• XRP 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.
• Whale Alert has reported some very large transfers of XRP in the past few days, suggesting that at least some XRP whales are buying and preparing to hold.
• The XRP community is expecting a surge soon, given progress in the long-running Ripple-SEC legal battle.
XRP Price Increase
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.
Whale Alert has reported some very large transfers of XRP in the past few days, suggesting that at least some XRP whales are buying and preparing to hold. These include two large transfers (worth $11.3 million and $18.8 million) of Mexico-based Bitso exchange, indicating that larger investors may be preparing for an upcoming rally when Ripple’s case with SEC ends later this year.
Indicators Suggest Rally
XRP indicators suggest that it is due for a rally soon, given its largely oversold position with its 30-day moving average (red) falling below its 200-day average (blue). Similarly, its relative strength index (purple) has been largely depressed since mid-February which suggests an imminent movement upwards is due soon enough if it can break through its main resistance level at $0.38 per coin .
Ripple Lawsuit Conclusions
The conclusion of Ripple’s lawsuit with SEC could have major implications on XRP’s future performance and many investors have their eyes glued on this development as it could lead to bigger gains for XPR if all goes well for Ripple Incorporated .
Overall ,the data suggests massive transfers of XRP from some of market’s largest traders combined with promising indicators makes it likely that there will be an increase in prices once we get closer to conclusion of Ripple’s legal battle with SEC later this year .