The XRP price has increased by 2.5% in the past 24 hours, rising to $0.375464 amid a 5% gain for the cryptocurrency market as a whole.
Its current price equals a 0.5% gain in the past week, although the altcoin is also down by 2% in the past month, while it’s up by 10% since the beginning of 2023.
While XRP has underperformed over the past week relative to the rest of the market, this puts it in an undervalued position where it can post above-average gains in the coming months.
Indeed, with Ripple expecting an end to its case with the SEC later in the year, XRP could be in for a very big rally in the not-too-distant future.
And it seems that whales are possibly preparing for such an eventuality, with data suggesting massive transfers of XRP from some of the market’s largest traders and with the coin’s 24-hour trading volume now topping $900 million.
XRP Price Prediction as $900 Million Trading Volume Comes In – Are Whales Buying Before the Ripple Lawsuit Conclusion?
XRP’s indicators suggest that the coin is ripe for a rally, given that it remains in a largely oversold position.
Its 30-day moving average (red) has fallen substantially below its 200-day average (blue), meaning a movement upwards is due sooner or later.
Similarly, the coin’s relative strength index (purple) has been largely depressed since the middle of February, indicating that it should gain some momentum in the near future.
At the moment, XRP’s main resistance level is somewhere around $0.38, so if it can break through this price, bigger gains could be on the cards.
It’s arguable that this is what larger investors are waiting for right now, with Whale Alert highlighting some very large transfers of XRP in the past few days.
This includes a couple of large transfers (worth $11.3 million and $18.8 million) of the Mexico-based Bitso exchange, suggesting that at least some XRP whales are buying and preparing to hold.
On the other hand, the past few days have also seen transfers to exchanges (e.g., Bitstamp), so it’s not entirely clear if whales all believe that an XRP surge is coming soon.
Still, the XRP community is certainly expecting one, given progress in the long-running Ripple-SEC legal case.
Indeed, Ripple has been able to secure a range of favorable decisions in the past few months, raising the suspicion that it has a good chance of winning a positive settlement or judgment.
For instance, this month witnessed the exclusion of one of the SEC’s key expert witnesses, leaving the regulator in a weakened position in terms of proving that XRP holders had a reasonable expectation of profit.
On top of this, the past year or so has brought Ripple’s winning of access to important SEC emails, not to mention the upholding of the company’s right to use a fair notice defense.
Taken together, these developments all make it seem credible that the case will end with Ripple able to continue its business much as before and with XRP being open to listing on exchanges.
If so, there’s little doubt that the coin will big one of the best performers in the market, potentially rising back up to its record high of $3.40, particularly if the market has become more bullish by then.
In the short and medium term, we can still expect XRP to continue the steady ascent it has enjoyed since the start of the year.
From its current price, investors could expect it to return to $0.40, with average analyst predictions targeting a price of around $0.55 for January 2024.
Without a doubt, XRP is currently undervalued, presenting an attractive buying opportunity, especially if Ripple achieves a positive resolution in its SEC case.
However, significant price increases may not materialize until later in the year, prompting traders seeking substantial short- and medium-term returns to consider other promising cryptocurrencies.
To assist with this, the Cryptonews Industry Talk team has assembled a selection of the top 15 cryptocurrencies to keep an eye on in 2023.
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.