The XRP price has surged by 20% in the past 24 hours, outperforming the market as it moves to $0.456013.
At one point, the altcoin had risen by as much as 26%, with news of Ripple moving 120 million XRP inviting the suspicion that a decision in the long-running Ripple-SEC case is due anytime soon.
Not only that, but the market clearly appears to be expecting a largely positive decision for Ripple, as suggested by recent developments and rulings.
If a positive decision does arrive, there’s little doubt that XRP could rise even higher, passing $0.50 and potentially returning to $1 by the end of the year.
XRP Price Prediction as XRP Blasts Up 20% in 24 Hours – What’s Going On?
Unsurprisingly, XRP’s chart reveals very strong momentum, with the coin’s relative strength index (purple) rising beyond 70 last night, only to come down a little this morning.
As for XRP’s 30-day moving average (red), it had been below its 200-day average (blue) prior to yesterday’s rally, putting the coin in a good position for a recovery.
Despite the strong momentum, XRP hit significant resistance at around the $0.49 level.
If it can break through this price, then further gains could be incoming.
Of course, this all depends on the aforementioned Ripple-SEC case, which caused yesterday’s surge insofar as certain traders are seemingly expecting a decision very soon.