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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.
New record: Today XRP closes the 12th red candle in a row against the Total of Crypto. This has never happened since March 2015. pic.twitter.com/UTDCF9YvjF
— Mr. Huber🔥🦅🔥 (@Leerzeit) February 19, 2023
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.
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.
Tomiwabold OlajideIn 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."
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team