Bitcoin price fluctuations have significantly impacted altcoins, with XRP Coin standing out by surpassing the $0.523 mark. Currently trading at $0.523, XRP Coin is poised for various developments throughout the week that could positively influence its price. Investors are keen to understand what lies ahead for XRP Coin.
What Is the Current Status of XRP Coin?
Ripple’s (XRP) price reached a one-month high of $0.56 on May 6 before encountering selling pressure that pushed it below the 20-day EMA. Today, it hovers around $0.51, though it has recovered to $0.523 in line with Bitcoin’s recent price rebound. A short-term dip below the 20-day EMA would signal a bearish trend, but XRP Coin has managed to avoid this so far.
If Bitcoin initiates a new downfall to liquidate early long positions, XRP’s price could drop below $0.51 again. The coin’s MVRV ratio for 30-day and 365-day averages suggests that the current price range may appeal to investors looking to capitalize on dips.
How Might XRP Coin’s Price Evolve?
A further increase in Bitcoin’s price could trigger additional gains for altcoins, including XRP Coin. If Bitcoin continues closing above $67,500, better price charts might follow. However, the ongoing legal battle between the SEC and Ripple remains a significant factor. U.S. Representatives are set to vote on new crypto legislation, and President Biden’s decision on a crypto-friendly bill could significantly impact the market, particularly with upcoming elections in mind. A favorable outcome could positively influence other crypto cases and XRP’s legal battle.
Key Factors for Investors
- XRP Coin’s short-term recovery depends closely on Bitcoin’s price movements.
- The ongoing SEC vs. Ripple case remains a crucial factor for XRP’s future.
- Upcoming U.S. government decisions on crypto legislation may influence market dynamics.
- Positive funding in XRP futures suggests a potential price increase if it surpasses $0.53.
- A drop below $0.5 might set the new target at $0.44.
Returning to the price, the market’s favorable sentiment towards XRP futures indicates that if the $0.53 resistance is broken, XRP Coin could aim for $0.58. On the downside, a close below $0.5 might drive the price down to $0.44.