XRP Price Prediction: Price Soars as Trading Volume Hits $700 Million

The XRP price has remained relatively constant today, with a 0.2% gain in the last 24 hours as the overall cryptocurrency market swings by a similar proportion.

XRP is down 2% in a week and 20% in the last 30 days, but it is still up 47% since the beginning of the year, thanks largely to Ripple’s triumph in its legal dispute with the SEC.

And, with XRP’s 24-hour trading volume exceeding $700 million today, the coin’s market has enough liquidity and activity to witness significant rises in the coming days.

Now appears to be a good moment to buy XRP, as the coin remains oversold and inexpensive, with indicators indicating that it should be recovering shortly.

The crucial indicator to watch in this regard is XRP’s 30-day moving average (yellow), which is only a few days away from falling below its 200-day moving average (blue), indicating that the altcoin has bottomed.

Indeed, XRP’s relative strength index (purple) would suggest that the coin’s bottom has already been reached, considering that this indicator has been lingering around the 30 level for the previous few weeks.

This reinforces what most traders already suspect: XRP is massively discounted in comparison to its ‘fair’ price, and anyone who buys it now could end up making substantial profits in the not-too-distant future.

It’s difficult to predict when such profits would be realized, given that the market remains restrained in the face of bad macroeconomic data (e.g., the Chinese economy) and delays in Bitcoin ETF applications.

Since mid-July, when Ripple celebrated winning a generally favourable verdict in its long-running dispute with the SEC, such factors have impacted XRP (and the rest of the market).

However, the basic facts and implications of this judgement have not changed, with Ripple and XRP both staying in a far stronger position than before July.

Indeed, XRP is still listed on US-based exchanges, which all relisted the token immediately after the judgement and continue to do so despite the SEC’s (so far fruitless) attempts to file an interlocutory appeal against sections of the ruling.

And Ripple remains in a stronger position as a business, having formed multiple agreements since the ruling, which will eventually lead to increased adoption of XRPLedger and XRP itself.

As a result, we expect XRP to touch $0.550 in the coming weeks before falling down to $0.65 or $0.75 by the end of the year.

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