• XRP’s price has risen over the past 30 days, coinciding with Ripple’s Q4 Market Report which showed that it sold $220 million in XRP tokens.
• The chart for XRP suggests a possible rally as its relative strength index and 30-day moving average near the 200-day mark.
• Ripple’s legal battle with the SEC is nearing its end and this could result in increased demand for XRP if a positive outcome is secured.
Strong Demand For XRP
The XRP price has gained by 1% in the past 24 hours, reaching $0.402474 after Ripple published its Q4 Markets Report, showing an increase of 3.5% in a fortnight and 18% rise in the last 30 days. The report revealed that just over $220 million worth of XRP tokens were sold during this period due to high demand for Ripple’s on-demand liquidity product.
XRPs Chart Suggests Rally
XRPs chart reveals an altcoin that may be about to rally, as its relative strength index (purple) has risen again in the past day or so while its 30-day moving average (red) is nearing its 200-day (blue). A crossover between these two lines could potentially signal a breakout rally, however investor sentiment towards the broader market still remains uncertain.
Demand Expected To Increase
In terms of fundamentals, a potential rally can be expected at some point due to consistent demand for Ripple’s services and for XRP tokens despite their ongoing legal dispute with the U.S Securities Exchange Commission (SEC). According to Brad Garlinghouse, CEO of Ripple, he expects this case to conclude by the end of 2023 at latest and if they secure a positive outcome then net sales of XRP could increase exponentially following this resolution.
Positive Outlook For Crypto
Overall there are strong indications that demand for cryptocurrencies such as XRP is continuing to grow even amidst regulatory uncertainty, suggesting that long-term investors are optimistic about their future prospects regardless of short-term volatility or dips caused by external events such as news related to regulation or other cryptocurrency projects such as Bitcoin’s Lightning Network upgrade announcement earlier this week which briefly caused prices across all markets to drop significantly before recovering shortly afterwards.
Conclusion
Ultimately there appears to be significant potential for growth within the crypto space despite current challenges faced by individual projects like Ripple’s On Demand Liquidity product which have not stopped them from achieving success and furthering adoption amongst users around the world who are increasingly looking towards digital assets as an alternative asset class investment option with more favorable returns than traditional investments like stocks/bonds etc…
