Bitcoin price fluctuations have stirred altcoins, and SOL Coin has surpassed $181 again. However, today’s focus is on XRP Coin. At the time of writing, the popular cryptocurrency is trading at $0.523. We will see many significant developments throughout the week, which will have positive effects on the price. So, what is the expected trajectory for XRP Coin?
XRP Coin Analysis
Ripple’s (XRP) price rose to a one-month high of $0.56 on May 6. After experiencing some selling pressure, it dropped below the 20-day EMA and was struggling to surpass $0.51 today. Fortunately, with the rapid recovery in BTC price, it climbed to $0.523. In the short term, closing below the 20-day EMA would indicate negativity, but XRP Coin has avoided this.
If BTC price initiates a new trap to liquidate early long positions in the coming hours, $0.51 could be lost again. XRP’s MVRV ratio for the 30-day and 365-day moving averages is in the negative zone. This suggests that the current price range might be reasonable for investors looking to buy the dips.
XRP Coin Price Prediction
Bitcoin (BTC) price increase also means more upward movement for altcoins. If the leading cryptocurrency continues to close above $67,500, we could see better charts in the coming days. On the other hand, the legal battle between the SEC and Ripple continues.
In the midst of the legal battle, U.S. Representatives will vote on the 21st-century crypto law this week. Additionally, Biden will decide whether to veto a crypto-friendly bill supported by Democrats. These two significant events will show us how the U.S. government will approach crypto as the November elections approach. The critical moment is here. If things go in favor of crypto, it could create a positive atmosphere for other crypto cases and the XRP battle.
Returning to the price, positive funding in futures for XRP Coin suggests that more increases in the spot price are possible. This means that if the $0.53 barrier is surpassed, XRP Coin could reclaim the key level of $0.58. Conversely, if it closes below $0.5, the target could be $0.44.
