XRP Price Prediction as $800 Million Trading Volume Floods In – Are Whales Buying the Dip?

cryptonews.com:

The XRP price has remained stuck at $0.626890 this morning, in line with a cryptocurrency market that also hasn't really moved in the past 24 hours.

This puts XRP at a 1% gain in a week and a 12% loss in the last 30 days, with the altcoin having risen by 84% since January 1, largely as a result of the mostly positive result Ripple had witnessed in its case with the SEC.

However, with the SEC seeking to appeal aspects of this ruling, some of XRP's momentum has been lost, whle the coin has also been affected by market-wide negativity, which has arisen from a combination of the US debt downgrade, continued rate hikes, and concerns surrounding the Chinese economy.

But with XRP's position remaining as strong as it was a month ago, and with its trading volume nearing $1 billion, it's likely that the altcoin will rise again soon.

The chart below indicates the extent to which XRP has corrected since the euphoria of mid-July, when the aforementioned Ripple ruling arrived.

Now, the altcoin's indicators are in weak positions, yet the flipside of this is that it should be due for a rebound anytime soon.

Its relative strength index (purple) is wobbling around the 50 level, a position where it could go either way, depending on external push and pull factors.

On the other hand, XRP's 30-day moving average (yellow) has remained below its 200-day average (blue) for the best part of a week now, meaning that the coin has been oversold and should correct upwards in the near future.

Such cautious optimism is also supported by the altcoin's support level (green), which has gradually risen since last week, in an apparent sign that XRP has finished its recent drop.

As mentioned above, XRP's earlier momentum has been spoiled by the SEC's request for an