This week, virtually all altcoins comprehended their potential predicaments with the SEC. XRP has been enduring this reality for years, being ostracized from US-based exchanges and forced to endure the adverse effects of the lawsuit. However, the tide is changing.
XRP Coin June 13
Come June 13, the much-anticipated climax of the XRP Coin lawsuit is approaching. According to Ripple CEO, we will witness the lawsuit’s conclusion within weeks. The said date marks a critical juncture for various reasons, so what developments could influence the price of XRP Coin?
- The announcement of inflation data.
- Fed interest rate decision (June 14).
- Publication of Hinman documents.
The release of Hinman documents could potentially convince the XRP Coin community to rally. It is anticipated that the inflation data will be low, and the Fed is expected to bypass interest rate hikes this month. These factors combined could create a conducive environment for an increase in XRP Coin price.
XRP Coin Price Prediction
Surprisingly, the market overlooked the SEC’s significant decision to remove Ripple’s XRP, categorized as a ‘security,’ from its most recent token list. XRP owners are increasingly optimistic, expecting a positive outcome from Ripple’s long-standing SEC lawsuit in the forthcoming weeks.
Large institutional investors appear to be at the forefront of the ongoing XRP price rally. As the total XRP network transaction volume increases, Whale activity also increases concurrently. Whale transactions surged by 8,000% this week, rising from 7 significant transactions on June 3 to 557 on June 8.
Several unsuccessful attempts were made by XRP to exceed $0.55. This time, however, the bullish whales seem set to drive an ongoing XRP price rally to a new 2023 peak above $0.60. According to Santiment’s Market Value to Realized Value (MVRV) data, most crypto investors who purchased XRP in the past month are currently looking at an unrealized profit of 7%. Historical trading patterns indicate that they will earn an additional 6% before beginning to sell around $0.57.
