• XRP and ADA are popular entry-level investments in the crypto market due to their low prices below $1.
• The success of the XRP price this year may depend on the outcome of the court case between Ripple and the U.S. Securities and Exchange Commission (SEC).
• If Ripple wins the court case, the XRP price could skyrocket, potentially making up for its 88% drop from its all-time high of $3.40.
Cryptocurrencies have become increasingly popular investments over the past few years, and two of the most popular entry-level cryptocurrencies are Cardano (ADA) and XRP. Both of these altcoins have prices below $1, making them attractive to investors who are looking to get into the crypto market. However, what are the prospects for both altcoins in 2023? In order to answer this question, it is necessary to look at both the fundamentals and the technical analysis perspective.
When it comes to XRP, the success of its price this year could largely depend on the outcome of the court case between Ripple and the U.S. Securities and Exchange Commission (SEC). The SEC has alleged that Ripple engaged in the sale of unregistered securities, and the case is currently ongoing. According to current projections, including from Ripple’s legal counsel Stuart Alderoty, the trial could likely end in the second quarter of 2023. If Ripple manages to leave the courtroom as the winner, the price of XRP could skyrocket. This is because the week the SEC filed its lawsuit, the XRP price fell a whopping -72% in seven days. The price crashed from $0.60 to $0.17. This means that compared to Bitcoin and Ethereum, XRP still shows a massive undervaluation since the event. While BTC and ETH are 69% and 68% down from their all-time highs, respectively, the current XRP price is 88% below its all-time high of $3.40.
A Ripple victory could also reactivate old and new partnerships. During the Ripple Swell conference in November, CEO Brad Garlinghouse revealed that U.S. banks and companies are in the pipeline as partners once the court case is out of the way. Additionally, a Ripple victory could also trigger a reverse effect on the XRP price as of December 2020. As a result, XRP bulls will be eager to make up for this shortfall and push the price of XRP higher.
Meanwhile, the prospects for Cardano (ADA) are also looking positive for 2023. Cardano is a third-generation blockchain platform that is focused on providing users with a secure and scalable environment for decentralized applications. Cardano has been making strides in the crypto market and is currently the fifth-largest cryptocurrency by market cap. The team behind Cardano has been constantly updating the network and is working to improve scalability and security. Additionally, the team has also been working on integrating the wallet into the Cardano ecosystem, which could be a major catalyst for ADA in the future.
Overall, both XRP and ADA are looking like attractive investments for 2023. XRP could see a huge increase in price if Ripple wins its court case against the SEC, while Cardano is working on improving its protocol and making strides in the crypto market. As a result, investors who are looking to get into the crypto market would do well to consider both XRP and ADA as potential investments for 2023.