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The lawyers of the altcoin, which has been a thorn in the SEC‘s side, will present their objections to the institution on Monday, and the court process is underway. Experts do not expect the case to conclude anytime soon, and the rapidly increasing supply circulation is suppressing the belief that XRP will see its previous all-time high levels again. However, the price has recovered in the short term.
XRP Coin Commentary
XRP price increased by 5.55% to $0.53. XRP Coin, which suffered more losses than other cryptocurrencies in the recent market downturn, is now recovering. Depending on the news tomorrow, an increase in volatility is likely. Comments in court documents, judge assessments, and other details will positively or negatively impact the price of XRP Coin through the lawsuit.
In 2024, XRP Coin is one of the altcoins lagging behind the general market rise. It has fallen by 15% this year, while BTC has risen by 35% in the same period. XRP Coin did not see significant growth even on days when risk appetite was strong. This indicates that investors might still be interested in this underperforming altcoin.
As a result, some investors might view XRP’s current low prices as an attractive investment opportunity. These investors, preparing for a possible rally in the currently underperforming XRP, could target old peaks up to $0.94.
XRP Coin Predictions
The number of addresses holding between 1 million and 100,000 XRP has started to rise as we approach the halving. The number of addresses with between 10,000 and 1,000 XRP is also increasing. We can clearly see this in the graph below. XRP Coin, which has not performed as expected annually, is evidently still managing to attract some investors’ interest, albeit belatedly.
According to CoinShares’ weekly report, XRP Coin investment products were the only fund to see capital inflows last week. This indicates that professional and institutional investors may have resumed accumulating after a long period of selling.
In the recent downturn, the price suffered a 30% loss, which is beyond the market’s overall performance. With the RSI retreating to the oversold bottom of 30, investors are hopeful for a continued recovery, and $0.58 could be the first stop in a potential rise. Closures above this level could lead to prices of $0.64 and $0.74.
