Can XRP reach $10 in 2023 as Hinman documents are made public?

There is an image of the XRP cryptocurrency in this HTML code. XRP is a cryptocurrency that powers the XRP Ledger, a blockchain protocol. The cryptocurrency’s value has dropped by more than 3% after reaching multi-month highs in the $0.565 area earlier in the day. XRP is currently trading just under $0.51, down from its previous high of 7.5% earlier in the day.

The US Securities and Exchange Commission (SEC) released documents related to a speech made by the agency’s former director of its Division of Corporation Finance, William Hinman, which caused XRP’s spike earlier in the day. In his speech, Hinman said that he did not see a need to regulate Ether as a security. The documents have been touted as boosting Ripple’s case in its lawsuit with the SEC. Ripple’s Chief Legal Officer Stuart Alderoty has said that the documents show that Hinman ignored multiple warnings about his speech, which contained made-up analysis with no basis in law.

XRP’s latest pullback means it is now retesting its 21DMA, which could offer some short-term support. Failing that, the uptrend from the mid-May lows could support the price action in the $0.48 area. It seems likely that XRP dips will continue being bought as Ripple’s momentum in the lawsuit versus the SEC builds. A retest of yearly highs in the $0.5850 area in the next few days/weeks seems highly likely, so long as sentiment in the broader crypto market holds up.

There is a possibility that XRP could reach $10 by 2023, which would mean 20x gains for XRP and a market cap of around $530 billion. While this price level may be overly optimistic, a $530 billion market cap for XRP is a reasonable long-term target. Investors should always be on the lookout to diversify their crypto holdings. One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales. These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.

Many of these projects have excellent teams and a great vision to deliver a revolutionary cryptocurrency application/platform.

If an investor can identify such projects, the risk/reward of their pre-sale investment is very good.

The team at Blockchain.com spends a lot of time reviewing pre-sale projects to help investors.

Here is a list of 15 crypto pre-sales that the project considers the best in 2023.

View the 15 cryptocurrencies here.

Disclaimer: The Industry Talk section features insights from players in the cryptocurrency industry and is not part of the editorial content of Blockchain.com.

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