The XRP price has barely moved in the past 24 hours, gaining by 0.1% and reaching $0.398191. This marks a 0.5% rise in a week and a 15.5% increase in the last 30 days, with XRP currently witnessing 24-hour trading volume in the region of $1 billion.
Such volume is elevated in relation to where XRP trading was at earlier in the month, indicating that the altcoin may be on the cusp of recovering from some of the losses it incurred over the weekend. And with a result in the Ripple-SEC case expected in the next few months, XRP could be in store for some very big gains soon enough.
XRP Price Prediction as $1 Billion Trading Volume Floods In – $1 XRP Incoming?
XRP’s chart suggests that it’s on the brink of a rally. Its 30-day moving average (red) is about to overtake its 200-day (blue), something which could signal a breakout above $0.4 and beyond.
Similarly, XRP’s relative strength index (purple) has begun climbing upwards after sinking below 50 in the past couple of days. Again, this suggests that XRP is about to begin rising considerably.
This view is supported by the 24-hour trading volume, which remains elevated. In other words, this level of volume is seen only when a relatively big movement is about to happen, either up or down.
That said, a 24-hour volume of $1 billion isn’t as big as it gets for XRP, with the end of January — when XRP rose to around $0.423 seeing levels of around $2.25 billion. As such, any rally may be modest, unless volume picks up even further.
Still, reports have suggest that whales have been accumulating XRP in recent days, raising the possibility of significant movements in the very near future.
This possibility is also raised by the ongoing Ripple-SEC case, which could cause XRP to surge when it ends. And according to Ripple CEO Brad Garlinghouse, it will conclude by the end of the first half of 2023, or by the end of the year at the very latest.
Indeed, the general opinion is that both parties are now simply waiting for Judge Analisa Torres to reach some kind of decision. For instance, US-based lawyer James K. Filan tweeted on January 20 that “Everything is Briefed”, indicating that all major pieces of evidence and testimony have been submitted.
Just as promisingly, last week saw Web3 platform LBRY striking a blow against the SEC. Namely, an appeal hearing for its own case against the SEC brought a declaration from a judge that the third-party sale of LBC tokens does not count as the sale of unregistered securities.
Put simply, exchanges selling LBC isn’t something that violates US securities law. This could have big implications for the Ripple case, since even if the court does find that Ripple itself sold unregistered securities, such a judgment 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 does happen, XRP will almost certainly rally big.
And in the longer term, the clearing of Ripple will enable it to expand its own business substantially. What’s impressive is that it has already been able to grow during the case, with its Q4 2022 XRP Markets Report finding that it garnered $226.31 million in net XRP sales in that quarter alone.
In light of all this, XRP is likely to cross the $1 barrier in the coming months. From there, it could rise to $2 and beyond, potentially troubling its current all-time high is $3.40, set way back in January 2018.
Some XRP holders are even targeting $5 or higher, based on its fundamentals and a positive conclusion to the Ripple-SEC case. This may seem too optimistic, but time will probably justify such optimism.
Buy XRP Now
Alternative Altcoins for XRP Holders
While XRP is due a substantial rally at some point in the future, this may not come for 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.
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