XRP Price Prediction as $1 Billion Trading Volume Comes In – XRP to $3 by 2023?
The XRP price is largely unchanged today, with its current level of $0.378725 representing a very modest 0.4% rise in the past 24 hours. The altcoin is up by 14% in the past fortnight, but remains down by 16% in the last 30 days, as the ongoing fallout from the FTX bankruptcy continues to weigh down prices.
XRP's price is also being influenced by the ins and outs of Ripple's long-running case with the SEC, with the coin falling a couple of weeks ago after LBRY lost a similar case. However, with Ripple succeeding in having 14 amicus briefs filed in its favor in the past week, its particular prospects continue to look positive.
As of writing, XRP's 24-hour trading volume has reduced down to $1 billion, having stood as high as $3.5 billion earlier in the month, when the FTX crisis came to boil. This indicates a decline in volatility, which can be both positive and negative, depending on your viewpoint and the current state of the market.
In terms of its indicators, XRP's price chart provides a mixed picture. Its relative strength index (purple) has recovered from under 30 earlier in the month, to around 45 now, indicating a slight recovery in momentum and buying interest.
However, XRP's 30-day moving average (red) continues to fall towards its 200-day (blue). A crossover could indicate further falls, particularly as trading volume -- indicating investor interest -- is also tailing off.
Making the situation worse is that the aftereffects of FTX's collapse continue to make themselves felt. Most recently, Digital Currency Group revealed it owes $575 million to distressed cryptocurrency firm Genesis Trading, which it owns and which may reportedly file for bankruptcy in the coming days.
Such revelations highlight the possibility that
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