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XRP Rally on the Horizon? $900M Trading Volume Suggests Whales Buying Before Ripple Lawsuit

• XRP price has increased by 2.5% in the past 24 hours, rising to $0.375464 amid a 5% gain for the cryptocurrency market as a whole.
• With Ripple expecting an end to its case with the SEC later in the year, XRP could be in for a very big rally in the not-too-distant future.
• Data suggests massive transfers of XRP from some of the market’s largest traders and with the coin’s 24-hour trading volume now topping $900 million.

XRP Price Increase

The XRP price has increased by 2.5% in the past 24 hours, rising to $0.375464 amid a 5% gain for the cryptocurrency market as a whole. Its current price equals a 0.5 % gain in the past week, although it is down by 2% since last month and up by 10% since 2021 began.

Whales Buying Before Ripple Lawsuit Conclusion

With Ripple expecting an end to its case with the SEC later this year, XRP could be in for a huge rally soon and it seems that whales are preparing for such an eventuality, with data suggesting massive transfers of XRP from some of the market’s largest traders and with its 24-hour trading volume now topping $900 million.

Indicators Suggest Rally Ahead

XRP’s indicators suggest that it is ready for a rally soon as its 30-day moving average (red) has fallen substantially below its 200 day average (blue), indicating that movement upwards is due soon while its relative strength index (purple) has been largely depressed since mid February which implies more gains ahead. The main resistance level right now lies at around $0.38 so if it can break through this price bigger gains are likely on cards.

Large Transfers From Whales

Whale Alert reported large transfers of XRP from some of the market’s biggest traders including two large transfers worth 11.3 million USD and 18.8 million USDfrom Mexico based Bitso exchange which indicates that whales are buying up more coins and preparing to hold them until after Ripple’s lawsuit ends later this year when much larger gains may occur .On top of this there have also been transfers to exchanges like Bitstamp so it isn’t clear yet if all whales believe further surge will occur or not .

Conclusion
XRP remains oversold at present which makes it ripe for larger gains than most other cryptocurrencies in coming months particularly if Ripple wins their lawsuit against SEC before end of 2023 when much higher prices may be seen . There is evidence whales are buying more coins , suggesting they believe prices will rise soon enough but whether or not these expectations will be met still remains uncertain