The price of XRP has increased by 0.5% in the past 24 hours, reaching $0.535868 as the crypto market as a whole fell by 1.5%.
XRP has gained 20% in the last seven days, making it the best performing token in the top 100 this week, while it is also up 45% in the last fortnight.
This price action was driven by expectations that the deal Ripple–DRY is about to end as whales appear to be rushing to withdraw their XRP from exchanges.
And once the above lawsuit reaches its conclusion, a positive outcome for Ripple will allow XRP to reach an even higher price.
Price predictions for XRP
Based on XRP’s technical indicators alone, it looks like the cryptocurrency is bound to undergo a corrective sell-off sooner or later.
Its Relative Strength Index (purple) jumped over 70 yesterday but has now started to decline, potentially signaling a loss of momentum that could lead prices to fall.
On the other hand, its 30-day moving average (red) has just passed its 200-day average, which could indicate an interval rise that could continue for several more days.
While XRP is arguably in an overbought zone at the moment, it’s worth remembering that the cryptocurrency has been significantly undervalued for quite a long time.
It is therefore possible that conventional indicators can be ignored a bit here, as the token compensates for lost time and lost value.
Overall, it looks like whales are expecting further gains, with Whale Alert revealing some large transfers off exchanges in the last day.
Of course, there was also large transfers of XRP to exchangeswith some whales seeming to be anticipating this sell-off correction.
But no matter what the trajectory of XRP will be in the short term, there is no doubt that it will benefit from a significant rise in the event of a positive result for Ripple in its lawsuit against the SEC.
As we noted earlier this week, some observers of the case expect a decision to be imminent, among them the lawyer John E. Deaton who has suggested the publication of a conclusion this week (which now seems less likely since we are at the end of the week).
A decision could indeed come very soon, although the CEO of Ripple, Brad Garlinghousehas repeatedly suggested that the case may not end until the end of this year, and his position has not really changed.
Regardless of when a decision will finally be announced, the Ripple camp and the crypto community seem pretty confident that it will be positive, in that it will allow Ripple to continue trading and exchanges to continue listing XRP.
This confidence is based on a number of recent rulings in favor of Ripple, including the decision to exclude one of the SEC’s expert witnesses: he had been called by the regulator to testify that XRP buyers had had a reasonable expectation of profit (when they made their investments).
The general feeling is that the judge Analisa Torres will rule in a manner that will not be particularly detrimental to Ripple’s business.
And when a decision comes, it is likely that Ripple will grow its business faster than it has so far.
Even though the case has undermined its expansion over the past two years, XRP Ledger accounts have grown to nearly five million, from around two million when the case began in December 2020.
Ripple’s financial reports show sales of XRP as part of its cross-border payments business remain steady, as the company has entered new territories.
Starting at $0.536367, XRP could easily reach $1 in the weeks after the deal closes, or even $2 or even $3 by the end of the year (depending on when a decision is made). plug).
And in the longer term, there is no doubt that XRP will surpass its current all-time high of $3.40, reached in January 2018.
It is true that XRP has a lot of lost time to catch up, but it seems that it is just starting to do so.
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