• XRP’s 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.
• Data suggests 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.
• Ripple is expecting an end to its case with the SEC later in the year, and XRP could be in for a very big rally in the not-too-distant future.
XRP Price Increasing
The XRP price has increased by 2.5% in the past 24 hours, rising to $0.375464 amidst a 5% gain for the cryptocurrency market as a whole. Its current price equals a 0.5% gain in the past week, although it is down by 2% in the past month and up 10% since early 2023.
Whales Buying Before Ripple Lawsuit Conclusion
Data suggests massive transfers of XRP from some of the market’s largest traders and with its 24-hour trading volume now topping $900 million, leading many to suspect that whales are possibly preparing for an eventuality where Ripple will win its case against SEC later this year and cause XRP prices to skyrocket. This suspicion is further backed up by indicators such as 30-day moving average (red) falling substantially below 200-day average (blue). Similarly, Relative Strength Index (purple) has been largely depressed since mid February, indicating that momentum is due soon.
Resistance Level at $0.38
At present, XRP’s main resistance level is approximately at $0.38; if it manages to break through this price point then bigger gains can be expected soon after, which is likely what larger investors are waiting on right now given Whale Alert highlighting large transfers of XRP recently such as two worth 11$3 million and 18$8million from Bitso Exchange alone . However, there have also been transfers made to exchanges such as Bitstamp so it remains uncertain whether whales believe that an impending surge is near or not just yet .
Ripple Expecting End To Case With SEC Soon
Progress being made in long running legal battle between Ripple and SEC could lead to an end later this year which raises chances that XRP prices could skyrocket soon after – something community members are certainly expecting given recent decisions working out favorably for Ripple itself . It remains uncertain when exactly this might happen but if it does , investors will be well positioned given current undervalued position of coin relative to rest of market .
XRP has all signs pointing towards potential upcoming rally – namely data showing mass transfer from whale investors along with indicators such as RSI being depressed since mid February indicating possible momentum soon – however exact time frame remains uncertain until outcome of case between Ripple and SEC known . Despite this , those who buy into coin before resolution reached well positioned take advantage any upcoming surge might bring .