On the previous day, the price of XRP decreased by 2.5% to $0.719308 while the whole cryptocurrency market has scarcely moved.
Since the Ripple-SEC decision, XRP has rallied and is presently down 4% over the previous week. However, it has since lost its momentum.
Despite this, the cryptocurrency is still up 53% in the past 14 days and just over 110% since the start of the year, mostly due to rising optimism for both its and Ripple’s future.
Further rises for XRP are likely in the next few days or weeks, especially given that its trading volume is still high at over $1.2 billion.
As $1.2 billion in trading volume arrives, how much will XRP cost? Will whales buy?
The relative strength index (purple) of XRP is just about to go below 30, which would indicate that the currency is being oversold, suggesting that the altcoin may be close to striking the bottom of its mini-dip. XRP’s 30-day moving average (yellow) is also falling at the present, albeit with the continuing momentum, the cryptocurrency may rebound before the shorter term average goes below the 200-day moving average (blue).
XRP’s support level (green) has been pushed lower in recent days by falls, and if it is violated again, it may trigger additional losses before recovering. However, XRP is anticipated to keep surging in the medium and long term as a result of Ripple’s favorable verdict in its SEC lawsuit. Whales are usually purchasing and holding XRP in anticipation of further profits.
According to Lookonchain analysis, most whales have kept their XRP, signaling a possible return to growth. The currency might recover to $0.80 in the next weeks before hitting $0.90 or more in the coming months. The expansion of Ripple’s operations might propel XRP further higher, perhaps hitting $2 or $3 by the first half of next year.
Understanding the Importance of Transaction Volume
Trading volume is an important measure in the cryptocurrency market since it represents the total amount of XRP coins exchanged over a certain time period. High trading volume is frequently a sign of increased market activity and liquidity, which can contribute to increased price volatility. The recent increase in XRP trading volume to $1.2 billion indicates increased investor interest, raising questions about the factors behind this increase.
The Potential of New Altcoins in the Near Future
It may take some time for XRP, a solid fundamental currency, to achieve considerable price increase, especially after its first post-SEC rise. Some traders seek faster profits and may choose newer cryptocurrencies. A possible example of such a cryptocurrency is BTC20, a new ERC-20 token. It provides an Ethereum-based Bitcoin variant that can be staked to earn passive revenue. The presale for BTC20 began last week and collected over $1.5 million, showing investor interest.
BTC20 is a deflationary cryptocurrency with a staking incentive of 120 years and a fixed price of $1 and a maximum quantity of 21 million coins. The coin is expected to be sold out in the following weeks. New investors may get in on the action by going to the official BTC20 website and signing up.
