Ripple (XRP) Price Prediction | Is it time to buy?
The price of Ripple XRP has experienced a price drop today and is down 0.5% in the last 24 hours. At $0.413164, Ripple is up 0.5% in a week and 20% in the past month. While this altcoin has made a lot of profit in the past few days by increasing its 24-hour trading volume to over 1 billion dollars.
However, despite yesterday’s $1.3 billion increase, the volume is back to $1 billion today. Which suggests that the Ripple (XRP) market may be stabilizing again after a pleasant period of positive volatility. But with Ripple awaiting the end of its legal battle against the SEC, XRP could soon see another influx of volume.
Ripple’s price forecast to reach 1 billion dollars in trading volume
XRP indicators reinforce the notion that the coin is on the rise. Its 30-day moving average (red) is about to surpass the 200-day moving average (blue), and such a move would likely signal further upside.
Similarly, the relative coin strength index (purple) has started to climb towards 60 after falling to 50 at the beginning of the month. Again, this could indicate that XRP price will make further gains in the next few days or weeks.
Another factor supporting this view is that the 24-hour trading volume of the XRP price remains relatively high, at just over $1 billion. In the middle of January, this figure was much less than one billion dollars and occasionally reached up to 400 million dollars.
As such, the fact that trading is still high could mean that more profits are in the works. Especially when it looks like whales may be buying more XRP in preparation for bigger gains.
And aside from purely technical indicators, future rallies also look very likely given XRP’s fundamentals.
For example, this week, Ripple published its Q4 2022 XRP Markets Report. These reports show that the demand for On Demand Liquidity (ODL) product remains high. The company had $226.31 million in net XRP sales in that quarter alone.
Given that Ripple is still embroiled in a legal battle with the SEC, such achievements are quite impressive. They suggest that if Ripple’s price gains favorable judgment or stability in the next few months, its trading turnover will be even higher in the future.
In the case of the above case, recent weeks have brought several encouraging developments. For the first time, Ripple CEO Brad Garlinghouse said in a recent interview with CNBC that he expects the case to close by the end of the first half .
Additionally, US-based attorney James K. Phelan tweeted on January 20 that “everything has been summarized and reported” as far as the case is concerned. In other words, the only thing left now is for Judge Annalisa Torres to announce the final verdict in the case.
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If you are not convinced, know that the Web3 LBRY platform managed to strike a blow with the SEC this week that may count in Ripple’s favor. In an appellate hearing, the presiding judge in the LBRY SEC case ruled that third-party sales of LBC tokens do not count as sales of unregistered securities.
This means that exchanges selling LBC (or XRP) are not violating US securities laws. Consequently, even if a court finds that Ripple itself sold unregistered securities, such a ruling will not prevent exchanges from continuing to support XRP trading.
Given all this, many observers believe that Ripple has a strong case and is likely to succeed in the final ruling. If this is the case, there is a good chance that the price of XRP will increase exponentially.
Ripple’s highest price is $3.40, which was reached in January 2018. This means that Ripple has missed the 2021 bull market. Which in turn suggests that if it gets a good result for Ripple, it will easily break its all-time high.
Some XRP holders are even targeting $10. This is not very optimistic, because as Ripple’s quarterly results show, XRP is attracting significant real-world usage, and will attract even more once the SEC filing is over.
While the price of XRP sees the possibility of a big rally due to the above reasons, we may not see this rally until the coming months. So if you’re looking for high-potential cryptocurrency projects alongside XRP, we’ve listed the top cryptocurrencies you can buy for big profits this year and suggest you read.