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

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Mon, 20/02/2023 - 12:46
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.

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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.

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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.

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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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