• XRP’s price has increased by 2.5% in the past 24 hours, with a 5% gain for the cryptocurrency market as a whole.
• Whale Alert data suggests massive transfers of XRP from some of the market’s largest traders, with its 24-hour trading volume now topping $900 million.
• Ripple is expecting an end to its case with the SEC later in the year and this could lead to a big rally for XRP.
XRP Price Increase
The XRP price has increased by 2.5% in the past 24 hours, rising to $0.375464 amid a 5% gain for the cryptocurrency market as a whole. Its current price equals a 0.5% gain in the past week, although the altcoin is also down by 2% in the past month, while it’s up by 10% since the beginning of 2023.
Whale Activity
While XRP has underperformed over the past week relative to the rest of the market, this puts it in an undervalued position where it can post above-average gains in the coming months. And it seems that whales are possibly preparing for such an eventuality, with data suggesting massive transfers of XRP from some of the market’s largest traders and with the coin’s 24-hour trading volume now topping $900 million.
Indicators Suggesting Rally
XRP’s indicators suggest that the coin is ripe for a rally, given that it remains in a largely oversold position. Its 30-day moving average (red) has fallen substantially below its 200-day average (blue), meaning a movement upwards is due sooner or later. Similarly,the coin’s relative strength index (purple) has been largely depressed since mid February, indicating that it should gain some momentum in near future. At moment main resistance level lies somewhere around $038 so if break through this price bigger gains could be on cards potentially leading rally led by whales buying before ripple lawsuit conclusion
Large Transfers Of XRP
Whale Alert highlighting some very large transfers of XPR in recent days including two worth 1130Mn$ and 188Mn$ respectively from Mexico based Bitso exchange suggesting at least some whales buying and preparing hold for potential surge following resolution between ripple and SEC . On other hand there have been transfers to exchanges like Bitstamp so not entirely clear if all investors believe surge incoming soon .
Ripple Case With The SEC
Ripple expecting end to its case with SEC later year which could result big rally for xrp and community certainly expect one given progress made during long running legal battle Ripple able secure range favorable decisions last few months raising suspicion they have good chance winning positive outcome eventually .