XRP Price Prediction as XRP Blasts Up 20% in 24 Hours – What's Going On?

cryptonews.com:

The XRP price has surged by 20% in the past 24 hours, outperforming the market as it moves to $0.456013.

The altcoin had risen by as much as 26% within the past day, with news of Ripple moving 120 million XRP inviting the suspicion that a decision in the long-running Ripple-SEC case is due anytime soon.

Not only that, but the market clearly appears to be expecting a largely positive decision for Ripple, as suggested by recent developments and rulings.

However, if a positive decision does arrive, there's little doubt that XRP could rise even higher, passing $0.50 and potentially returning to $1 by the end of the year.

Unsurprisingly, XRP's chart reveals very strong momentum, with the coin's relative strength index (purple) rising beyond 70 last night, only to come down a little this morning.

As for XRP's 30-day moving average (red), it had been below its 200-day average (blue) prior to yesterday's rally, putting the coin in a good position for a recovery.

Despite the strong momentum, XRP hit significant resistance at around the $0.49 level.

If it can break through this price, then further gains could be incoming.

Of course, this all depends on the aforementioned Ripple-SEC case, which caused yesterday's surge insofar as certain traders are seemingly expecting a decision very soon.

It's possible that this expectation was stoked by a transaction yesterday which showed that Ripple moved 120 million XRP from one of its wallets to an unknown wallet.

While such XRP could be used for any number of reasons, some casual observers have speculated that this transfer potentially relates to Ripple preparing to pay a settlement fee.

There is, however, no real evidence to support this interpretation, so yesterday's rally may have just been a pump.