XRP Price Prediction as $1 Billion Trading Volume Floods In – Time to Buy?
The XRP price has recovered a little in the past hour after falling by 0.5% in day, with its current level of $0.711867 marking an 8% loss in the last seven days.
Despite the correction it has suffered in the past week or so, XRP remains up by 50% in a month and by more than 100% since the beginning of the year, following a positive outcome for Ripple in its case against the SEC.
And with XRP's 24-hour trading volume remaining above $1 billion, there's still plenty of scope for the altcoin to launch more rallies in the coming days and weeks.
While XRP hasn't had a great time over the past week, its chart suggests it's now in a position where it could see some rebound rallies in the next few days.
The altcoin's relative strength index (purple) has recovered to 50 after dropping below 30 earlier in the week, meaning that it has gone from being oversold to regaining some buying momentum.
Similarly, XRP's 30-day moving average (yellow) has stopped falling and looks as though it could begin rising further above its 200-day average (blue), a move which would also indicate incoming price gains.
Having said that, traders should be mindful that XRP's support level (green) has largely fallen since the coin rallied in the middle of July, so it's possible that we could see further losses before it returns to growth.
These misgivings aside, there's no doubt that XRP is in a great position in terms of its fundamentals, now that Ripple has secured a largely positive result in its case with the SEC.
With the judge declaring that Ripple's sales of XRP on exchanges did not amount to the offering of unregistered securities, US-based trading platforms have been relisting XRP, which – along with Ripple itself – has effectively received the green
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