The price of XRP has fallen by 4.5% in the last 24 hours, falling to $0.471535 as the cryptocurrency market as a whole falls 2%.
The current price of XRP means it has fallen 8% in a weekalthough the altcoin has gained 38% year-to-date, suggesting that 2023 may end up being a year of global recovery.
Despite his fall today, on-chain data reveal that a whale transferred just over $15 million in XRP from an exchange to a private walletsuggesting that the recent sell-off could lead to an accumulation.
And with Ripple also set to receive a ruling in its court case against the SEC, XRP could be on the verge of a big rally in the coming weeks.
XRP Price Prediction as an Unknown Whale Moves 30 Million XRP into a New Wallet – What’s Happening?
XRP’s Chart Indicates the Token Could Suffer Further Losses before leveling off and starting to rise again. Various factors point to such a conclusion.
His relative strength index (purple) has fallen below 50 and there is still plenty of room to drop before the token moves back into the oversold zone, implying more losses.
On top of that, XRP’s 30-day moving average (yellow) still needs to drop below its 200-day average (blue) before the token can be said to have bottomed, and with the average on 30 days which is starting to slow her down. It looks like he just started his descent.
Worryingly for XRP holders is that the altcoin has fallen through a number of previous support levels, suggesting that the current selloff is serious and potentially medium-term.
That said, now it looks like the whales have started buying the altcoin again, suggesting that his recent falls may be about to end.
Also, it is worth remembering that XRP has major news to look forward to: the end of the Ripple-SEC case, which could trigger a major rally if it ends with a favorable settlement or judgment for Ripple.
All the main pieces of evidence have been submitted in the case, with attorney John E. Deaton recently predicting the case could end by May 6.
Whether it takes a few weeks or a few months, the legal opinion suggests that when it ends, the case will give Ripple a positive outcome.
For example, the lawyer Jeremy Hogan recently argued that the SEC failed to show that XRP buyers entered into an investment contract with Ripple when they first purchased tokens.
It is vitally important for the securities regulator to prove this, because otherwise it is very difficult to claim that Ripple sold unregistered securities.
It’s also worth pointing out that the SEC has come under fire in recent weeks. Republican lawmaker Warren Davidson introduced a bill that would restructure the regulator and oust current President Gary Gensler.
While this has no direct bearing on the SEC-Ripple affair, it does at least suggest that there is a growing sense within the US legislative and judicial system that the securities regulator may have overstepped. his duties in recent months and years.
This is positive for Ripple, and if it wins its case, there is no doubt that XRP will become one of the most successful tokens in the market.
From just under $0.50, it could easily rise to $1 or more immediately after the deal closes, before rising to $2 by the end of the year.
DeeLance could rise sooner than expected
Of course, a decision in the case may not come for several weeks or months. It may therefore be advisable for traders looking for big short-term gains to consider high-potential alternative altcoins.
This includes pre-sale tokens, with several recent sales potentially offering the opportunity to generate big returns when the tokens in question are registered on exchanges.
One of the most interesting examples in this vein is DeeLance, an Ethereum-based decentralized marketplace for remote work in the Web3 sector.
After launching the presale of its DLANCE token several weeks ago, DeeLance has now raised over $300,000.
DeeLance’s remote work platform builds on existing freelance marketplaces such as Upwork to deliver several cool new features, including the use of non-fungible tokens to indicate and transfer ownership of units of work.
This concept will ensure that freelancers are paid fairly and fully for their work. The ability to sell NFTs also potentially becomes a source of additional income.
On top of that, DeeLance is building its own metaverse, where freelancers and businesses can set up virtual offices and network more effectively.
It is possible to join the DeeLance presale by visiting its official website and connecting its crypto wallet, in order to use ETH or USDT to buy DLANCE.
A DLANCE token is currently priced at $0.025, although that will drop to $0.029 in just over two days when the sale enters its second stage.
And with DeeLance launching at a price of $0.053, interested investors should act now if they want to grab some of the new altcoin at the biggest possible discount.