XRP Price Prediction as $1 Billion Trading Volume Floods In – $1 XRP Incoming?

XRP Price Prediction as $1 Billion Trading Volume Floods In – $1 XRP Incoming?

07 Feb 2023 12:44 AM

By Simon Chandler | @simon-chandler

The XRP price has barely moved in the past 24 hours, gaining by 0.1% and reaching $0.398191. This marks a 0.5% rise in a week and a 15.5% increase in the last 30 days, with XRP currently witnessing 24-hour trading volume in the region of $1 billion.

Such volume is elevated in relation to where XRP trading was at earlier in the month, indicating that the altcoin may be on the cusp of recovering from some of the losses it incurred over the weekend. And with a result in the Ripple-SEC case expected in the next few months, XRP could be in store for some very big gains soon enough.

XRP Price Prediction as $1 Billion Trading Volume Floods In – $1 XRP Incoming?

XRP's chart suggests that it's on the brink of a rally. Its 30-day moving average (red) is about to overtake its 200-day (blue), something which could signal a breakout above $0.4 and beyond.

Similarly, XRP's relative strength index (purple) has begun climbing upwards after sinking below 50 in the past couple of days. Again, this suggests that XRP is about to begin rising considerably.

This view is supported by the 24-hour trading volume, which remains elevated. In other words, this level of volume is seen only when a relatively big movement is about to happen, either up or down.