XRP Price Prediction as $700 Million Trading Volume Comes In – Are Whales Selling? XRP/USD Chart / Source: Adobe
XRP (XRP), the cryptocurrency that powers the decentralized payments-focused XRP Ledger that was created by US fintech company Ripple, has recovered back into the green after slipping to fresh monthly lows earlier in the day.
XRP was last changing hands around $0.4650, up a little under 1% for the day, but still lower by about 6% versus last Sunday’s monthly highs near $0.50.
The cryptocurrency has seen high trading volumes in the last 24 hours, with well over $700 million in XRP swapping across major exchanges as per CoinGecko.
But this hasn’t helped to lift the cryptocurrency and could indicate that whales continue to sell as XRP slips below a key uptrend that has been in play since early 2023.
Price Prediction – Where Next for XRP?
Concerningly for the XRP bulls, XRP this week fell below an uptrend that has been inplay going all the way back to the start of 2023.
As a result, price predictions have become more pessimistic, with XRP’s technical outlook having darkened.
Assuming a weekly close beneath this uptrend is confirmed, a retest of the 200-Day Moving Average under $0.44 seems likely.
A retest of resistance-turned-support in the $0.41 area is also on the cards.
If XRP was to fall all the way back to these levels, this could be an attractive area for the longer-term XRP bulls to get involved and add to longs.
That’s because this area is where XRP was trading in early March before a surge in optimism about Ripple’s prospects to win a favorable outcome in its lawsuit versus the SEC.
Nothing has happened to change that optimism since March.
Indeed, with the SEC recently having been forced into releasing controversial documents relating to a speech made by a former high level official at the agency (William Hinman), the SEC’s case seems even weaker than ever.
Assuming a favorable outcome for Ripple versus the SEC, may still think XRP could be one of the best performing cryptocurrencies of 2023.
If XRP was able to break above the long-term $0.55-59 resistance area, a quick recovery to the $0.90s is a strong possibility.
XRP (XRP) Alternative to Consider – Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised more than $13.26 million in just over one month, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.