XRP Price Prediction as $4 Billion Trading Volume Floods In – Are Whales Buying XRP Before Lawsuit Conclusion?
The XRP price has risen by 3% in the past 24 hours, reaching $0.484611 on a day when the cryptocurrency market as a whole has dropped by 2.5%.
XRP has also gained by 28.5% in the past seven days, with investors increasingly coming to expect that a conclusion to the long-running Ripple-SEC case is imminent.
And with the coin's 24-hour trading volume reaching $4 billion, it seems that many traders are stocking up on it in preparation for a positive decision for Ripple.
Of course, with the SEC and the CFTC now going after Coinbase and Binance (respectively), it may be premature to believe that XRP will rally massively in the event of a Ripple victory, given the state of the wider market.
As things stand, XRP's indicators remain very bullish, although there may not be much time left before their enter overbought territory.
Its relative strength index (purple) is shooting back up to 70 after a dip a few days, with the coin potentially rising further until the indicator reaches 80 or close to 90.
Likewise, XRP's 30-day moving average (red) is racing towards its 200-day (blue), and if it overtakes the longer term average it may signal a breakout rally.
If XRP can convincingly break the $0.50 mark, there's a good chance that further gains will be achieved.
Increasing the probability of this is the fact that whales do appear to be buying the altcoin, based on on-chain data.
It's tempting to conclude that whales are acting on the assumption that the Ripple-SEC case will produce a positive result for Ripple, and that XRP will rally strongly as a result.
Even more positive, experts watching the case -- including lawyer John E. Deaton -- are now expecting a decision within the next few weeks, or perhaps even this week.
XRP holders could be
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