Bitcoin’s price remains stable around the $66,000 mark, while altcoins show no significant movement. The pause in ETF withdrawals, which began on April 12, has sparked optimism for the future.
XRP, on the other hand, has experienced some noteworthy developments that could impact its price. This raises questions about its current predictions.
Ripple, the company behind XRP, recently responded to the SEC’s latest demand. This development has the potential to increase volatility, which is why we saw a rise in XRP’s price. On April 22, Ripple opposed the SEC’s $2 billion claim and offered to pay a $10 million fine instead. If accepted, this move could prevent the need for massive token sales to cover billion-dollar compensations.
Ripple’s lawyers are also arguing for consideration of income taxes paid against corporate sales revenues and losses incurred. The SEC had previously demanded a smaller penalty in a similar case involving LBRY, which was reduced due to the company’s financial constraints.
Despite the overall market seeing significant growth this year, the price of XRP has fallen by 14% while Bitcoin has risen by 57%. This may present an attractive investment opportunity for some investors.
Investor trends also support this notion, even if it’s not fully reflected in the price. The number of addresses holding between 1 million and 100,000 XRP has significantly increased in April. Additionally, smaller investors holding between 10,000 and 1,000 XRP appear to be showing more interest.
From a price perspective, if XRP closes above $0.526, it could establish support levels at $0.55 and $0.596, with subsequent targets at $0.64 and $0.74.
It’s important to note that the information in this article should not be considered investment advice. Cryptocurrencies are highly volatile and carry inherent risks, so investors should conduct their own research.
