Cryptocurrencies are becoming active again and the rise seems to be spreading to the majority of altcoins. This is positive. After a destructive 2022, investors who were rewarded at the beginning of 2023 found themselves rolling back to deeper lows by mid-year. However, in the last quarter of 2023, with the excitement of ETF approvals, Bitcoin and altcoins once again achieved double-digit gains. And some have increased by more than 20 times. So what is the situation with XRP Coin?
The Future of XRP Coin
XRP Coin‘s long-term future will depend on Ripple and the strategies it will follow from now on. Ripple, which is expected to go public, has some issues to resolve beforehand. In the first half of this year, in other words, in the medium term, we will see the collective appeals phase of the ongoing legal battle with the SEC. This is extremely negative for investors.
While cryptocurrencies in general are experiencing impressive rallies, it would be tragic for XRP Coin to miss the last bull season due to the appeal phase of the lawsuit. Even though many victories have been achieved in 2023, the possibility of XRP Coin conceding goals in the SEC’s fortress will remain alive until the collective appeals are over.
Beyond this, in the long term, the details of Ripple’s public offering plan will be important for XRP Coin. If they become less concerned about XRP Coin after starting to trade on the US stock markets, it means isolation for XRP Coin. In the opposite scenario, the adoption of XRP Coin as an institution is expected to increase its utility with previously mentioned smart contract capabilities and CBDC agreements.
In any case, the infrequent unlocking of hundreds of millions of dollars is annoying, and a significant portion of its maximum supply is still not in circulation, which suppresses the price potential.
XRP Coin Price Prediction
The price is still above the $0.58 support level, but the $0.65 supply zone cannot be overcome. While most altcoin prices doubled in December, XRP Coin price only briefly approached $0.7. The long upper wicks in the candles indicate a large group eager to take profits.
If the price can overcome this barrier, it may target the resistance in the $0.737-0.75 range. Then it will want to surpass the resistance area of the parallel channel at $0.9378.
