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XRP Price Prediction as $4 Billion Trading Volume Floods In – Are Whales Buying XRP Before Lawsuit Conclusion?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The XRP price has risen by 3% in the past 24 hours, reaching $0.484611 on a day when the cryptocurrency market as a whole has dropped by 2.5%.

XRP has also gained by 28.5% in the past seven days, with investors increasingly coming to expect that a conclusion to the long-running Ripple-SEC case is imminent.

And with the coin’s 24-hour trading volume reaching $4 billion, it seems that many traders are stocking up on XRP in preparation for a positive decision for Ripple.

Of course, with the SEC and the CFTC now going after Coinbase and Binance (respectively), it may be premature to believe that XRP will rally massively in the event of a Ripple victory, given the state of the wider market.

XRP Price Prediction as $4 Billion Trading Volume Floods In – Are Whales Buying XRP Before Lawsuit Conclusion?

As things stand, XRP’s indicators remain very bullish, although there may not be much time left before their enter overbought territory.

Source: TradingView

Its relative strength index (purple) is shooting back up to 70 after a dip a few days, with the coin potentially rising further until the indicator reaches 80 or close to 90.

Likewise, XRP’s 30-day moving average (red) is racing towards its 200-day (blue), and if it overtakes the longer-term average, it may signal a breakout rally.

If XRP can convincingly break the $0.50 mark, there’s a good chance that further gains will be achieved.

Increasing the probability of this is the fact that whales do appear to be buying the altcoin, based on on-chain data.

It’s tempting to conclude that whales are acting on the assumption that the Ripple-SEC case will produce a positive result for Ripple, and that XRP will rally strongly as a result.

Even more positively, experts, including lawyer John E. Deaton, are now anticipating a decision on the case within the next few weeks, and possibly even this week.

XRP holders could be waiting a bit longer, however, with Ripple CEO Brad Garlinghouse merely saying that he expects an end to the case this year, which could mean another few months to wait.

Either way, Ripple’s chances seem more positive than negative, given how a variety of major rulings have gone its way in recent months.

Of course, it would be rash to assume that a Ripple victory is guaranteed, particularly when the SEC is about to launch a similar action against Coinbase.

Nonetheless, if Ripple does win, it will be in an excellent position to grow its business, which in turn means big price rises for XRP.

Ripple has actually done a good job of expanding its business even with the case hanging over it, with XRP Ledger accounts rising to almost five million in the past couple of years.

Its financial reports also continue to show sales of XRP (as part of its cross-border payment service) in the region of hundreds of millions of dollars every quarter, an impressive figure for a company that’s supposedly at risk of a heavy legal defeat.

Given its growth up until now, it’s clear that Ripple could become a massively large payments company in the years following a positive end to its case with the SEC.

If so, XRP will witness steady and strong price growth, from its current level of $0.48-ish to $1, $2 and higher.

It has a real chance of passing its current record high of $3.40 in the event of a Ripple victory, although this will partly depend on investor sentiment and conditions in the wider market, which have been dampened in the past few days by the aforementioned actions from the SEC and CFTC.

Buy XRP Now

XRP Alternatives

XRP is due for a big rally, but it may not come for several months yet, given what Brad Garlinghouse is on record as saying about the case.

Because of this, traders may prefer to look elsewhere at the moment, with a range of high-potential coins offering the opportunity to make substantial gains in the short- as well as long-term.

Accordingly, the Cryptonews Industry Talk team has assembled a selection of the top 15 cryptocurrencies to keep an eye on in 2023.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.