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Bitcoin price is lingering in the $44,000 region, preparing for a significant event. Only days remain. By Wednesday evening, we will witness volatility increase exponentially. More importantly, we are on the verge of entering a period that will set the course for 2024. So, what is the latest situation on the XRP Coin front?
Ripple (XRP) Price Predictions
As this article is being prepared, the XRP Coin price is at $0.569. During the current week, the price felt the effects of excessive selling, dropping to $0.5. The major weekly support is found at $0.5335, which has been regained.
Previously, after reclaiming this region, it had tested the $0.7151 resistance and could target the main resistance at $0.82 if it maintains closures above it, having surpassed the decreasing resistance line since July.
For now, the bullish trend seems to be under bear control. This situation could trigger a drop to the bottom support at $0.31 due to a potential ETF rejection or different kinds of FUD. The price, which has maintained the rising trend support line from the beginning of 2023 to this week, has now breached it, similar to the breach in last year’s July peak. If a similar process occurs, new higher lows could be seen, provided the $0.5343 support is preserved.
In the scenario where the trend support line is reclaimed, new bull peaks between $1.39 and $2.78 could be witnessed. However, due to the increasing circulating supply and the expansion of alternatives in altcoins, the probability of a new ATH does not seem very likely.
The Future of XRP Coin
Technical analysis indicates that the negative sentiment continues and the rise has paused, but the key support is currently holding, which is positive. However, the next few months are not expected to go perfectly on the legal front. It is known that the SEC is preparing for mass appeals, and therefore, they have not let up on the top Ripple executives.
If the SEC goes for mass appeals in the second quarter as expected and fights to turn the match against Ripple, this means the price will be suppressed. Investors who have already bought into this expectation are disheartened. For the next few months, at least until the appeal process becomes clear, XRP Coin may not perform as expected.
