Bitcoin price continues to linger around the $66,000 region, with no significant movement in altcoins. The ETF withdrawals, which resumed on April 12, have paused for two trading days, supporting optimism for the coming days. XRP Coin has some significant developments; how will they affect its price? What are the current predictions?
Ripple (XRP)
On Monday, we saw Ripple‘s lawyers respond to the latest SEC demand. We have been discussing how this development could increase volatility, and this was the reason for yesterday’s rise. On April 22, Ripple opposed the SEC’s $2 billion claim, presenting a summary of opposition that accepted a $10 million fine. This move could also prevent massive token sales necessary for paying billion-dollar compensations if accepted.
While Ripple’s lawyers counter the SEC’s hefty compensation claim, they seek consideration of the income taxes paid against corporate sales revenues and the losses incurred. The SEC previously demanded a much smaller penalty in a similar case (LBRY), which was significantly reduced due to the company’s inability to pay.
“Corporate sales were made to 41 ‘sophisticated individuals and organizations’ over eight years. These entities were fully informed about the transactions they entered into and chose to do so in their financial interest. There is no claim that Ripple deceived or misled them.”
XRP Coin Price
While the general market has seen a significant rise this year, the XRP Coin price has fallen by 14% despite BTC rising by 57%. Consequently, some investors might see XRP’s low prices as an attractive investment opportunity.
Even if it’s not clearly reflected in the price, we see this in investor trends. Addresses holding between 1 million and 100,000 XRP significantly increased in April. On the other hand, the appetite of smaller investors holding between 10,000 and 1,000 XRP also seems to be growing.
On the price front, closings above $0.526 could solidify the $0.55 and $0.596 levels as support, targeting $0.64 and $0.74 subsequently.
