XRP Price Prediction as XRP Rockets Up 10% Instantly – Are Whales Buying?

cryptonews.com:

The XRP price has surged by 10% this morning, reaching $0.691398 as the cryptocurrency market gains by only 0.5%.

XRP is now up by 23% in a week and by 32% in a month, with the altcoin’s 24-hour trading volume rising beyond $2 billion today.

Such an increase follows last week’s news that Ripple had scored another victory in its case with the SEC, after an appeals court told the regulator that it can’t demand a big penalty from Ripple unless it proves that early XRP investors suffered significant financial losses.

And with early XRP investors likely to have made more money than they lost on the whole, some commentators are suggesting that Ripple will pay a small penalty, something which would be massive for XRP.

XRP is currently the most bullish major token in the market today, with its indicators are very hot.

Its 30-day average (yellow) climbed over its 200-day (blue) several days, signalling a breakout rally which does now appear to be in progress.

At the same time, XRP’s relative strength index (purple) has risen well beyond 80 and is very near 90.

This puts it firmly in an ‘overbought’ position, yet XRP is also up by 0.5% in the past hour, so it doesn’t look like it will be coming down just yet.

The coin’s trading volume also supports such confidence, having risen from under $300 million on certain days in October to over $2 billion today.

That said, the latest data would suggest that at least some whales are preparing to take advantage of the current spike by moving their XRP holdings to exchanges.