XRP Price Prediction as $2 Billion Sends XRP Up 6% Overnight – Do Whales Know Something?
The XRP price has surged by 7% in the past 24 hours, rising to $0.515869 after the SEC dismissed its outstanding claims against Ripple executives Chris Larsen and Brad Garlinghouse.
The dismissal means that a scheduled trial – on the question of whether Garlinghouse and Larsen knowingly aided and abetted Ripple's violation of securities law – will no longer go ahead, with the overall case looking increasingly like it will conclude with a full settlement between the two sides.
Yesterday's positive news has left XRP up by 7% in a week but basically flat in a month, although the altcoin remains up by 51% since the beginning of the year.
And with the way now being fully cleared for Ripple to continue its business largely as before, XRP can be expected to rally further in the coming weeks and months.
XRP's chart is in an excellent position for a news-powered rally, with its indicators remaining largely oversold and ready for a rebound.
For instance, the coin's relative strength index (purple) has risen only to 55 after rallying overnight, implying that there's plenty of room for it to rise further before it becomes overbought.
Similarly, XRP's 30-day exponential moving average (yellow) is still significantly below its 200-day average (blue), which again indicates that the coin had been decidedly oversold prior to last night's rally.
Taken together, this can be taken as an indication that XRP's momentum is just starting to rise, and that it still remains heavily discounted relative to its fair price.
Indeed, yesterday's news that the SEC has withdrawn from next year's scheduled trial is incredibly good news for Ripple, with legal experts suggesting that the only thing left to do is to decide on a settlement penalty (for Ripple having
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