⭐Forecast for XRP Price: Whales Increase Bullish Bets Despite Decline⭐
As the cryptocurrency market as a whole has gained 3.5% in the last 24 hours, the price of XRP has climbed 2% today, reaching $0.5129.
The advance in XRP coincides with a rise in leveraged long holdings held by institutional traders. This week, the XRP long/short ratio hit its highest point in almost a month.
With XRP's recent underperformance—a 4% weekly gain and a 10% monthly decline—such an increase would help turn the coin's fortunes around.
But a bull market is still possible, and Ripple's dispute with the SEC is expected to conclude this year, so XRP might have a huge bounce again shortly.
Overselling and a clear absence of momentum are seen on XRP's chart, which remains somewhat muted.
For example, its 30-day average (yellow) fell below its 200-day about a week ago and is still falling, but it could be nearing the bottom presently.
The relative strength index (purple) for XRP has recovered from 30 and is back up to 40, which is encouraging, but it seems like it's having trouble going much higher today.
Even while XRP's trading volume isn't too low at $900 million today, it's still much lower from the greater levels it had in previous January, when it was over $2 billion.
Even said, the long/short ratio for XRP has improved, suggesting that whales are reviving their interest in the cryptocurrency (OKX data shows this).
To rephrase, bigger traders are more likely to be purchasing the token than selling it right now, which might indicate that they anticipate a rise or recovery soon.
Maybe these whales are waiting for the Ripple-SEC lawsuit to conclude; analysts predict a final settlement between the two sides by summer.
