The attorneys representing the altcoin, a digital currency that has been causing problems for the Securities and Exchange Commission (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 the altcoin, XRP, reaching its previous all-time high levels. However, there has been a short-term recovery in the price.
XRP Coin Commentary
The price of XRP has increased by 5.55% to $0.53. Although XRP Coin experienced more losses than other cryptocurrencies during the recent market downturn, it is now making a recovery. Depending on the news that emerges tomorrow, there could be an increase in volatility. The comments made in court documents, the assessments of the judge, and other details will have either a positive or negative impact on the price of XRP Coin as the lawsuit progresses.
In 2024, XRP Coin is lagging behind the overall market rise among altcoins. It has fallen by 15% this year, while BTC has risen by 35% during the same period. XRP Coin has not experienced significant growth even on days when risk appetite was strong. This suggests that investors may still be interested 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 possible rally in the currently underperforming XRP, could aim for previous peak prices of up to $0.94.
XRP Coin Predictions
The number of addresses holding between 1 million and 100,000 XRP has started to increase as the halving approaches. The number of addresses with between 10,000 and 1,000 XRP is also rising. This can be clearly seen in the graph below. XRP Coin, which has not performed as expected on an annual basis, is still managing to attract some investors’ interest, although it may be late.
According to CoinShares’ weekly report, XRP Coin investment products were the only funds to see capital inflows last week. This suggests that professional and institutional investors may have resumed accumulating XRP after a long period of selling.
During the recent market downturn, XRP suffered a loss of 30%, which is worse than the overall performance of the market. With the Relative Strength Index (RSI) falling to the oversold bottom of 30, investors are hopeful for a continued recovery, with $0.58 being the first potential target. If the price closes above this level, it could lead to further increases to $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.
