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The price of Bitcoin continues to close above the $28,300 resistance area, but the weekly closing is still pending. Altcoins have weak demand as BTC continues to flow into exchanges. If the weekly closing also occurs above the resistance area, investor demand could further increase. On the other hand, if the allegations about Ripple trigger the expected excitement, the price could recover strongly.
Ripple IPO
A recently published job advertisement for a Shareholder Communications Senior Manager triggered speculation about a potential Ripple IPO. We have previously discussed the IPO issue in detail. If the SEC had not filed a lawsuit, we would have already seen Ripple’s IPO completed. However, the ongoing lawsuit for years has hindered the company’s public offering.
Experts stated a few months ago that despite the victory in the lawsuit, the IPO process would not start until a definitive decision is made. This means that the process will most likely start after June next year. Considering the 6-8 month IPO approval process, early 2025 seems to be the most optimistic date.
Of course, the optimistic date will only be valid if the SEC does not appeal. The SEC has clearly signaled that it will appeal. If there is an extensive appeal process, the appeal will not be completed before 2027. This indicates that the IPO could take place by the end of 2027 or the beginning of 2028.
XRP Coin Price
Readings on the weekly chart indicate that the XRP price, which traded at its annual high of $0.94 in July, has been in a decline since then. The price, which dropped to the $0.42 support area, was triggered by the loss of the critical horizontal support area at $0.53.
The XRP Coin price is currently negative as it has turned the $0.53 horizontal support area into resistance. The RSI had already signaled weak price movement by falling below an ascending support trendline since July.
If the XRP Coin price continues to decline, sellers could push the price down to $0.4 with a 20% loss. However, despite this downward trend in the XRP price forecast, a weekly closing above $0.53 could initiate a move towards $0.75 with a 55% increase.
