The XRP price has risen by 3% in the past 24 hours, climbing to $0.473787 as the cryptocurrency market as a whole posts a 1.5% return over the same period.
XRP remains down by 8% in the last 30 days but has gained by 39% since the beginning of the year, while its 24-hour trading volume has neared $2 billion.
Given that trading volume had been below $1 billion less than a week ago, this increase suggests an injection of volatility into the XRP market, one which could result in further gains going forwards.
And of course, with the Ripple-SEC case due to end in the coming weeks, XRP is positioned very nicely for big gains in the near future, regardless of what its volume does in the immediate term.
XRP Price Prediction as 24-Hour Trading Volume Blasts Past $2 Billion – Are Whales Buying XRP?
XRP’s chart is currently in a mixed position, with its two main indicators doing slightly different things.
On the one hand, XRP’s relative strength index (purple) is still rising towards 50, and seems likely to continue its ascent in the next few days.
On the other hand, its 30-day moving average (yellow) has begun sinking toward its 200-day average (blue), implying that XRP has begun losing momentum and may continue to see some more losses before it makes a real recovery.
That said, it’s encouraging to note that, over the past few days, XRP’s support level has gradually increased in that price falls have bottomed out at increasingly higher levels.
As such, it can be argued that XRP’s position is already strengthening again after last week’s drops, an assumption supported by the aforementioned increase in trading volume.
It’s hard to say where exactly this increased volume is coming from, although a few whales have made a few big XRP transfers in the past couple of days.
However, as the above tweet shows, it seems that most of the action is going to exchanges, meaning that whales are still preparing to sell at the moment.
Such expectations have been fuelled in recent days by the news that Ripple transferred nearly $23 million in XRP to an unknown wallet, with some observers suggesting that this could be in preparation for paying a settlement penalty with the SEC.
At the same time, many whales are transferring XRP away from exchanges, in a sign that they expect price increases in the near and medium future.
On the other hand, some are still sending XRP to exchanges, so feelings may be a little mixed as to the immediate future.
It’s possible to argue that whales may simply be preparing themselves for a decision in the long-running Ripple-SEC case, in the sense that they’re putting their XRP on exchanges in preparation for selling it when its price rockets.
Indeed, some commentators believe that a decision could be imminent, with lawyer John E. Deaton recently predicting that the case could end by May 6, which is just over one week away.
Even if it doesn’t end that soon, all major pieces of evidence have indeed been submitted in the case, so a settlement or summary judgment is likely to arrive in a matter of weeks.
For many within crypto, Ripple has a very good chance of securing a positive decision for itself, with lawyer Jeremy Hogan consistently arguing that the SEC has failed to prove that Ripple’s early sale of XRP satisfied the Howey test.
This all suggests that the case’s outcome will leave Ripple free to continue with its business, which impressively has been able to grow even under the shadow of the SEC’s action.
If so, there’s no doubt that XRP will moon, with the coin likely to pass $1 in the weeks following a positive conclusion.
From there, it could easily break its record high of $3.40 in the event of a full cryptocurrency bull market, and given that this ATH was set back in 2018, it may ultimately rise much higher.
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