XRP Price Prediction as $700 Million Trading Volume Enters: Are the Whales Selling?
XRP (XRP), the cryptocurrency that powers the decentralized payments-focused XRP Ledger that was created by American fintech firm Ripple, has rallied again in the green after falling to fresh monthly lows earlier in the day.
XRP last changed hands around $0.4650, down just under 1% for the day, but still lower by about 6% compared to last Sunday’s monthly highs near $0.50.
The cryptocurrency has seen high trading volumes in the last 24 hours, with over $700 million in XRP traded across major exchanges according to CoinGecko.
But this has not helped boost the cryptocurrency and could indicate that the whales continue to sell off as XRP falls below a key uptrend that has been in play since early 2023.
Price Prediction: What’s Next for XRP?
Regarding XRP bulls, XRP this week fell below an uptrend that has been in play since early 2023.
As a result, price predictions have become more bearish and the technical outlook for XRP has darkened.
Assuming a weekly close below this uptrend is confirmed, a retest of the 200-day moving average below $0.44 seems likely.
A retest of resistance turned support at the $0.41 area is also in the offing.
If XRP were to fall back to these levels, this could be an attractive area for long-term XRP bulls to get involved and add long positions.
This is because this area is where XRP was trading in early March prior to a rise in optimism about Ripple’s prospects of obtaining a favorable outcome in its lawsuit against the SEC.
Nothing has happened to change that optimism since March.
In fact, since the SEC was recently forced to release controversial documents related to a speech made by a former high-level agency official (William Hinman), the SEC’s case seems even weaker than ever.
Assuming a favorable outcome for Ripple against the SEC, you may still think that XRP could be one of the best performing cryptocurrencies of 2023.
If XRP was able to break above the long-term resistance area of $0.55-59, a quick recovery to $0.90 is a strong possibility.
XRP (XRP) Alternative to Consider – Wall Street Memes (WSM)
Wall Street Memes, one of the most popular retail investment communities on the internet, rose to fame in the 2021 stock meme craze and has recently been expanding its relevance in the cryptocurrency space with the pre-sale of its new token. $WSM.
The success of the $WSM pre-sale, which has raised over $13.26 million in just over a month, is hardly surprising given the size of the Wall Street Memes community.