XRP has emerged as the best performing top-100 cryptocurrency over the past week, with its price increasing by 20%. This surge follows positive developments in the ongoing Ripple-SEC case, with the market increasingly expecting a favorable outcome for Ripple. As a result, XRP’s trading volume remains high at just over $1.5 billion, indicating sustained interest in the coin and the potential for further gains in the near future.
XRP’s technical indicators suggest that it still has momentum and can rise further before becoming overbought. Its relative strength index (RSI) has risen again after dropping to 60 a few days ago, indicating another surge is in the works. Additionally, XRP’s 30-day moving average (MA) is climbing towards its 200-day MA, and a crossover is likely to signal further upward movement. If XRP breaks the $0.475 level and stays above it, there is a chance that it could experience a more sustained rally.
A favorable settlement or judgment in Ripple’s case with the SEC could send XRP beyond $1 and on course to recover its all-time high from 2018. Ripple CEO Brad Garlinghouse has stated that he expects an end to the case this year, potentially by the summer. However, whales appear to be moving XRP to exchanges at the moment, indicating a potential dip in the short term, at least before a decision arrives in the case.
Despite the current uncertainty, XRP has shown impressive growth in the past year, with XRP Ledger accounts rising from two million in February 2020 to almost five million now. Ripple’s latest financial report showed net sales of $226 million in Q4 2022, with the company expanding its cross-border payments solution into France, Sweden, and Africa in the same period. These developments point to the potential for Ripple to prosper if it wins the case and for XRP to rise in price.
While it may take several months for a decision to emerge in the Ripple-SEC case, traders looking for big gains may prefer to look at other high-potential coins at the moment. Cryptonews’ Industry Talk team has assembled a selection of the top 15 cryptocurrencies to keep an eye on in 2023, which is updated weekly with new altcoins and ICO projects.
In conclusion, with positive developments in the Ripple-SEC case and technical indicators suggesting potential for further gains, XRP remains an attractive option for traders willing to accept some short-term uncertainty in exchange for potential long-term gains.
