Cryptocurrency XRP (XRP-USD) is jumping 12% in morning trading to 36.67 cents. However, the crypto is well off its high for the day of 38.37 cents and very far from its 52-week high of $1.41. Nonetheless, multiple websites continue to reiterate bullish XRP price predictions.
Meanwhile, other cryptos are also advancing today as investors become less concerned about interest rate hikes by the Fed. Bitcoin (BTC-USD) climbed 3% to $21,130, while Ethereum (ETH-USD) jumped 8% to $2,000. Meme coin Dogecoin (DOGE-USD) added 4.5% to 6.63 cents. All of those cryptos, like XRP, are still well under their 52-week highs.
XRP Price Predictions: What’s Next?
Gov Capital expects XRP to jump to 92.38 cents in a year. Wallet Investor expects a more modest gain, as it predicts that the crypto will reach 60.2 cents in 12 months. Finally, DigitalCoinPrice has an average 2023 price target for XRP of 54 cents. Its maximum 2023 price target is 58 cents, while its minimum 2023 price target is 48 cents.
Meanwhile, XRP investors are reportedly awaiting two key decisions by the judge in a court case pitting the U.S. Securities and Exchange Commission (SEC) against Ripple, the company whose founders launched the cryptocurrency.
One of the decisions involves whether to accept an amicus brief by John Deaton, a lawyer who has launched a website called CryptoLaw. The other key matter is whether the “emails and documents” of a former director of the SEC’s Division of Corporation Finance can be withheld from Ripple based on the government’s claim of attorney-client privilege. The judge is expected to rule on both issues soon.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.