In the past 24 hours, the price of XRP has gone up by 1%, bringing it to $0.468157. This makes it the best-performing top-100 cryptocurrency over the past week.
The price of XRP has gone up by an impressive 20% in the last week and by 25% in the last two weeks. This is because the market is becoming more and more confident that the Ripple-SEC case will end well.
With a 24-hour trading volume of just over $1.5 billion, it looks like there is still a lot of interest in XRP. This could mean that the coin will continue to rise in the near future.
This will definitely be the case if Ripple wins its case, which could send the price of XRP above $1 and back on track to reach its all-time high from 2018.
The chart for XRP shows that it has a lot of momentum right now, and it’s good news that its technical indicators suggest it can still go up even more before it becomes overbought.
Its relative strength index (in purple) has started to go up again after falling to 60 a few days ago. This suggests that another rise is coming.
At the same time, XRP’s 30-day moving average (shown in red) has started to move up toward its 200-day average (shown in blue), and a crossover between the two is likely to mean that the price will keep going up.
In terms of resistance levels, if XRP breaks through $0.475 and stays above it, it’s likely to keep going up for a while.
Even so, there’s little doubt that XRP will go up much more than that price if and when Ripple gets a good outcome in its case with the SEC, which seems likely.
Most likely, a decision will be made in the next few months, but some well-known observers and people involved in the case have said that it could be over as soon as this week.
Ripple’s CEO, Brad Garlinghouse, has said many times recently that he expects the case to be over this year and maybe even by the summer.
The most important thing is that Ripple still has a very good chance of winning, given all the decisions and rulings that have gone in its favor.
This includes the SEC agreeing with Ripple’s request to keep out of court one of the SEC’s most important expert witnesses, who had been asked to say that XRP buyers had a good chance of making money.
Ripple was given access to important SEC emails about a 2018 speech about whether cryptocurrencies are securities, and the company’s right to use a “fair notice” defense was also upheld. These are all good decisions.
All of these things have given the XRP community and the wider cryptocurrency community reason to be hopeful, and many people are waiting for a decision to be made soon.
And if this decision is good, XRP’s rise over the past week will probably not seem like much.
Having said all of this, it’s important to note that three whale alerts in the past 24 hours show that whales seem to be moving XRP to exchanges right now.
Because of this, there may be a drop in the short term, at least until the case is decided.
But in the long run, things look much better. If Ripple wins, the company will be able to grow its business on a large scale.
Even though the case has been a cloud over this business for the past few years, there are now almost five million XRP Ledger accounts, up from two million in February 2020.
Ripple’s most recent financial report showed that the company made $226.31 million in net sales in the fourth quarter of 2022. During the same time period, the company expanded its cross-border payments solution to France, Sweden, and Africa.
This growth shows how much Ripple could grow if it wins its case and how much the price of XRP could go up.
If it wins, it’s probably safe to say that it will beat its all-time high of $3.40 sooner or later. Some bullish analysts have even predicted that it will hit $10 before the end of the year.
30 May 2023
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