Weekly, the XRP price is up 25.94%. The latest price increase corresponds to XRP gaining momentum in its Bitcoin pairing. After reaching lows of $0.00001344 vs. BTC on March 21, XRP slowly ascended until a significant barrier was reached.
Ripple’s native token has a lot of momentum, but its technical indicators suggest it can rise before becoming overbought. At the same time, XRP’s 30-day moving average has begun to climb towards its 200-day moving average, with a crossing signaling additional upward action.
XRP/USD 1-day chart | Source: TradingView
Regarding resistance levels, XRP is expected to experience a more sustained bounce if it breaks and remains above the $0.475 level. Nonetheless, there’s little question that XRP will surge far beyond this level if and when Ripple wins a favorable settlement or judgment in its SEC case.
At the very least, Ripple CEO Brad Garlinghouse has stated on multiple occasions recently that he expects the matter to be resolved this year, possibly by the summer.
These factors have contributed to confidence in the XRP and cryptocurrency communities, with many people anticipating a decision shortly. And if this decision is favorable, XRP’s recent rally will likely appear insignificant.
It is worth noting that whales appear to be moving XRP to exchanges, as evidenced by three whale alerts in the last 24 hours.
🚨 🚨 50,800,000 #XRP (22,840,638 USD) transferred from #Bitso to unknown wallethttps://t.co/qtoDMKhtk8
— Whale Alert (@whale_alert) March 26, 2023
A second whale moved 55 million XRP worth $24.64 million from an undisclosed wallet to two distinct cryptocurrency exchanges, where they may potentially be traded on the open market. The whale first transferred 23 million XRP worth $10.36 million to Bitso from an undisclosed wallet. The same whale deposited 32 million XRP worth $14.28 million to Bitstamp in a second transaction.
🚨 32,000,000 #XRP (14,280,172 USD) transferred from unknown wallet to #Bitstamphttps://t.co/VL9NAYlfaH
— Whale Alert (@whale_alert) March 26, 2023
A third whale transferred 30 million XRP worth $13.56 million from the cryptocurrency exchange Upbit to an unknown wallet. XRP explorer Bithomp demonstrates that transferring tens of millions of dollars worth of the sixth-largest crypto asset costs almost nothing.
🚨 30,000,000 #XRP (13,562,255 USD) transferred from #UpBit to unknown wallethttps://t.co/Y9VAeSw4QE
— Whale Alert (@whale_alert) March 26, 2023
The whale transfers come following a significant rally in XRP last week. The top altcoin increased by more than 32% in seven days, from a low of $0.37 last week to a high of $0.49.
These whale trades also make us reconsider XRP’s optimistic perspective. Overall, the outlook remains positive due to the recent good news. With its recent gains, XRP may have a minor correction in the immediate term, albeit its signs remain positive.
As AZCoin News reported, XRP is approaching a critical level near $0.50, a successful breach of which could result in a rise to $0.548. On the other hand, if XRP begins to take profits, the cryptocurrency may find sturdy support near $0.403 or the daily MA 200.
Longer term, a ruling in the Ripple-SEC case may still take many months, meaning that traders seeking significant returns may look at alternative high-potential coins for the time being.
Read more:
- XRP Could See A Significant Price Surge If Ripple Prevails In Its Ongoing Legal Battle With SEC
- Pro-Ripple Attorney Predicts Verdict In SEC Lawsuit Coming Soon
- XRP Price Might Also Be Boosted By Broader Crypto Market Sentiment