XRP Price Analysis: $1 Billion Trading Volume Signals Potential

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The XRP price has increased recently, indicating a possibility of a bullish trend for this cryptocurrency in the upcoming weeks. Its market capitalization has also surged by a significant amount in the last few days, with the trading volume going beyond $1 billion on the market charts. Experts are of the opinion that market sentiment behind the Ripple v SEC case has resulted in the recent increase in the price of this crypto.

Interestingly, Ripple is in a stronger position compared to other cryptocurrencies, especially at a time when SEC’s actions against Binance and Coinbase have adversely affected the market. Read ahead as we discuss the price prediction of Ripple in light of the prevailing market conditions.

Ripple (XRP) Price Overview

Ripple is currently trading at a price of $0.49. Its value has increased by 0.14% in the last 24 hours. Going by the relative strength index of XRP, analysts are of the opinion that XRP could regain its previous momentum. The moving averages for Ripple highlight the mixed market sentiments regarding crypto.

XRP has the potential to rally massively in the upcoming weeks if SEC’s case against Ripple ends in its favor. Considering the recent positive developments for Ripple in that case, it is expected that Ripple would get back on track with solid strength after the verdict is out.

On June 13, 2023, XRP reached its 10-week high value of $0.5668 due to the release of Hinman documents. These documents offer an insight into the internal communications within the SEC pertaining to a speech of former SEC Director William Hinman in 2018. Hinman mentioned in his speech that “based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”

Though documents don’t make a direct reference to XRP, they primarily focus on the definition of security. Some crypto experts share the belief that these documents would not affect the judge’s analysis of whether Ripple sold XRP as an investment contract. They say that these documents won’t have much bearing on the question regarding the status of XRP in the secondary markets of the United States.

Can XRP Soar 10x From Here?

Ripple has observed a couple of positive developments in the last few months. For instance, the court did not allow the expert witness called by the SEC, and it did not accept the demands of the SEC for excluding Ripple’s own witnesses. Due to these situations, there is a sense of optimism among the Ripple stakeholders that the company might secure a favorable judgment in the SEC lawsuit.

Further, Ripple has recently made an announcement regarding Ripple x TRMLabs Policy Summit, which will happen in Bangkok on Wednesday, July 5. The summit will bring together a lot of industry experts and company stakeholders to discuss the importance of regulatory clarity in the era of increasing growth and innovation within the ecosystem of Thailand’s digital assets.

XRP distinguishes itself from major cryptocurrencies due to its unique fundamentals and consistent yearly growth of 19% since 2017. Crypto also proved in the past its ability to rapidly expand when it increased by 500% in just one month in 2017.

Currently, its primary obstacle is its resistance, which it formed in 2017. If it goes beyond its resistance in the upcoming times, it could cross the mark of $10. It goes without saying that a favorable verdict for Ripple in the SEC case would result in a huge pump for its price. It might even touch the figure of $1 with the favorable developments in that case.

Conclusion

There is a high possibility that Ripple may rise in the upcoming weeks, considering recent developments. Even as the crypto industry is dealing with the fallout from the regulatory crackdown, market sentiments regarding crypto is still strong in some aspects.

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