The XRP price has increased by 2% today, rising to $0.5129 as the wider cryptocurrency market enjoys a 3.5% gain in the past 24 hours.
XRP’s move also comes amid an increase in leveraged long positions among large traders, with XRP’s long/short ratio on OKX reaching its highest position in over a month this week.
Such a rise may help to change XRP’s fortunes for the better, with the coin having underperformed recently, having gained by only 4% in a week and having declined by 10% in a month.
Yet with Ripple’s case with the SEC likely to end completely this year, and with a bull market still likely, the XRP could rally big again soon enough.
XRP Price Prediction as Whales Ramp Up Bullish Bets Despite Slump – Huge Pump Incoming?
XRP’s chart continues to look pretty subdued, with its indicators all showing overselling and a distinct lack of momentum.
Its 30-day average (yellow), for instance, declined below its 200-day (blue) over a week ago and continues to drop further, although it may now be relatively close to a bottom.
Source: TradingView
Perhaps more hopefully, XRP’s relative strength index (purple) has picked up from 30 and returned to 40, although today it looks like it’s struggling to rise any higher.
XRP’s trading volume isn’t too low, at around $900 million today, yet it’s still some way off the higher levels – of over $2 billion – it enjoyed in earlier January.
Still, it does seem that whales are slowly beginning to renew their interest in XRP, with the aforementioned OKX data showing a favorable increase in the long/short ratio for XRP.
Source: Coinglass
In other words, larger traders tend to be buying the token more than selling at the moment, which is potentially a sign that they expect a rebound or rally in the not-too distant future.
Perhaps such whales are looking to the end of the Ripple-SEC case, with experts expecting both parties to reach a full and final settlement by the summer.
This settlement came a little closer earlier this week, when the presiding court ordered Ripple to turn over financial statements and various other docs, which the judge will use to decide an appropriate financial penalty.
#XRPCommunity #SECGov v. #Ripple #XRP Magistrate Judge Netburn has granted the @SECGov’s Motion to Compel in its entirety. pic.twitter.com/QrFZjGbUNN
— James K. Filan (@FilanLaw) February 5, 2024
As for how big this penalty will be, only time will tell, but a settlement should enable Ripple to move beyond its long-running case, and for the XRP price to continue rising.
Promisng New Altcoins
Traders frustrated by XRP’s recent lack of progress may prefer to invest in some of the more promising smaller cap alts that could rise significantly in the near term.
One of the newest and most promising of these is Smog (SMOG), a Solana-based meme token that has just listed on the Jupiter DEX.
Impressively, SMOG has risen by 848% in the past 24 hours, with the coin holding onto most of its launch gains despite a little dip earlier this morning.
Source: Birdeye/TradingView
This helps set the coin apart from other SOL-based meme tokens, with many launching this year and then collapsing immediately without a trace.
The reason why SMOG has been able to pump and then hold its price is that it comes with a distinctive design and token structure, featuring playful Tolkien-esque memes and an innovative airdrop system.
The latter will provide airdropped SMOG to investors who buy and hold onto the token, with each user putting themselves in line for greater airdrop rewards in proportion to how many tokens they hold and for how long.
This setup will likely incentivize a higher level of ownership and loyalty among holders, something which its successful listing on Jupiter is already suggesting.
As for its tokenomics, it will have a total supply of 1.4 billion SMOG, with 35% of this going towards airdrop rewards and 50% towards marketing (the rest will be liquidity).
And in the future, SMOG will also introduce staking, thereby increasing the motivation to hold onto the coin for longer.
As such, its price could rally big in the near and more distant future, with investors able to buy the coin either via its official website or on the Jupiter DEX aggregator.
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