XRP Price Prediction as Whale Moves $10 Million of XRP From Wallet – What Happens?

The price of XRP rose 1.5% in the past 24 hours, reaching $0.393371 on a day when news of Silvergate’s voluntary liquidation hurt the market overall.

The coin is now up 2.5% in a week and virtually flat over the past 30 days, although it is up 15.5% since the start of 2023.

Combined with increasingly positive expectations regarding Ripple’s case with the SEC, this upward move paints a bullish picture for XRP.

And with a whale apparently moving $10 million worth of XRP out of the Bitso crypto exchange, it’s likely that coin holders are bracing for some big comebacks sometime later in the year.

XRP Price Prediction as Whale Moves $10 Million of XRP From Wallet – What Happens?

The chart of XRP reveals a bullish reversal, which means that after a period of negative indicators, there has been a sudden positive change.

Its 30-day moving average (red) had recently fallen below its 200-day average (blue), but this negative trend was “reversed” by the sharp jump displayed by the coin’s relative strength index (purple ).

The RSI has risen from 40 and a few days ago to near 60, and given the steepness of this climb, it is likely to continue.

XRP is currently facing a resistance level around $0.4, so if it can clear this barrier, more joy can be expected.

It looks like holders are expecting price increases in the coming weeks and months, with a whale moving 28.4 million XRP from the Mexico-based exchange Bitso over the past two days.

However, there have been a few other big XRP moves since that Bitso transaction, with a whale transferring $23 million in the coin to Bitstamp yesterday.

At the same time, an even larger transfer – of 150 million XRP (about $58 million) – was made today, although this time it involves sending an unknown wallet to another wallet. unknown.

As such, while some XRP rallies can be expected to come, there is certainly no unanimous sentiment in the market right now.

That said, most observers of Ripple’s longstanding affair with the SEC tend to agree that things have taken a positive turn for Ripple over the past week.

For example, Judge Analisa Torres this week granted Ripple’s motion to remove Patrick Doody as an expert witness, while also blocking the SEC’s motion to remove crypto attorney John E. Deaton in as a Ripple witness.

These two decisions arguably underscored the weakness of the SEC’s case against Ripple, in that the regulator failed to decisively show how the company created a reasonable expectation of profit among XRP buyers.

Indeed, that’s the view of attorney Jeremy Hogan, who tweeted this week “how on earth can the SEC prove ‘reasonable’ confidence?”

This all aligns with earlier developments in the case, with the last year seeing the court grant Ripple access to material SEC emails, as well as upholding its right to use a fair notice defense.

Considering all these small victories, it is not unreasonable to believe that the case will end in summary judgment or a settlement largely favorable to Ripple.

And according to Brad Garlinghouse of Ripplesuch a result is likely to happen this year.

Even if the result is positive, there is every chance that XRP will eventually challenge its current all-time high, which stands at $3.40.

This would require a more bullish market, but seeing as XRP missed the 2021 bull run, it has a chance to rise stronger than other major coins once the “bulls” return.

It’s also because Ripple’s business as a whole remains in encouraging health, even with the ongoing case.

In January, it released its Q4 2022 XRP Markets Report, which detailed how it handled $226.31 million in net XRP sales in that quarter alone.

Additionally, its on-demand liquidity product is now available in more than 40 countries, following launches in France, Sweden and Africa.

This highlights how Ripple is poised to grow exponentially once the deal closes, dragging XRP along for the ride.

Buy XRP now

Is it a good time to buy XRP?

Although XRP is fixed in the short term, it may not make truly substantial gains until later in the year when the Ripple-SEC affair ends.

However, traders looking for gains should now be aware that there are a variety of other high-potential coins in the market, from new altcoins to pre-sale tokens.

We’ve collected these coins into a list of the top 15 cryptocurrencies for 2023, as analyzed by the Crypto news Industry Discussion Team.

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

^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}