XRP Price Prediction as $1 Billion Trading Volume Floods In – Can XRP Reach $3 in 2023?

XRP Price Prediction as $1 Billion Trading Volume Floods In – Can XRP Reach $3 in 2023?

May 11, 2023

By Simon Chandler | @simon-chandler

The XRP price has dropped by 0.5% in the past 24 hours, dipping to $0.425301 amid a similar fall for the cryptocurrency market as a whole.

XRP is now down by 7.5% in the past week and by 18.5% in the last 30 days, yet it has risen by 25% since the start of 2023, with the wider market so far enjoying a partial recovery this year.

Encouragingly, XRP's 24-hour trading volume has topped $1 billion in the past few days, and while this has largely been led by selling, the increased liquidity could end up translating to gains in the near future.

This is particularly the case when Ripple is awaiting the end of its long-running legal battle with the SEC, with many experts forecasting a positive outcome for the company, something which would boost XRP massively.

XRP Price Prediction as $1 Billion Trading Volume Floods In – Can XRP Reach $3 in 2023?

Following a noticeable fall earlier in the week, it now seems that XRP is consolidating around the $0.42 support level and may be ready for a recovery.

Its 30-day moving average (yellow) has stopped falling further below the 200-day average (blue) and appears to have bottomed out, meaning that XRP is due a rebound.

Likewise, XRP's relative strength index (purple) has begun rising again after dipping just below 40 early this morning, providing another sign of recovering strength.