brief in the appellate court to challenge the lower court’s favorable ruling on Ripple and its key executives. However, Ripple CLO Stuart Alderoty and other legal experts have pointed out that the regulator’s arguments largely mirror the ones presented in the Southern District of New York.

With now-former SEC Chair Gary Gensler’s retirement taking effect on Monday and Trump returning to the White House, Ripple anticipates the SEC case to conclude swiftly.

On a macro level, Trump’s presidency could pave the way for more favorable regulations for digital assets. Throughout his first term and beyond, Trump has had substantial exposure to cryptocurrencies, including the launch of his non-fungible token (NFT) collection, meme coins, and a DeFi platform called World Liberty Financial (WLFi).

Furthermore, he has been placing crypto advocates in key positions within his second administration, setting the stage for the fulfillment of his Bitcoin (BTC) and other crypto-centered campaign promises.