XRP gains more traction following spike in social dominance, are whales buying ahead of lawsuit’s conclusion?
In the last 24 hours, the price of XRP has grown by 7%, hitting more than $0.5 on a day when the cryptocurrency market as a whole has fallen by 3%. XRP has also risen 17% in the last seven days as investors increasingly expect a resolution to the long-running Ripple vs. SEC issue.
With the coin’s 24-hour trading volume topping $4 billion, many traders are stockpiling XRP in anticipation of a favorable ruling for Ripple. At the time of writing, Ripple’s native token is changing hands at $0.4995.
XRP/USD 4-hour chart | Source: TradingView
As things stand, XRP’s indicators are still quite positive, however, it may not be long until they hit overbought territory. As AZCoin News stated, if XRP successfully breaks the $0.5 level, there is a significant likelihood that more increases will be made.
The fact that whales appear to be buying the altcoin, based on on-chain data, increases the likelihood of this. It’s tempting to believe that whales are betting on a favorable outcome for Ripple in the Ripple-SEC lawsuit and that XRP will rally dramatically.
🚨 22,100,000 #XRP (10,557,389 USD) transferred from #Bitso to unknown wallethttps://t.co/djc8uvH2LG
— Whale Alert (@whale_alert) March 27, 2023
A successful break above this critical barrier could indicate that the asset has additional upside potential, potentially paving the way for more large gains shortly. However, greater social influence and trade volume may increase price volatility, making XRP a potentially riskier investment for those with low-risk tolerance.
In any case, Ripple’s chances appear to be more positive than negative, given the recent spate of major rulings in its favor. Of course, assuming a Ripple triumph is a mistake, especially because the SEC will likely start a similar action against Coinbase. Yet, if Ripple wins, it will be in a strong position to expand its business, resulting in significant price increases for XRP.
According to what Brad Garlinghouse has said about the case, XRP is due for a large rise, although it may not happen for several months. As a result, traders may look elsewhere for the time being, with a variety of high-potential coins able to make big gains in both the short and long term.
Although the rise in XRP’s social standing and price growth is certainly a positive development for the digital currency, investors must take caution. The cryptocurrency market is infamous for its unpredictability, and sudden price movements can result in significant financial losses for unprepared people. As XRP continues to rise, market participants should keep a close eye on key technical indicators and stay current on the latest developments in the Ripple-SEC court case.
- XRP Surges To Five-Month High At $0.502 Despite Crypto Market Decline
- Pro-Ripple Attorney Predicts Verdict In SEC Lawsuit Coming Soon