The ongoing legal process with the SEC has been affecting the market evaluations of XRP coin. Lawyers are set to present their appeals on Monday. Experts indicate that the increase in circulation supply will make it difficult for XRP to reach its former highs. Nevertheless, the recent short-term recovery in its price is promising.
Market Dynamics and Price Movements
Following recent losses, XRP has risen by 5.55% to $0.53. While its losses were greater compared to other cryptocurrencies, it is currently showing signs of recovery. Legal evaluations, court documents, and other details may positively or negatively impact XRP’s price in the future.
Throughout 2024, the market has been on the rise while XRP has been lagging behind other altcoins. It lost 15% this year, while Bitcoin showed a 35% increase. This underperformance of XRP has prevented its growth even in high-risk appetite days.
Investor Interest and Expectations
Some investors may see the low prices of XRP as an investment opportunity and a preparation for the coin to reach its former highs. Additionally, as the halving approaches, the number of addresses holding between 1 million and 100,000 XRP is increasing, indicating a growing investor interest.
Useful Information
Legal processes of XRP can influence its short and long-term price movements.
Investor behavior, especially movements of large whales, can be crucial indicators for price predictions.
The interest of professional and institutional investors in XRP plays a key role in understanding market trends.
The recent heavy selling pressure may pave the way for a short-term recovery in XRP’s price. The low RSI value indicates that some investors are buying. The first resistance level is expected at $0.58, and closings above this level may trigger higher price targets.
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