XRP price has dropped by 4.5% to $0.471535 in the last 24 hours as the cryptocurrency market is down by 2% overall.
XRP’s current price means it is down 8% in a week, although the altcoin is up 38% since the start of the year, suggesting 2023 could be a year of recovery overall.
Despite falling today On-chain data reveals That a whale moved just over $15 million in XRP from an exchange to a private wallet suggests that recent selling may be paving the way for accumulation.
And with Ripple also close to receiving a decision in its case with the SEC, XRP could be on the verge of a major rally in the coming weeks.
XRP Price Prediction As Unknown Whale Moves 30 Million XRP To New Wallet – What’s Happening?
XRP’s chart shows that the coin could suffer further losses before stabilizing itself and rising again, with various factors pointing towards such a conclusion.
Its Relative Strength Index (purple) has dropped below 50 and the coin still has plenty of room to fall before it becomes oversold, leading to more losses.
On top of this, XRP’s 30-day moving average (yellow) still has to break below its 200-day average (blue) before it can be said that the coin has bottomed out, and the 30-day With the average it is starting to slow down. It seems that his descent has just begun.
Worryingly for XRP holders, the altcoin has declined from several earlier support levels, indicating that the current selloff is serious and likely medium-term.
That said, it now looks like whales have started buying altcoins again, suggesting that its recent decline may have come to an end.
Also, it needs to be remembered that XRP has one major news to look forward to: the end of the Ripple-SEC case, which could start a huge rally if it ends in a favorable settlement or decision for Ripple. Is.
all the major pieces of evidence has been submitted In the case, attorney John E. Deaton recently predicted that the case could be concluded by May 6.
Even if it takes a few weeks or a few months, legal opinion is suggesting that when it is concluded, the case will provide a positive outcome for Ripple.
For example, lawyer Jeremy Hogan has recently argued that the SEC failed to show that the purchasers of XRP entered into an investment contract with Ripple when they first purchased their tokens.
It is very important for the securities regulator to prove this, otherwise it is very difficult to argue that Ripple sold unregistered securities.
It’s also worth noting that the SEC has come under fire in recent weeks after Republican Congressman Warren Davidson introduced a bill that would restructure the regulator and oust current chairman Gary Gensler.
While this does not have a direct bearing on the SEC-Ripple case, it at least suggests that there is a growing feeling within the US legislative and judicial system that the securities regulator has overstepped its bounds in recent months and years. .
This is positive for Ripple, and if it wins its case there is no doubt that XRP will become one of the best performing tokens in the market.
It could easily rise from less than $0.5 immediately after the case is over to $1 or more, before rising to $2 by the end of the year.
DeLance may soon be on the rise
Of course, a decision on the matter may not come for several weeks or even months, so traders looking for big gains in the short term may be well advised to consider alternative high-potential altcoins.
This includes pre-sale tokens, with several recent sales potentially providing an opportunity to generate some big returns on the respective token list.
One of the most interesting examples in this vein is dealsEthereum-based decentralized marketplace for remote work in the Web3 sector.
After launching its DLANCE token sale several weeks ago, DeeLance has now raised over $300,000.
Deallance’s remote work platform builds on existing freelancer marketplaces such as Upwork, introducing a number of original new features, including the use of non-fungible tokens to indicate and transfer ownership of units of work.
The concept would ensure that freelancers are paid fairly and fully for the work they do, as well as the ability to sell NFTs potentially as a source of additional income.
On top of this, dylance is creating its own metaverse, where freelancers and businesses will be able to set up virtual offices and network more efficiently.
You can join by going to DeeLance’s Presale its official website And connecting your crypto wallet before using ETH or USDT to buy DLANCE.
The price of one DLANCE token is currently $0.025, however it will rise to $0.029 in just two days, when the sale enters its second phase.
And with dylance set to launch at a price of $0.053, interest investors should act now if they want to grab some new altcoins at the biggest possible discount.
