The battle between Ripple and the SEC is not over yet, even though Ripple has won the first half. The process is still ongoing. In order for the case to be completed and for investors to breathe a sigh of relief, XRP Coin needs to come out victorious from the mass cleansing process expected next year.
XRP Coin Price
Although Ripple is leading 3-0, it can still score goals against the SEC in the second half. To prevent this, the court’s summary judgment in July should not be overturned in mass appeals. Although the probability of unfavorable decisions in mass appeals is low statistically, it is not zero. This makes investors have a more limited risk appetite.
At the time of writing this article, the price of XRP Coin is $0.6188. After the local low of $0.67 on November 23rd, there was a loss of nearly 20%. Bulls, who have been below a downward trend line resistance since January 2018, have been searching for a period of excessive demand and low alternatives.
Of course, the exponential increase in the supply of XRP Coin over the years has led to lower price peaks while the market value has multiplied.
XRP Coin May Decline
It can be said that historically, new lows are imminent since the long-term trend resistance line has not been surpassed in 2023. Although historical patterns do not predict the future, they tend to repeat, which can worry investors. The downward target is around $0.5, close to the 50 and 200-week EMAs.
If this fractal repeats, XRP’s price could experience a 20% loss before 2024. According to Santiment data, large investors have started moving their assets to exchanges, which could be preparation for an upcoming selling wave.
In addition, CoinShares data shows that institutional outflows from XRP Coin ETPs continue. Since August, there has been a $2.6 million outflow. The movements in these crypto funds, which attract the attention of institutional and accredited investors, are quite important.
For example, during a period of steady inflows for Solana, the GSOL Trust started trading at a massive premium and we saw the price rise from $20 to over $65. The opposite could be true for XRP.
