TLDR
- XRP price is trading around $2.12, recovering from a low of $1.90
- Bitwise CIO believes XRP may be undervalued due to SEC lawsuit constraints
- Final ruling on SEC vs Ripple lawsuit potentially by April 16
- Japan shows strong adoption with XRP surpassing Ethereum in investor holdings
- Technical analysis shows resistance at $2.25 with support at $2.12
The XRP token has been operating under significant regulatory constraints since 2020, when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. This legal battle has limited XRP’s growth potential in the U.S. market for years.
Bitwise Chief Investment Officer Matt Hougan recently shared his thoughts on XRP’s market position. In an interview with the Paul Barron Network, he suggested that the cryptocurrency may be vastly undervalued.
The ongoing lawsuit has led to XRP being delisted from several major U.S. exchanges. This has restricted access for many potential investors and traders.
According to Paul Barron, the lawsuit might reach its final ruling by April 16. This potential resolution has sparked discussions about XRP’s future price trajectory.
Hougan believes that a large portion of the crypto market has “written off or forgotten about” XRP. He considers this perspective mistaken.
“The reality is, XRP has been suppressed by litigation for multiple years, and we don’t yet know what it can do on the global stage when it’s freed from those restraints,” Hougan stated. He did not make specific price predictions but noted sentiment could change quickly with regulatory clarity.
Japan’s approach to XRP adoption provides an interesting contrast to the U.S. situation. SBI Holdings has been integrating the asset into its digital banking ecosystem.
Japanese investors more interested in XRP than Ethereum
XRP has now surpassed Ethereum in Japanese investor holdings. This signals strong institutional confidence in the token’s future utility.
Barron compared SBI’s approach with XRP to Michael Saylor’s strategy with Bitcoin. Both involve “strategically accumulating and positioning it for long-term institutional use.”
The possibility of a spot XRP exchange-traded fund (ETF) was also discussed. Hougan did not reveal specific details about Bitwise’s ETF filing progress with the SEC.
However, he expressed confidence in the filing, stating, “We don’t file for ETPs for fun. We file for them because we think they can launch, and we think there is a audience, and we think it’s an important asset.”
On the technical front, XRP price has started a recovery wave from the $1.90 zone. The price is showing positive signs but faces resistance.
XRP is currently trading below $2.1850 and the 100-hourly Simple Moving Average. Analysts have identified a short-term rising channel forming with resistance at $2.250.
The price might continue moving up if it clears this $2.250 resistance zone. The next major resistance levels are near $2.350 and $2.420.
If XRP fails to break through the $2.250 level, it could start another decline. Initial support is near $2.150, with the next major support at $2.120.
Further support levels exist at $2.050 and the psychologically important $2.00 zone. Technical indicators show the MACD losing pace in the bearish zone, while the RSI is above the 50 level.
At press time, XRP was trading at $2.12, having recovered from its recent low of $1.90. The coming weeks will be crucial for XRP as the market watches for legal developments that could reshape its trajectory.
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