The legal team representing the altcoin that has been causing trouble for the SEC will present their objections to the institution on Monday, as the court process gets underway. Experts predict that the case will not be resolved quickly, and the increasing supply circulation is dampening hopes of XRP reaching its previous all-time high levels. However, the price has made a recovery in the short term.
XRP Coin Commentary
The price of XRP increased by 5.55% to reach $0.53. After experiencing more losses than other cryptocurrencies during the recent market downturn, XRP Coin is now bouncing back. Depending on the news that emerges tomorrow, we can expect increased volatility. Comments made in court documents, assessments by the judge, and other details related to the lawsuit will have an impact, positive or negative, on the price of XRP Coin.
In 2024, XRP Coin is one of the altcoins that has not kept up with the overall market rise. It has fallen by 15% this year, while BTC has risen by 35% over the same period. Even on days when risk appetite was strong, XRP Coin did not experience significant growth. This suggests that investors may still have an interest in this underperforming altcoin.
As a result, some investors may see the current low prices of XRP as an attractive investment opportunity. These investors, who are preparing for a potential rally in the underperforming XRP, may aim for previous peaks of up to $0.94.
XRP Coin Predictions
As we approach the halving, the number of addresses holding between 1 million and 100,000 XRP is starting to increase. There is also a rise in the number of addresses holding between 10,000 and 1,000 XRP. This can be clearly seen in the graph below. Despite not meeting annual expectations, XRP Coin is still managing to attract some investor interest, albeit late.
According to CoinShares’ weekly report, XRP Coin investment products were the only funds that saw capital inflows last week. This suggests that professional and institutional investors may have started accumulating after a long period of selling.
During the recent market downturn, XRP suffered a 30% loss, which exceeded the overall market performance. With the RSI falling to the oversold level of 30, investors are hopeful for a continued recovery, with $0.58 being the potential first stop in a rise. If prices close above this level, it could lead to levels of $0.64 and $0.74.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
