XRP Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Accumulating Ahead of the Lawsuit Conclusion?
The XRP price has gained by 1% in the past 24 hours, inching up to $0.490659 as the cryptocurrency market as a whole dips by 0.5%.
XRP is now down by 5% in a week but up by 5% in the last 30 days and by 61% in the last 12 months, as anticipation builds regarding Ripple's long-standing legal battle with the SEC.
This anticipation is also evident in XRP's 24-hour trading volume, which has increased to $1 billion today, having spent the weekend very close to $500 million.
There are also signs that some whales may be accumulating XRP ahead of the case's incoming resolution, which is expected in the next few weeks and which could send the altcoin's price surging.
XRP's chart suggests that it may be due for a more substantial recovery soon, with its indicators close to picking up from oversold positions.
Its relative strength index (purple) has climbed back to 50 after spending the end of the last week closer to 30, suggesting that it's gradually regaining some momentum.
At the same time, XRP's 30-day moving average (yellow) fell below its 200-day average (blue) a couple of days, into a position where it may be ready to climb again soon.
Supporting this positive outlook is the fact that the altcoin's support level (green) is rising, implying that XRP has fallen as low as it will during this difficult period and is ready to mount a recovery.
Such an outlook is certainly reinforced by XRP's fundamentals, in that Ripple is nearing the conclusion of its case with the SEC.
More importantly, recent developments would suggest that the cryptocurrency firm has a good chance of witnessing an outcome that will be favorable for it insofar as enabling it to continue its business and enabling XRP to be listed on exchanges.
In particular, the recent
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