• XRP’s price has been steadily rising in the past week and month, with a 15.5% increase since the start of the year.
• Whale Alerts have reported several large XRP transfers from Bitso and other wallets, amounting to over $100 million.
• Positive expectations concerning Ripple’s case with the SEC suggest this upward momentum will continue, although there is not a unanimous sentiment in the market right now.
XRP Price on the Rise
The price of XRP has risen by 1.5% in the past 24 hours, reaching $0.393371 on a day when news of Silvergate’s voluntary liquidation has hurt the market as a whole. The coin is now up by 2.5% in a week and basically flat in the last 30 days, although it has risen by 15.5% since the start of 2023. Combined with increasingly positive expectations concerning Ripple’s case with the SEC, this upwards movement paints a bullish picture for XRP.
Whale Moves $10 Million of XRP
A whale apparently moved $10 million in XRP off the Bitso crypto-exchange recently, likely preparing holders for some major returns somewhere later in the year. The coin’s chart reveals a bullish reversal, meaning that after a period of negative indicators, there has been a sudden positive shift as its relative strength index (RSI) jumped from 40 to nearly 60—suggesting further increases if it can break through resistance at $0.40.
Other Big Transfers Reported
In addition to this recent move off Bitso, another whale moved $23 million in XRP to Bitstamp yesterday while an even bigger transfer of 150 million XRP (about $58 million) was completed today involving two unknown wallets sending to each other—showing that not all holders are expecting price rises later this year despite Ripple’s increasing optimism about its SEC case outcome.
Ripple’s Case with SEC Progressing Positively
Positive expectations concerning Ripple’s case with US financial regulator Securities and Exchange Commission (SEC) have contributed significantly to increased investor confidence and buoyed prices for XRP lately—with many eager to see how this legal dispute plays out before making any long-term predictions or investments into cryptocurrencies like XRP that are tied so closely to its resolution/outcome..
The recent flurry of activity around large transfers suggests that investors may be preparing for potential gains later this year as efforts by Ripple and its allies continue towards resolving their legal issues against US regulators like SEC successfully—pushing up prices along with overall investor confidence even more than already seen since January 2021 onwards..