• The XRP price has dropped by 3% in the past 24 hours, but is still up 16% in a week and 26% since the start of 2023.
• Rumors about an imminent Ripple-SEC case decision have caused a rally this week, with many expecting the case to be solved soon.
• Positive decisions from the presiding judge and Ripple gaining access to important SEC emails suggest that Ripple might win this case.
XRP Price Drop Despite Bullish News
The XRP price has dropped by 3% in the past 24 hours, falling to $0.428988 as the cryptocurrency market responds to news of yet another rate hike from the Federal Reserve. Despite today’s dip, the altcoin remains up by 16% in a week and by 10% in the last month, while it has also risen by 26% since the start of 2023.
Ripple-SEC Case Causes Spike
XRP did enjoy a massive rally earlier this week as rumors spread online that the Ripple-SEC case was very close to ending, and most likely with a positive outcome for Ripple. However, while a decision is yet to arrive, there’s little doubt that one will come in the next few months and if it is positive, XRP will surge.
Are Whales Buying?
After reaching 70 and higher a couple of days ago, XRP’s relative strength index (purple) has climbed down to just under 60, indicating a loss of momentum. On the other hand, however, its 30-day moving average (red) has begun rising up towards its 200-day average (blue), suggesting that there may not have been much overbuying yet and XRP still has space left to rise in coming days.
Possible Positive Outcome
Given recent positive decisions and rulings in its favor such as being able to exclude one of SEC’s key expert witnesses and gaining access to important SEC emails related to cryptocurrencies being securities or not; there remains good chance of Ripple winning their ongoing legal battle with SEC. Not only is end near but Brad Garlinghouse – CEO at Ripple – expects it this year possibly even before summer arrives.
Conclusion
It seems like XRP hasn’t been overbought yet judging from its RSI score despite having surged earlier this week due to rumors about an incoming decision regarding SEC vs Ripple case which could be decided favorably for latter any time now given recent positive developments related thereto .