By XRP Price Prediction as XRP Blasts Up 20% in 24 Hours – What’s Going On?
The XRP price has surged by 20% in the past 24 hours, outperforming the market as it moves to $0.456013.
At one point, the altcoin had risen by as much as 26%, with news of Ripple moving 120 million XRP inviting the suspicion that a decision in the long-running Ripple-SEC case is due anytime soon.
Not only that, but the market clearly appears to be expecting a largely positive decision for Ripple, as suggested by recent developments and rulings.
If a positive decision does arrive, there’s little doubt that XRP could rise even higher, passing $0.50 and potentially returning to $1 by the end of the year.
XRP Price Prediction as XRP Blasts Up 20% in 24 Hours – What’s Going On?
Unsurprisingly, XRP’s chart reveals very strong momentum, with the coin’s relative strength index (purple) rising beyond 70 last night, only to come down a little this morning.
As for XRP’s 30-day moving average (red), it had been below its 200-day average (blue) prior to yesterday’s rally, putting the coin in a good position for a recovery.
Despite the strong momentum, XRP hit significant resistance at around the $0.49 level.
If it can break through this price, then further gains could be incoming.
Of course, this all depends on the aforementioned Ripple-SEC case, which caused yesterday’s surge insofar as certain traders are seemingly expecting a decision very soon.
It’s possible that this expectation was stoked by a transaction yesterday which showed that Ripple moved 120 million XRP from one of its wallets to an unknown wallet.
While such XRP could be used for any number of reasons, some casual observers have speculated that this transfer potentially relates to Ripple preparing to pay a settlement fee.
There is, however, no real evidence to support this interpretation, so yesterday’s rally may have just been a pump.
Regardless, the fact remains that everything has been briefed in the Ripple-SEC case, so sooner or later a decision will arrive.
And recent developments do indeed support the view that Ripple has a good chance of securing a positive judgment.
This includes the decision to exclude one of the SEC’s key expert witnesses, who had been called by the regulator to prove that XRP purchasers had a reasonable expectation of profit when they bought the token from Ripple.
On top of this, last year saw Ripple gain access to important SEC emails (related to whether XRP may be a security), as well as the upholding of the company’s right to use a fair notice defense.
Taken together, such developments do make it credible to claim that Ripple will end up with a settlement that will enable it to continue its business as before.
And what’s encouraging about this is that Ripple’s business has been able to grow in the past couple of years, even with the ongoing case.
Most notably, XRP Ledger accounts have now risen to almost five million, up from two million back in February 2020.
Such a trend is only likely to intensify in the event of a good outcome for Ripple, something which can only boost demand for XRP in the short- and long-term.
Indeed, if Ripple wins, XRP will easily break $0.50, before rising back to $1, where it was in November 2021.
From there, it could easily beat its current all-time high, which is $3.40.
Needless to say, this would also depend on the wider market becoming more bullish, but with a Ripple victory, XRP would have everything it needs on its end.
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XRP Alternatives
XRP looks as though it’s ready for a big rally, but the fact remains that it may still take several months for a decision to materialize, as suggested Ripple CEO Brad Garlinghouse’s recent statements.
As such, traders looking for above-average gains in the shorter term may be advised to look at other coins, with a variety of new altcoins and presale tokens showing plenty of potential right now.
Accordingly, 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.
