Bitcoin price surpassed $67,000 after about a month and continues to find buyers at this level. Ripple (XRP) is trading at $0.525. The ongoing lawsuit’s end date remains uncertain, and both parties continue to prolong the process. So, what are the short-term price predictions for XRP Coin?
XRP Coin Commentary
Due to the rapid increase in circulating supply and the lawsuit, the XRP Coin price has not reached its all-time high for many years. It is likely that this record will not be broken for a longer time. However, there are some details that could trigger price volatility in the short term. There has been a significant increase in the Age Consumed metric.
This metric usually indicates that long-term investors are moving their assets, which could signal potential selling pressure that could shake the price. However, the situation is different for XRP Coin. The Age Consumed, which shows a recovery in buying/selling activity, is confirmed by the price increase.
XRP Coin Price
The XRP Coin price rising above the 20-day EMA indicates that the uptrend could continue. Another indicator, XRP’s Elder-Ray Index, has started to signal the strongest buyer strength since May 8. The Money Flow Index (MFI) has also climbed above the neutral zone to show the buying pressure created by the bulls. If the expected scenario for XRP Coin occurs, the $0.53 level could turn into support.
Beyond this, reclaiming the $0.57-$0.58 range will show that a new credible rally attempt has begun. The popular altcoin, which lost its parallel channel support, had spiked down to $0.4.
Now, if it can surpass the $0.57 resistance and turn it into support, it could test the middle area of the parallel channel at $0.74. Depending on the size of the selling pressure that will come here, XRP Coin bulls will want to extend the rally. However, the failures of the attempts in July, November, and this March are demoralizing.
XRP Coin shows a very weak performance compared to its market competitors. Even though competitors have made massive gains from the bottom levels of bear markets, XRP Coin has continued to trade in a narrow range, barely moving. It will likely be able to break out of this vicious cycle with strong signals that the lawsuit will be resolved in its favor.
