• XRP price has risen by 3% in the past 24 hours, reaching $0.484611 on a day when the cryptocurrency market as a whole has dropped by 2.5%.
• XRP has gained 28.5% in the past seven days, with investors increasingly coming to expect that a conclusion to the long-running Ripple-SEC case is imminent.
• With its 24-hour trading volume reaching $4 billion, it seems that traders are stocking up on XRP in preparation for a positive decision for Ripple.
XRP Price Increase
The XRP price has risen by 3% in the past 24 hours, reaching $0.484611 on a day when the cryptocurrency market as a whole has dropped by 2.5%. Additionally, XRP has gained 28.5% in the past seven days, showing that investors are increasingly expecting and preparing for an imminent conclusion to the long-running Ripple-SEC case.
$4 Billion Trading Volume
The coin’s 24-hour trading volume is also at an impressive level of $4 billion, indicating that many traders have stocked up on XRP in preparation for a positive decision from Ripple’s legal battle against SEC and CFTC regulators.
XRP’s indicators remain very bullish despite some concerns about regulatory action against Coinbase and Binance respectively; its relative strength index (purple) is shooting back up to 70 after a dip only a few days ago, and its 30-day moving average (red) is racing towards its 200-day (blue). If it overtakes this longer term average, then it may signal further growth potential for XRP if it can convincingly break through the $0.50 mark.
Whale Buying Activity
On-chain data also suggests that whales are buying into XRP which could increase their confidence levels should Ripple win its legal dispute with SEC and CFTC authorities; Whale Alert recently reported 22 million XRPs worth nearly $10 million being transferred from Bitso wallet to an unknown wallet address – an indication of large scale buying activity ahead of any news regarding Ripple’s court case outcome.
Experts such as lawyer John E Deaton are expecting an official verdict on this case within weeks or even this week which could provide more clarity on whether or not XRP will rally should Ripple be successful; until then however traders remain cautiously optimistic about future prospects for this altcoin asset class