XRP Price Prediction as $1 Billion Trading Volume Rushes In Before Lawsuit Conclusion – Are Whales Buying?
The XRP price has risen by 3.5% in the past 24 hours, reaching $0.473395 as the cryptocurrency market as a whole gains by 4%.
XRP's current price means that the altcoin has dropped by 10% in a week but is up by 5% in a month and by 39% since the start of the year, with its 24-hour trading volume now rising back above $1 billion in a sign that more volatility is coming.
Available transfer data suggests that some whales have been moving XRP off exchanges, potentially in a sign that the market expects the Ripple-SEC case to end soon, bringing with it a positive conclusion for Ripple.
And if it does bring a positive outcome, XRP could rise very strongly, potentially having the biggest rally of any top-100 coin this year.
XRP Price Prediction as $1 Billion Trading Volume Rushes In Before Lawsuit Conclusion – Are Whales Buying?
XRP's chart finds the altcoin in a fairly strong position, insofar as its two main indicators are rising steadily, while its support level (green) also continues to rise.
For example, XRP's relative strength index (purple) has begun rising up towards 50 again, signaling that it's beginning to recover some of its lost buying momentum.
Much the same goes for its 30-day moving average (yellow), which after slowing down a week ago has resumed rising further beyond its 200-day average (blue), in a show of strength.
These two indicators point to further gains in the near term, with the market increasingly expecting not only an imminent decision in the Ripple-SEC case, but also a favorable one.
Such expectations have been fuelled in recent days by the news that Ripple transferred nearly $23 million in XRP to an unknown wallet, with some observers suggesting that this could be in preparation for paying a settlement penalty with the SEC.
At the same time, many whales are transferring XRP away from exchanges, in a sign that they expect price increases in the near and medium future.
On the other hand, some are still sending XRP to exchanges, so feelings may be a little mixed as to the immediate future.
Regardless, the Ripple case is likely to end in the coming weeks, with lawyer John E. Deaton recently predicting that the case could end by May 6.
Indeed, all major pieces of evidence have indeed been submitted in the case, so it's likely only a matter of time now.
And if investors are to believe fellow attorney Jeremy Hogan, Ripple really has a good chance of securing a good outcome, if only because the SEC has failed to prove a major plank of its case, which is that XRP buyers entered into an investment contract with the company when they first bought the altcoin from it.
Such analysis suggests that the case may end with Ripple being able to continue its business as normal, and with exchanges being able to list XRP as before.
If correct, XRP will almost certainly enjoy a very big rally, potentially rising back up to $1 or higher in the weeks following the case's conclusion.
As for the longer term, a wider bull market should see the altcoin climb as high past its current record high of $3.40, set way back in January 2018.
And from there, with Ripple expanding its business even under the shadow of its case, the future could see XRP becoming an even more valuable token.
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Newer Altcoins May Be Better Bet
As high as XRP would rally in the event of a Ripple victory, such a victory is not assured, meaning that traders may prefer to look at altcoins with less legal baggage.
In particular, presale tokens offer the opportunity to make some decidedly above-average gains, with one of the newest and most promising being AiDoge, an AI-powered meme-generating platform.
It launched the presale for its $Ai token yesterday, and has already raised more than $100,000.
Running on Ethereum, AiDoge enables users to use advanced AI technology to create fun and relevant memes, which can potentially earn them rewards (in $Ai).
Memes can be generated simply by typing in a text-based description of the meme a user wants, with AiDoge's algorithms than using its vast dataset to create a corresponding image.
Users can also upvote (or downvote) the memes created by other users, with all memes featuring on a leaderboard that ranks the best and worst.
The most highly rated memes will earn their creators rewards in $Ai, which can also be used for staking, earning holders regular yields and the ability to participate in governance.
Ai's presale is currently in its first stage, during which the token will sell for a price of $0.00002600, before rising all the way up to $0.00003360 by the 20th and final stage.
This means that interest investors don't have much time to snap up some Ai at a discount, before it lists on exchanges and potentially experiences some major rallies.
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