XRP Coin price has melted by 20% in 2024 and is now preparing to close at levels not seen since October 18. The fact that the BTC price has reclaimed $44,000 is significant, and the increasing long positions on the OKX exchange are supportive. So, what are the current price predictions for XRP Coin? How much will the popular cryptocurrency be worth?
XRP Coin Commentary
One of the recent developments concerns a decision on information sharing made by US District Court Judge Sarah Netburn, which affects Ripple. The company will produce and share financial statements, including contracts managing XRP token “institutional sales”. We have recently discussed the clawback feature in the Ripple network and how it can be considered an advantage for institutions. The impact of the hacking incident has waned, but the anxiety of the collective appeal process continues to exert pressure.
The weight of long positions is increasing on the OKX exchange. Binance data is also relatively positive, and we are seeing early signals that whales are starting to move upward. The data shows that XRP funding rates have been near zero since January 4. This indicates that the balance of long/short positions in futures trading is being maintained on a broader scale.
Professional traders are buying into the possibility of a short-term recovery, but there is no return to optimism across the spot and futures markets. This suggests that investors should remain cautious even if BTC surpasses $44,000.
XRP Coin Price Prediction
Bulls are fighting to keep XRP at the $0.50 support level, but more is needed. Under normal conditions, the expectation would be a bounce from this bottom. However, XRP Coin bulls are unable to do so.
If the XRP Coin price starts closing below $0.5, then support areas at $0.46 and below could be targeted. The rise in BTC price lacks a fundamental trigger, and the weakening of GBTC sales is being offset by the Fed’s optimism about rate cuts.
If there is to be a turnaround, buyers will need to see closes above the 20-day EMA. Afterwards, the downward trend line can be targeted. Beyond that, the targets of $0.67 and the last major declines we discussed up to $0.74 come into play.
