XRP Price Soars: Whales Buying Up As Ripple-SEC Case Nears End
• XRP has dropped by 3% in 24 hours, yet it is up 16% in the week and 10% in the month.
• Rumors of a positive outcome for Ripple have caused a big rally earlier this week.
• The judge has recently upheld Ripple’s motion to exclude one of the SEC’s key expert witnesses.
XRP Price Prediction
The XRP price has dropped by 3% in the past 24 hours, falling to $0.428988 as the cryptocurrency market responds to news of yet another rate hike from the Federal Reserve. Despite today’s dip, the altcoin remains up by 16% in a week and by 10% in the last month, while it has also risen by 26% since the start of 2023.
Rumors Spread Online
XRP did enjoy a massive rally earlier this week as rumors spread online that the Ripple-SEC case was very close to ending, and most likely with a positive outcome for Ripple. However, while a decision is yet to arrive, there’s little doubt that one will come in the next few months, and if it is positive, XRP will surge.
Relative Strength Index (RSI)
After reaching 70 and higher a couple of days ago, XRP’s relative strength index (purple) has climbed down to just under 60, indicating a loss of momentum. On the other hand, the coin’s 30-day moving average (red) has begun rising up towards its 200-day average (blue), suggesting that the coin hasn’t been overbought and still has space left to rise in the coming days.
End Of The Case Is Near
Based on what we know, such an end isn’t likely to be very far away, given that everything has been briefed in the case and that all that’s left is for Judge Analisa Torres to reach a judgment. Indeed, Ripple CEO Brad Garlinghouse has said on numerous occasions in recent weeks that he expects an end tothe case this year and perhaps by summertime.
Positive Developments For Ripple
Not only is there hope for an end soon but there also remain good chances of Ripple winning due to several recent positive decisions or rulings made such as excluding one of SEC’s key expert witnesses which was called upon argue whether purchasers hada reasonable expectation of profit when they bought XRP tokens from Ripple originally..