Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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."
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya
Vladislav Sopov