XRP Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying?
The XRP price has slipped slightly today, dropping by 0.5% in the past 24 hours. At $0.413164, it's up by 0.5% in a week and by 20% in the last month, with the altcoin benefitting in the past few days with a rise in its 24-hour trading volume above $1 billion.
However, despite surging as high as $1.3 billion yesterday, this volume has returned closer to $1 billion today, indicating that XRP's market may be stabilizing again after a welcome period of positive volatility. But with Ripple expecting the end of its legal battle against the SEC, XRP could see another influx of volume very soon.
XRP's indicators reinforce the impression that the coin is on the up. Its 30-day moving average (red) is about to overtake its 200-day average (blue), with such a move likely to signal further rises.
Likewise, the coin's relative strength index (purple) has begun climbing back towards 60, after dipping down to 50 at the start of the month. Again, this could suggest that XRP has more gains in store over the next few days or weeks.
Another factor supporting this view is that XRP's 24-hour trading volume remains relatively high, at just over $1 billion. Back at the start of January, it stood well below $1 billion, occasionally reaching as low as $400 million.
As such, the fact that trading is still elevated could indeed mean that further gains are on the cards, especially when it seems that whales may be accumulating XRP in preparation for further rises.
And aside from purely technical indicators, future rallies are also suggested by XRP's fundamentals.
This week, for instance, Ripple published its Q4 2022 XRP Markets Report. This revealed that demand for its On-Demand Liquidity (ODL) product remains high, with the company racking up $226.31
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