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As the cumulative value of cryptocurrencies remains under 1.2 trillion dollars and Bitcoin stagnates at the 27,000 level, it’s a frustrating scene, especially given today’s news suggesting no interest rate increase in June. However, next week could be a turning point for the market, and there are certainly some outliers showing promise amongst the altcoins.
Current Status of XRP Coin Case
The much-anticipated Hinman documents will soon be publicly released, pushing the lawsuit into its next phase. Parties that filed for summary judgment at the end of last year are now awaiting a resolution within the next few months. Both sides have solid arguments, and there’s no clear favorite, a circumstance that emboldens XRP Coin investors.
Once the knot concerning the Hinman documents is untied, there will be virtually no other critical development left in the case. It will then be up to the judge to declare the rightful party. Regardless of the outcome, XRP Coin will likely experience a local bull period, freed from a significant Fear, Uncertainty, and Doubt (FUD), while other altcoins, including ETH, grapple with the SEC threat, and BTC and XRP comfortably observe the chaos.
If we remember the surge in February fueled by rumors that DOT Coin had settled with the SEC and was not considered a security, the conclusion of the XRP Coin case could be an even more significant price catalyst. There is just one step left for investors – a mini XRP Coin bull post-summary judgment will not be surprising.
However, this is the crypto market, and the future remains uncertain.
XRP Coin Predictions
The medium-term future appears bright for XRP Coin, but what about the short term? After being rejected from 0.53 dollars on April 19, XRP’s price trended downward throughout last month. Although the daily market structure is bearish, the bulls seem strong enough to break this trend.
Several Fibonacci retracement levels were drawn based on the rise from 0.347 dollars to 0.585 dollars at the end of March. The 0.438 dollar support level seems to have fallen to 0.423 dollars, as seen in the chart below.
In the past few days, bulls have been trying to climb above the 61.8% level. Moreover, their persistence indicates that even the recent lowest level of 0.4706 dollars could soon be surpassed. A daily session closing above this level would turn the market structure bullish on the daily chart.
So, in the short term, closing above the support levels indicates a new peak between 0.47 and 0.58 dollars. Further developments in the case could potentially fuel this.
Rising CVD shows a strong demand behind XRP. Open Interest also increased along with prices since May 15, suggesting that professional investors seem to anticipate a rise.
