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Bitcoin and the majority of altcoins have achieved significant gains and the market is recovering as the halving event draws near. However, XRP Coin is not much higher than its levels from the previous year. The lackluster recovery and current price outlook certainly have their reasons. We are examining current market predictions and expectations for XRP Coin.
Ripple (XRP)
Especially in the past few weeks, the price of XRP Coin has weakened as a result of disinterest. The poor performance of this popular altcoin may be related to the trend among institutional investors. There can be many reasons for institutional investor disinterest, and we should see this as a result. After comprehensive evaluations and reviews, there could be valid reasons for these investors to exit XRP Coin.
According to the CoinShares cryptocurrency report, XRP managed to attract only $100,000 from institutions for the week ending April 5. Is this a result of general disinterest in altcoins? Certainly not, as LTC saw an inflow of $4.4 million while BNB and DOT Coin attracted $600,000. This indicates a lack of interest from institutional investors in the segment.
XRP Coin Predictions
The rapidly increasing circulating supply, the anticipated massive XRP sales to pay a potential $2 billion fine, ongoing lawsuits, and many other reasons continue to weaken XRP Coin. At the time this article was prepared, the price had recovered to $0.61, but it remains below $0.65.
Ripple‘s network growth is at its lowest in recent months, and this is another significant detail signaling a price decline. Another bearish signal comes from the Ichimoku Cloud indicator. Additionally, upcoming US inflation data on Wednesday could lead to cautious investors selling off in the overall cryptocurrency markets.
The price of XRP, at the time of writing this article, stands at $0.614, and in the event of a decline, sales could continue down to $0.58 and $0.55. In the opposite scenario, a recovery would require reclaiming the $0.64-$0.65 range and targeting $0.74. In the long term, if XRP Coin breaks its 2021 market value record with the current circulating supply, it could reach a unit price of $1.3. This also shows why the circulating supply has increased significantly.
