On the last day, the price of XRP decreased by 0.5%, falling to $0.425301, along with a similar decline for the entire cryptocurrency market.
In spite of the fact that XRP has dropped by 7.5% in the last week and 18.5% in the past 30 days, it has increased by 25% since the beginning of 2023, and the whole market has so far experienced a partial rebound this year.
XRP’s 24-hour trading volume has surpassed $1 billion in the last few days, which is encouraging. Although this has mainly been driven by selling, the increased liquidity may eventually result in gains shortly.
This is especially true now that Ripple is awaiting the resolution of its protracted legal dispute with the SEC, which many analysts believe will result in a win for the company and a significant increase in the price of XRP.
Can XRP Reach $3? XRP Price Prediction as $1 Billion Trading Volume Floods In?
It appears that XRP is consolidating near the $0.42 support level after seeing a notable decline earlier in the week and may be poised for a recovery.
Its 200-day moving average (blue) and 30-day moving average (yellow) both appear to have bottomed out, indicating that XRP is due for a recovery.
Another indication of regaining strength is that the relative strength index (purple) for XRP has started to rise again after briefly falling below 40 early this morning.
The coin’s trading volume, which has increased from $400 million (around the time of the coin’s most recent collapse) to $1.1 billion, confirms the assumption that XRP may be in for a rally in the very near future.
This is encouraging because larger quantities have frequently created the circumstances for XRP price gains, just as low levels frequently precede decreases.
Fundamentally speaking, Ripple released a paper on central bank digital currencies earlier this week. The report highlighted the significant role that CBDCs are projected to play in the future global monetary system, with a global value of $213 billion predicted for CBDCs by 2030.
The paper also highlighted Ripple’s ongoing stablecoin pilot projects with the Royal Monetary Authority of Bhutan, the Central Bank of Montenegro, and the Republic of Palau.
This analysis complements one from Juniper Research that named Ripple the top CBDC vendor globally.
Given its standing in the CBDC and digital payments industries, Ripple is more than prepared to ride a growth wave once its case with the SEC concludes, which is anticipated to happen in the upcoming months.
Jeremy Hogan, an attorney, and other legal authorities have asserted that the SEC has fought a rather weak case insofar as it has failed to demonstrate that Ripple’s early sale of XRP met the Howey test, which is encouraging.
At the same time, Ripple has recently won a number of significant decisions, such as having the court uphold its petition to exclude a witness the SEC had asked to provide testimony about whether or not XRP buyers initially had a realistic expectation of profiting from the digital asset.
Because of this, it is reasonable to anticipate that Ripple will succeed and that XRP will appreciate greatly.
In the immediate aftermath of a positive conclusion, it may easily soar toward $1, and if the larger market turns bullish before the end of the year, it could even surpass its current ATH of $3.40.
New Altcoin with High Potential
The main issue with XRP is the possibility that holders will have to wait until the end of the year for Ripple’s case against the SEC to be resolved.
While waiting, some traders might want to examine other cryptocurrencies with great potential; at the moment, few have as much potential as SpongeBob (SPONGE).
Since being listed directly on Uniswap on May 4, SPONGE, a new ERC-20 token, has seen gains of well over 2,000%.
Bullishly, SPONGE has started to receive an increasing number of CEX listings. Today, Bitget announced a listing, joining prior announcements from MEXC, LBANK, CoinW, and Toobit.
It’s also important to note that Justin Sun, the founder of Tron, today announced that he will start actively trading meme tokens, which increases the likelihood that SPONGE will become even more frequently traded than it now is.
Indeed, considering that the coin was only introduced a week ago, it presently has more than 11,000 holders, which is remarkable.
Due to this momentum may easily reach $0.001 and above in the coming weeks, but if a premier exchange lists it, it may skyrocket.