XRP Price Prediction as $600 Million Trading Volume Keeps XRP Above $0.47 – Are Whales Accumulating?

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

The XRP price has remained flat in the past 24 hours, with its current level of $0.47323 representing a small 1% dip in the last seven days.

This slight fall comes after a final ruling in LBRY’s case with the SEC, with the presiding judge not issuing a ruling on whether secondary sales of LBC tokens amount to the offering of securities.

While it’s not an especially positive result for LBRY, this ruling doesn’t necessarily have much bearing on Ripple’s own case with the SEC, which is being based around different arguments and defenses.

And with observers suspecting that Ripple still has a good chance of securing a favorable outcome, XRP’s current price may offer a significant discount on its future level.

XRP Price Prediction as $600 Million Trading Volume Keeps XRP Above $0.47 – Are Whales Accumulating?

XRP’s chart suggests that it could be about to rally again, with its indicators all beginning to point upwards.

Source: TradingView

For one, its relative strength index (purple) has risen above 50 today after spending much of yesterday falling, a sign that it may be regaining momentum.

Added to this is XRP’s 30-day moving average (yellow), which after a week of declines is now sloping upwards and looks on course to overtake its 200-day average (blue) in the next one or two weeks.

Supporting this positive view is the altcoin’s support level (green), which has seen a series of increases in the past week or so, suggesting that XRP may have fallen as far as it can for now.

Also keeping XRP afloat is its trading volume, which has risen above $600 million again, after spending much of the weekend below $400 million.

Again, this signals some gradually recovering momentum, with XRP likely to be boosted in the medium-term by positive news regarding the Ripple-SEC case.

Regarding this case, it’s interesting to note that XRP’s price hasn’t really been affected by the aforementioned ruling in LBRY’s battle with the SEC, a ruling which arrived on Tuesday.

<oembed url="https://twitter.com/attorneyjeremy1/status/1678879299695255554[/embed]

As lawyer Jeremy Hogan explained in the above tweet, the LBRY decision doesn’t have much of a bearing on Ripple’s legal battle, with Hogan suggesting that, in contrast to winning the LBRY case, it would be considerably more difficult for the SEC to demonstrate that XRP sales have been (and are) investment contracts.

Such a view weighs quite heavily in Ripple’s favor, and it adds to the sense that the cryptocurrency firm is going to witness the kind of decision that will enable it to continue its business as before.

This would be massive boost to XRP, which is likely to rally beyond $1 in the weeks following any positive judgment.

Even now, growing anticipation surrounding an incoming ruling could see XRP rise above $0.50 in the short-term.

Quicker Gains with High-Potential Meme Tokens

Because XRP’s depends almost entirely on a decision in the Ripple-SEC case, traders looking for more immediate gains may prefer to consider other altcoins in the meantime.

One particularly good source of gains is presales, with some of the best presale tokens witnessing big rises after listing on exchanges for the first time.

One of the most hyped presales at the moment is being held by Thug Life Token (THUG), an ERC-20 meme coin that has aligned itself with the gangsta rap and hip-hop communities.

THUG has already raised more than $1.3 million in its presale, which is due to end in just under four days.

<oembed url="https://twitter.com/thug_life_token/status/1678775494832168960[/embed]

The fact that THUG has raised so much money so quickly is clear sign that it has already done a good job of building up its own community of investors and holders, who necessary if the meme token is to have more of a long-lasting lifespan.

And while the presale is taking place over a short period of time, it has actually been allocated 70% of THUG’s total maximum supply of 4.20 billion.

This makes THUG a very decentralized meme token, something which has also helped it attract investors, who can feel more reassured that the coin won’t be subject to a big dump after it lists (something which has happened to many lower-quality meme coins this year).

Interested retail investors can participate in the presale by going to the official Thug Life Token website, with 1 THUG costing $0.0007.

yrGiven its quick success, there’s every chance that THUG will eclipse this price when it lists on exchanges in the next week or so.c

Visit Thug Life Token Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.