By: Isha Das
Despite the current market uncertainty, XRP is predicted to experience a bullish continuation with a possible 20% rally by the New Year. This optimism comes amidst a time where XRP has been under a period of consolidation, with trading volumes down nearly 43.59%. Anticipated positive movements are due in part to what's known as a 'bull flag' chart pattern, often seen following a strong uptrend. Previously, XRP was trading above this flag's upper trendline, indicating potential continuation in its bullish journey.
Simultaneously, crypto whale trackers have flagged significant transactions involving XRP, with large amounts being moved to notable exchanges such as Bitstamp and Bitso. While many associate such actions with increased selling pressure, others suggest it signals a strong purchasing sentiment among whales, thus indicating possible volatility in the near future. In particular, these 'whales' have reportedly bought $6.82 million worth of XRP tokens over the week, suggesting confidence in XRP's potential price increase by December.
Though XRP has previously soared by nearly 85% in 2023, largely due to Ripple's partial win against the United States Securities and Exchange Commission (SEC), there is an ongoing lawsuit questioning whether Ripple's XRP sales to institutional investors violated U.S. securities laws. This pending decision, scheduled to resume on April 23, 2024, is seen by many, including crypto attorney John Deaton, as likely to result in a substantial win for Ripple if the settlement falls below $20 million.
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