XRP price has gained 1.5% in the last 24 hours, reaching $0.393371 on the day News of the voluntary liquidation of Silvergate Damaged the entire market.
The coin is now up 2.5% in a week and has been basically flat over the past 30 days, although it is up 15.5% since the start of 2023.
With increasingly positive expectations regarding Ripple’s case with the SEC, this upward momentum paints a bullish picture for XRP.
And with a whale apparently moving $10 million in XRP from the Bitso crypto-exchange, it’s likely that coin holders are bracing themselves for some big returns somewhere later in the year.
XRP Price Prediction As Whale Moves $10 Million Of XRP From Wallet – What’s Going On?
XRP’s chart reveals a bullish reversal, which means that there has been a sudden positive turn after a period of negative indicators.
Its 30-day moving average (red) recently broke below its 200-day average (blue), yet this negative trend has been ‘reversed’ by the apparent upside shown by the coin’s Relative Strength Index (purple).
The RSI has jumped from 40 and around 60 a few days ago, and this climb is likely to continue given its stability.
XRP is currently facing a resistance level around $0.4, so if it can break this barrier, expect more cheer.
Holders seem to be expecting an increase in price in the coming weeks and months, with one whale moving 28.4 million XRP from the Mexico-based Bitso exchange over the past few days.
However, there have been some other big XRP movements since this Bitso transaction A whale is carrying $23 million in Bitstamp coins Tomorrow.
At the same time, an even larger transfer of 150 million XRP (roughly $58 million) was completed today, although this time it involved sending one unknown wallet to another unknown wallet.
So, although XRP can be expected to move higher, there is certainly no unanimity in the market right now.
That said, most observers of Ripple’s long-running case with the SEC agree that things have taken a positive turn for Ripple in the past week.
For example, Judge Annalisa Torres this week approved Ripple’s motion to remove Patrick Doody as an expert witness, while the SEC’s motion to remove crypto-focused attorney John E. Deaton as Ripple’s witness was rejected. The proposal was also stopped.
These two rulings arguably underscore the weakness of the SEC’s case against Ripple, with the regulator failing to conclusively show how the firm created a reasonable expectation of profit among buyers of XRP.
Indeed, that’s the view of attorney Jeremy Hogan, who tweeted this week “How can the SEC prove ‘reasonable’ reliance?”
All this chimes with earlier developments in the case, last year the court had observed Give Ripple access to important SEC emailsas well as Maintain Your Right to Use a Fair Notice Defense,
Given all these small victories, it is not unreasonable to believe that the case will end in summary judgment or settlement that is largely favorable to Ripple.
And According to Ripple’s Brad GarlinghouseSuch a result is likely to come this year.
Even if the result is positive, there is every possibility that XRP could challenge its current all-time high, which is $3.40.
This will lead to another bullish market, but given how XRP missed out on the 2021 bull run, it has the potential to grow faster than other major coins once the ‘bulls are back’.
This is also why Ripple’s business overall is encouragingly healthy, despite the ongoing case.
In January, it published its Q4 2022 XRP Market ReportWhich details how it processed $226.31 million in net XRP sales in that quarter alone.
On top of that, its On-Demand Liquidity product is now available in over 40 countries after launching in France, Sweden and Africa.
This highlights how Ripple begins to grow rapidly after the case ends, bringing XRP along for the ride.
Is now a good time to buy XRP?
While XRP is set for the short term, it may not actually see substantial gains until the end of the year, when the Ripple-SEC case ends.
However, traders looking to profit now should be aware that there are many other high-potential coins in the market, from new altcoins to pre-sale tokens.
We have put together a list of the top 15 cryptocurrencies for 2023 with such coins as analyzed. cryptonews Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.