XRP price has gained 1% in the last 24 hours, rising up to $0.468157 and has become the best performing top-100 cryptocurrency within the past week.
XRP price has gained an impressive 20% over the past seven days, as well as 25% over the past fortnight, as the market increasingly anticipates a positive resolution to the Ripple-SEC case.
With XRP’s 24-hour trading volume still rising by over $1.5 billion, it indeed appears that interest in the coin is very high, pointing to further gains in the near future.
This will certainly be the case if Ripple actually achieves a positive outcome in its case, something that could send XRP well above $1 and certainly recover its all-time high from 2018.
XRP Becomes the Best Performing Crypto in the Past 7 Days as XRP Price Prediction – Is a New Bull Market Starting?
XRP’s charts show that it still has plenty of momentum, yet its technical indicators encouragingly suggest that it may still have further to go before becoming overbought.
Its Relative Strength Index (purple) has started rising again after falling to 60 a few days ago, suggesting another uptick is in the works.
At the same time, XRP’s 30-day moving average (red) has started climbing towards its 200-day average (blue), with a crossover likely to signal further upside.
In terms of resistance levels, it is likely that if XRP breaks the $0.475 level and holds above it, it could be in for a more sustained rally.
Regardless, there is no doubt that if and when Ripple receives a favorable settlement or decision in its case with the SEC, XRP will soar in price far beyond that.
A decision is likely in the next few months, although some high-profile observers and participants in the case have even suggested that its conclusion could come as soon as this week.
At least, that’s what Ripple CEO Brad Garlinghouse has said on several occasions recently. They expect the case to end this year And maybe until summer.
Most importantly, Ripple remains a very credible chance to win, in light of all the positive rulings and decisions in its favor it has been able to secure.
This includes upholding Ripple’s motion to depose one of the SEC’s key expert witnesses, who was called by the regulator to testify that XRP buyers had a reasonable expectation of profit.
Other positive decisions include Ripple gains access to important SEC emails A 2018 speech related to whether cryptocurrencies are securities, and also Upholding the company’s right to use the fair notice defense,
Developments like these have helped generate optimism within XRP and the wider cryptocurrency community, with many expecting a decision soon.
And if this verdict is positive, XRP’s rally over the past week may seem like small potatoes.
Having said all that, it needs to be noted that whales seem to be moving XRP To As indicated by three Whale Alerts within the last 24 hours.
Because of this, we may actually see a decline in the short term, at least before the case is decided.
However, the longer-term picture looks more positive, with Ripple’s win helping the company expand its business in a big way.
Even as the business has been capped for the past few years, XRP ledger accounts have now grown to nearly 5 million, up from two million in February 2020.
simultaneously, Ripple’s Latest Financial Report Shows Net Sales of $226.31 Million in Q4 20202, the company expanded its cross-border payment solutions to France, Sweden and Africa in the same period.
This growth points to just how rich Ripple could be if it wins its case, while also pointing out how much XRP could rise in price.
It’s arguably safe to say that in case of a win, it will sooner or later beat its all-time high of $3.40, while some bullish analysts predict double digits before the year is out.
Is now a good time to buy XRP?
Given its gains over the past few days, XRP could potentially see a slight correction in the near term, although its indicators are still looking positive.
For the longer term, a decision in the Ripple-SEC case could still take several months, meaning that traders looking for big profits may prefer to look at other high-potential coins for the time being.
For this, the cryptonews The 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 Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.