XRP’s Recent Movement: A Closer Look
The XRP market has shown a minimal change in the past day, registering a slight 0.1% increase and reaching a value of $0.398191.
Despite this, XRP has seen a positive 0.5% growth over the past week and a substantial 15.5% boost in the last 30 days. The trading volume of XRP in the last 24 hours is approximately $1 billion, which is a significant rise compared to earlier in the month.
Is XRP on the Road to Recovery?
The recent spike in trading volume could indicate that XRP is poised for a comeback after facing some losses over the weekend. As the much-anticipated outcome of the Ripple-SEC case nears, XRP could be headed for some significant gains in the near future.
XRP’s Chart: A Breakout on the Horizon?
A look at XRP’s chart reveals that the cryptocurrency may be on the verge of a rally. The 30-day moving average (in red) is close to overtaking the 200-day (in blue), which could signify a potential breakout above $0.4 and beyond.
The XRP cryptocurrency is showing signs of an upward trend as its relative strength index (RSI) has started to climb after dropping below 50. This could indicate that the value of XRP is poised for a significant increase in the near future.
Supporting this view is the continued high 24-hour trading volume, which suggests that a big movement is imminent, whether up or down.
Although the current 24-hour volume of $1 billion is noteworthy, it’s not as high as what XRP saw at the end of January when it reached around $0.423 and saw volumes close to $2.25 billion. So, any potential rally could be modest unless the trading volume increases further.
There have been reports that XRP whales have been accumulating cryptocurrency recently, raising the possibility of a substantial movement in the near term.
The Ripple-SEC legal battle has sparked speculation that XRP may experience a surge once it ends. The CEO of Ripple, Brad Garlinghouse, has stated that the case will be concluded by mid-2023 or by the end of the year at the latest.
Many believe that both parties involved in the case are now merely waiting for the decision of Judge Analisa Torres. US-based attorney James K. Filan even tweeted on January 20th that the situation is “Everything is Briefed,” suggesting that all important pieces of evidence and testimony have been presented.
Exciting news hit the Web3 world last week as LBRY emerged victorious against the SEC. During the appeal hearing for its case, a judge ruled that the third-party sale of LBC tokens is not considered the sale of unregistered securities. This is a massive win for the LBRY platform and its community.
Exchanges selling LBC (XRP) are not breaking US securities laws, which could be a big deal for the ongoing Ripple case. Despite the possibility that the court may rule that Ripple sold unregistered securities, it wouldn’t stop exchanges from offering XRP trading.
This gives Ripple a solid chance of winning the case or reaching a settlement that would allow it to keep operating. If this happens, XRP’s value will likely experience a significant surge.
In the long run, resolving the Ripple case will provide opportunities for the company to grow even further. Despite the ongoing legal battle, Ripple has managed to thrive and its Q4 2022 XRP Markets Report showed net XRP sales of $226.31 million in just that quarter alone.
The future looks bright for XRP as it is expected to surpass the $1 mark in the upcoming months. This rise could bring it to new heights, possibly even reaching $2 or more. The all-time high of $3.40, set back in January 2018, could be a distant memory.
Some XRP enthusiasts have even set their sights on $5 or higher, fueled by a solid foundation and a positive outcome in the Ripple-SEC legal case. Although this may seem optimistic, only time will tell if these predictions come to fruition.