Ripple is currently fighting a legal battle in a high-profile case with the US Securities and Exchange Commission (SEC) over the classification of XRP as a security. However, while the whales are playing with XRP, there are also those who are hopeful for the altcoin!
Millions of XRP moved to Bitstamp, sale imminent?
Crypto data tracker WhaleAlert has detected a massive XRP movement in the past 24 hours. WhaleAlert reported that 21,500,000 XRP worth $11,202,095 was transferred from an anonymous wallet to the Bitstamp crypto exchange.
🚨 21,500,000 #XRP (11,202,095 USD) transferred from unknown wallet to #Bitstamphttps://t.co/eeGmaZ6hqy
— Whale Alert (@whale_alert) May 30, 2023
In the midst of this whale movement, analyst Tomiwabold Olajide looks at the techniques of XRP. XRP has been trading in the green for six days in a row starting May 25 after unraveling the bullish pennant on its chart. Altcoin price rallied as high as $0.529 on May 30 before taking a slight profit. On a broader scale, XRP has started to rally after a brief consolidation near the $0.41 low on May 8. It saw positive movement for six consecutive days until May 20. This rise was punctuated by a brief consolidation before the bulls took action once again.
It also points to the Relative Strength Index (RSI). This indicates that XRP is about to overheat on the daily timeframe. Overbought or oversold conditions are usually indicated by readings above 70 and below 30. When it comes to XRP, the daily RSI has dropped from overbought levels of 73 to around 67 where it is now. The bulls take a break and breathe while taking profits. Probably the bears have a reason for the retreat. The good news is XRP’s daily RSI stays in positive territory. This provides an advantage for buyers. It also means that the bulls are ready to push prices higher after a short pause.
Altcoin going to $1?
According to crypto analyst nicknamed DonAlt, XRP is heading towards $1, a level it has probably not seen since November 2021. Earlier today, the analyst asked, “Is XRP finally going to $1?” made a share. This led to speculation among his followers. XRP is trading at $0.51 on major spot exchanges. The altcoin needs to nearly double its value to reach $1.
cryptocoin.com As you follow, XRP has gained 13.4% in the last week. Thus, it outperformed the broader cryptocurrency market. Also, XRP is showing promising signs with record increases in address activity two days in a row. This indicates a potentially bullish trend for XRP as it diverges slightly from the rest of the altcoin market.
Ripple is currently waging a war on the SEC law. This adds uncertainty to the future of XRP. But Ripple CEO Brad Garlinghouse recently hinted at a possible solution in the coming weeks. It is possible that this development could potentially remove regulatory uncertainties. This is also likely to lead to further adoption of XRP. The potential positive outcome in the SEC lawsuit could significantly increase the price of XRP, according to XRP-friendly attorney John Deaton. Deaton recently suggested that “FOMO” won’t kick in until $2. If these predictions come true, we may see a new wave of interest in XRP in the coming days.
