Ripple (XRP) had its good days in July of last year, but afterwards, it weakened following a series of developments. The price performance was negatively affected by a fake BlackRock news and the pessimism related to the ongoing lawsuit. Moreover, the continuously increasing circulating supply is causing investors to drown in more negativity.
XRP Coin Price
The popular cryptocurrency experienced a gradual increase along the rising support line for 440 days. It reached a peak of $0.94 in July 2023. Afterwards, the price began to fall for various reasons, and in January, it broke below the rising trend support line. This pattern had been ongoing for 440 days and triggered the loss of a significant long-term horizontal support line.
The weekly RSI is negative, and as we reported at the time of writing, the BTC price is falling due to the impact of the bad inflation data. This decline is, of course, negatively affecting the rest of the cryptocurrencies.
So, what do analysts think about the XRP Coin price? An expert known by the pseudonym XRP_Wizardry is targeting $10-13 during this bull season. This suggests an expectation of reaching a market value of over $500 billion. But is this possible while BTC is targeting 1 trillion dollars? Even if the circulating supply lingers around 50 billion, this is an overly optimistic prediction. If the 2021 peak (in terms of market value) is reached (during this bull season), XRP Coin could see $1.3-1.4. The increasing supply is the main reason for this weak prediction.
CryptoBusy wrote the following;
“I’m patiently waiting for the XRP Coin breakout. Between 2017 and 2020, we bought XRP at an average price of $0.11 to $0.25 and sold some during the last bull run. In 2022, we bought a large amount of XRP at an average price of $0.29 to $0.42. While some people think we have lost on our XRP holdings, we are overall still in profit and feeling optimistic.”
RealXRPWhale suggests that the ongoing struggle with the SEC could be resolved without a class action lawsuit, but this has no legal basis.
XRP Coin Price Prediction
The altcoin is trading below the $0.55 resistance level and has not been able to initiate a strong bounce from the $0.5 support for a long time. Comments on social media loudly express that the outlook for 2024 is not looking great. Issues such as the lawsuit mentioned in the first section and the circulating supply are feeding doubt in everyone’s mind.
An upward breakout is targeting $0.61, and the current rejection from $0.55 is aiming for $0.47. For now, there is less resistance downwards.
