Ripple’s XRP has been the subject of a legal battle with the Securities and Exchange Commission (SEC). It fell nearly 2% in the past 24 hours, taking a hit to the asset’s weekly record. At the time of writing, the altcoin was trading at $0.5442 after falling from a high of $0.5537.
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Additionally, XRP trading volume decreased by 19.46% over the period to approximately $1.14 billion. This sharp decline in volume indicates that there is little trading activity and the market is experiencing negative sentiment.
This price drop occurs during large-scale transfers. According to Whale Alert, an XRP whale moved over 28 million tokens from a private wallet to crypto trading company Bitso. Based on the XRP price at the time of the transaction, the value of these tokens is expected to be approximately $15 million.
Nevertheless, it should be noted that October is a bullish month. As a result, the community expects Ripple’s XRP to rise in the coming weeks.
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XRP price prediction
It looks like altcoins are going to end the month on a great note. According to Changelly data, XRP will witness a significant rally in the coming days. On October 25th, assets will rise by double digits. Price forecasters pointed out that the altcoin will soar to a high of $0.705131. This represents an increase of nearly 30% from current price levels.
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This increase could potentially benefit an even larger number of investors. However, the complication of the legal battle with the SEC could disrupt XRP’s rise and impact its price.
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