While the market for cryptocurrencies is down 1.5% in the previous 24 hours, the price of XRP has risen to $0.535868, a gain of 0.5%.
At its current price, it has gained 20% in the past week, making it the best-performing top-100 coin this week, and it has gained 45% in the past two weeks, making it the best-performing top-100 coin in those periods.
This price surge has been fueled by speculation that the Ripple-SEC lawsuit would soon resolve, with whales removing XRP from exchanges in an apparent effort to hoard the currency.
The price of XRP will increase even further if Ripple is successful in the above case once it reaches its inevitable conclusion.
XRP Price Prediction as XRP Becomes Best Weekly Performer
The chart and technical indications for XRP suggest the cryptocurrency is likely overdue for a corrective selloff at some point in the future.
Yesterday, its relative strength index (purple) climbed above 70; today, it has begun to decline, which may indicate a loss of momentum and further price declines.
Alternatively, the 30-day moving average (red) for XRP has recently surpassed the 200-day average, indicating a breakout rally that might last a few more days.
Although XRP may seem overbought right now, it is important to remember that the cryptocurrency has been significantly discounted for quite some time.
Since the coin is trying to compensate for lost time and value, perhaps conventional signs can be ignored to some extent here.
As revealed by Whale Alert, a few substantial transfers away from exchanges in the past day or so suggest that whales predict greater gains.
But, there have also been substantial XRP transfers to exchanges, suggesting that at least some whales anticipate a corrective selloff.
No matter what happens to XRP in the immediate term, if Ripple wins its case with the SEC, the cryptocurrency will surge.
While it now looks less probable that a decision will be made this week, as we mentioned earlier in the week, some observers of this case are expecting a decision imminently, with lawyer John E. Deaton sticking his neck out to suggest such a conclusion this week.
Although Ripple CEO Brad Garlinghouse has indicated that he expects a conclusion to the case this year, his view on this has not changed much, and a decision could come very soon (even with the recent price action).
The Ripple team and the cryptocurrency community appear to be reasonably confident that the verdict will be favorable, allowing the company to keep operating and the listing of XRP on exchanges to continue.
Several favorable judgments for Ripple are the basis for this optimism. One such result was the exclusion of an expert witness brought by the SEC to testify that purchasers of XRP had a reasonable expectation of profit (when purchasing XRP from Ripple).
The consensus is that Judge Analisa Torres will decide in a way that isn’t detrimental to Ripple’s company. This judgment is just the tip of the iceberg regarding earlier judgments.
Whenever a decision is made, it’s conceivable that this company’s growth will speed up much more than it has thus far.
The number of XRP Ledger accounts had increased to around five million from about two million when the case began in December 2020, despite the case’s efforts to stifle its growth in recent years.
According to the company’s financial filings, Ripple’s XRP sales have been brisk as the company’s cross-border payments service has expanded into new regions in recent months.
With all this in mind, Ripple’s growth and XRP’s price could skyrocket in the months and years after the case is resolved.
In the weeks after the case is resolved, XRP’s price may easily approach $1, and by the end of the year, it has the potential to reach $2 or $3. (depending on when a decision is reached).
There’s also little question that the coin will eventually surpass its all-time high of $3.40, reached in January 2018.
Indeed, XRP has much time and rallies to catch up, and it appears to be doing so.