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Bitcoin price fluctuations continue, recently reaching $62,134 after hitting $58,402. This BTC rebound has allowed altcoins to regain previous levels. If BTC tests above $66,000 again, many altcoins could see increased gains against BTC. Some altcoins may positively diverge, with XRP Coin appearing to have favorable conditions.
Ripple (XRP)
Cryptocurrencies held in exchanges can significantly impact prices. Less supply available for sale on exchanges can be a factor that triggers a rise. The supply on exchanges has dropped to 2.84 million XRP, roughly equivalent to $1.34 billion.
Since January 1, 2024, the XRP Coin exchange supply has dropped to its lowest level but has not yet impacted the price. Trading at $0.47, the altcoin had decreased by 12% last month. This month, the price continued to fall, reaching $0.46. The intensity of investor losses might explain the weakness on the XRP Coin front. For example, the daily trading volume to profit ratio (evaluated using a 30-day moving average) is at 0.88, indicating weak profits.
Chaikin Money Flow (CMF) shows cash flow strength. CMF is at 0.06, indicating weakness. On the other hand, MACD confirms that sentiment favors the bears. BTC remains the sole motivation source, hovering above $61,000.
XRP Coin Predictions
Despite the drop in exchange supply, XRP Coin does not show signs of rising. This is partly due to the ongoing lawsuit and the rapidly increasing supply limiting the unit price during the lawsuit process. Even considering the market cap peak in 2021, the achievable unit price for XRP Coin is around $1.33, showing how quickly the supply has increased.
The $0.46 support has been tested multiple times, with dips below it. If the market recovers, the starting point of the rise on October 11, 2023, at $0.43, could trigger a rapid recovery to $0.53. Previous rises accelerated at this and similar points. The $0.57 level is the main stop before testing the $0.66-0.68 range.
