XRP Price Prediction as XRP Becomes One of the Best Performing Assets on the Market – Are Whales Buying?

Source: TradingView

XRP price is down 3% in the last 24 hours, falling to $0.428988 as the cryptocurrency market reacts to yesterday’s news of another Federal Reserve rate hike.

Despite today’s plunge, the altcoin remains up 16% in a week and 10% over the last month, while also up 26% since early 2023.

XRP saw a massive rally earlier this week as rumors spread online that the Ripple-SEC case was about to end and most likely had a positive outcome for Ripple.

While a decision is still pending, there is little doubt that one will come in the next few months, and if positive, XRP will surge.

XRP Price Prediction As XRP Becomes One Of The Best Performing Assets On The Market – Are Whales Buying?

After hitting 70+ a few days ago, XRP’s relative strength index has fallen to just below 60, indicating a loss of momentum.

Source: TradingView

On the other hand, the coin’s 30-day moving average (red) has started to climb towards its 200-day moving average (blue), suggesting that the coin has not been overbought and still has room for an increase in the coming days has.

However, given the nature of what caused this week’s surge — belief in an imminent decision in the Ripple-SEC case — it’s entirely reasonable that another big surge won’t come until the market sees reliable evidence or confirmation of a actual end gets the case.

Based on what we know, such an end is probably not very far off now that everything has been made known about the case and Judge Analisa Torres is only yet to render a verdict.

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In fact, Ripple CEO Brad Garlinghouse has said on numerous occasions over the past few weeks that he expects the fall to end this year and maybe by the summer.

Not only is the case near the beginning of its end, but there remains a good chance Ripple will win given recent positive decisions and rulings in its favour.

For example, the presiding judge recently granted Ripple’s motion to disfellowship one of the SEC’s key experts, a blow to the regulator in that it had asked that expert to argue that XRP buyers had a reasonable expectation of profit when buying the Ripple tokens.

Going further back, other positive decisions include Ripple’s gaining access to key SEC emails related to a 2018 speech on whether cryptocurrencies are securities, and also upholding the company’s right to use a fair notification defense .

Importantly, numerous commentators over the past few months have pointed out that the SEC hasn’t really been able to prove that Ripple created a reasonable expectation of profit in XRP buyers, which is undoubtedly key to this case.

Because of this, there is real expectation that when the bottom of the case finally arrives, it will bring a largely positive outcome for Ripple.

And if that’s the case, XRP is likely to see the biggest rally of any major token this year, potentially rallying from its current price to $1 and beyond.

This is perhaps the belief of the whales, which seem to be accumulating XRP at the moment, judging by the coin’s recent large transfers to unknown wallets.

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And over the long term, a Ripple win would clear the way for its business to continue, which has been able to grow impressively even during such a damaging legal case.

For example, XRP ledger accounts have now grown to nearly five million, up from two million in February 2020.

Additionally, Ripple’s latest financial report showed net revenue of $226.31 million in the fourth quarter of 2022, with the company launching its cross-border payments solution in France, Sweden and Africa during the same period.

The fact that the business has grown in recent years would probably indicate that it will grow even faster after the case is closed.

And this, in turn, would imply greater demand for XRP used in its on-demand liquidity product.

Because of this, XRP could easily surpass its current all-time high of $3.40 in the months following the close of the fall.

Buy XRP now

Alternatives to XRP

XRP is definitely poised for a big rally this year, but it may not come for several months.

For this reason, traders looking for above-average profits in the short-term are advised to look at other coins, as a variety of new altcoins and presale tokens currently show a lot of potential.

Accordingly, the crypto news The Industry Talk team have compiled a selection of the top 15 cryptocurrencies to watch in 2023.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of editorial content.

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