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XRP Trading Volume Skyrockets by 111% as Rare Chart Pattern Emerges

Mon, 02/20/2023 - 12:46
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Tomiwabold Olajide
XRP seems to portray oversold conditions
XRP Trading Volume Skyrockets by 111% as Rare Chart Pattern Emerges
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XRP trading volume jumped over 111% as traders considered a potential trend reversal while XRP seemed to be portraying oversold conditions.

A crypto enthusiast who goes by the name of "Mr. Huber" on Twitter has posted a screenshot of a weekly chart depicting XRP's price being graphed against total cryptos.

He noted that XRP has been in a steady downtrend against total cryptocurrencies as it closes its 12th red candle in a row, which was last seen in March 2015.

The chart also indicated a triangle pattern, which involves the price moving into a tighter and tighter range as time goes by and provides a visual display of a battle between bulls and bears until one side concedes and a breakout ensues.

XRP, Courtesy: CoinMarketCap

Compared to other cryptocurrencies that have generated significant gains since the start of the year, XRP is underperforming the top 10 cryptocurrencies in terms of year-to-date gains.

At the time of publication, XRP was marginally down in the last 24 hours at $0.392. The token is down 5.1% in the last 30 days.

Ripple lawsuit resolution awaited

According to "Mr. Huber," the timing of XRP's underperformance seems to be interesting ahead of the much-anticipated resolution of the Ripple lawsuit. He wrote, "Yes, I find the timing exciting, I mean, it has looked worse fundamentally, and now just before the resolution."

As reported by U.Today, James K. Filan, a U.S. defense lawyer who usually posts updates on the Ripple SEC lawsuit, predicted that the ruling judge might make a big written ruling on or before March 31, 2023.

XRP Lawsuit: Crypto Lawyer Says Biggest Danger to Ripple Might Lead to This Outcome

In a broader timeframe, Ripple's CEO believes that a resolution might come in the first half of 2023. As the days go by, XRP holders are optimistic about a favorable ruling for Ripple.

"Mr. Huber" expects a big win overall for Ripple: "For me personally, there is no way that XRP will be considered a security. Maybe early sales. Yes, maybe a fine. But it is going to be a huge overall win."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.