The XRP price has slipped slightly today, dropping by 0.5% in the past 24 hours. At $0.413164, it’s up by 0.5% in a week and by 20% in the last month, with the altcoin benefitting in the past few days with a rise in its 24-hour trading volume above $1 billion.
However, despite surging as high as $1.3 billion yesterday, this volume has returned closer to $1 billion today, indicating that XRP’s market may be stabilizing again after a welcome period of positive volatility. But with Ripple expecting the end of its legal battle against the SEC, XRP could see another influx of volume very soon.
XRP Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying?
XRP’s indicators reinforce the impression that the coin is on the up. Its 30-day moving average (red) is about to overtake its 200-day average (blue), with such a move likely to signal further rises.
Likewise, the coin’s relative strength index (purple) has begun climbing back towards 60 after dipping down to 50 at the start of the month. Again, this could suggest that XRP has more gains in store over the next few days or weeks.
Another factor supporting this view is that XRP’s 24-hour trading volume remains relatively high, at just over $1 billion. Back at the start of January, it stood well below $1 billion, occasionally reaching as low as $400 million.
As such, the fact that trading is still elevated could indeed mean that further gains are on the cards, especially when it seems that whales may be accumulating XRP in preparation for further rises.
And aside from purely technical indicators, future rallies are also suggested by XRP’s fundamentals.
This week, for instance, Ripple published its Q4 2022 XRP Markets Report. This revealed that demand for its On-Demand Liquidity (ODL) product remains high, with the company racking up $226.31 million in net XRP sales in that quarter alone.
Given that Ripple is still embroiled in a high-profile legal skirmish with the SEC, such results are very impressive. They suggest that, should Ripple secure a favorable judgment or settlement in the next few months, its business turnover will end up being much higher.
As for the aforementioned case, recent weeks have brought several encouraging developments. For one, Ripple CEO Brad Garlinghouse told CNBC in a recent interview that he expects the case to conclude by the end of the first half of 2023 or by the end of the year at the very latest.
On top of this, US-based lawyer James K. Filan tweeted on January 20 that “Everything is Briefed” as far as the case is concerned. In other words, all that’s now left is for Judge Analisa Torres to reach a judgment.
And if that weren’t enough, Web3 platform LBRY managed to strike a blow against the SEC this week that may end up counting in Ripple’s favor. In an appeal hearing, the judge presiding over the LBRY-SEC case declared that the third-party sale of LBC tokens does not count as the sale of unregistered securities.
What this means is that exchanges selling LBC (or XRP) isn’t in violation of US securities law. As a result, even if the court does find that Ripple itself sold unregistered securities, such a ruling may not prevent exchanges from continuing to support the trading of XRP.
In light of all this, many observers believe that Ripple has a strong case, with a chance of gaining a judgment or settlement that will enable it to continue its business. If this turns out to be the case, there’s a strong probability that the XRP price will rise exponentially.
XRP’s current all-time high is $3.40, set way back in January 2018. This means that it missed out on the 2021 bull market, which in turn implies that it would more easily beat its record high in the event of a good result for Ripple.
Some XRP holders are even targeting $10. This is not overly optimistic since as Ripple’s quarterly results show, XRP attracts considerable genuine usage, and will attract even more once the SEC case has ended.
Buy XRP Now
Should I Buy XRP Now?
While XRP is due a very big rally at some point in the future, this may not arrive for at least several months. So if you’re looking for other high-potential crypto projects alongside XRP, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
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.