• Ripple is expecting an end to its case with the SEC later in the year.
• XRP’s indicators suggest that the coin is ripe for a rally, given that it remains in a largely oversold position.
• Whale Alert has highlighted some very large transfers of XRP in the past few days.
XRP Price Prediction
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.
Ripple Lawsuit Conclusion
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 themarket’s largest traders and withthe coin’s 24-hour trading volume now topping $900 million.
XRP’s indicators suggest thatthe coin is ripe fora rally, giventhatit remainsin alargelyoversoldposition.Its 30-day moving average (red) has fallensubstantiallybelow its 200-day average (blue), meaninga movementupwardsis due sooner or later.Similarly,the coin’srelative strengthindex (purple)has been largelydepressedsince themiddleofFebruary,indicatingthatit shouldgain somemomentumin thenear future.At themoment,XRP’smain resistancelevel issomewhere around$0.38,soifit can breakthroughthis price,bigger gainscouldbeoncards .
Whale Alert Transfers
It’s arguable that this is what larger investors are waitingfor rightnow ,with WhaleAlerthighlighting somevery largetransfersofXRPinpastfewdays🚨 🚨 🚨 🚨 🚨 144000000 #XRP(53570 129USD) transferredfromunknownwallettounknown walletThis includes acoupleof largetransfers(worth$11 3millionand$18 8million )oftheMexico -based Bitso exchange ,suggestingthatat leastsome X RPwhalesarebuyingandpreparingtohold .Ontheotherhand ,thepastfewdayshavealsos een transfersto exchanges (e .g.,Bitstamp ),soit ’sn ot entirelyclearifwhalesallbelie vethatanXRPsurgeiscomingsoon .