Cryptocurrencies are experiencing renewed momentum with altcoins leading the charge. After a tumultuous 2022, investors who were rewarded at the start of 2023 faced another downturn by mid-year. However, excitement over ETF approvals in the final quarter has led to double-digit gains for Bitcoin and altcoins, with some seeing increases of over 20-fold.
The long-term future of XRP Coin is closely tied to Ripple‘s strategies and upcoming plans. Ripple is expected to go public, but it faces challenges that need to be addressed beforehand. In the first half of the year, Ripple will be dealing with the appellate phase of its legal battle with the SEC, which is a negative development for investors.
While other cryptocurrencies enjoy impressive rallies, XRP Coin risks missing out on the current bull season due to the ongoing appeal with the SEC. Even with victories in 2023, the possibility of SEC scoring against XRP Coin remains until the collective appeal is resolved.
Furthermore, the details of Ripple’s IPO will significantly impact XRP Coin’s future. If Ripple becomes less focused on XRP Coin after listing on U.S. stock markets, it could lead to the coin’s isolation. Conversely, increased adoption by institutions, smart contract capabilities, and CBDC agreements could enhance XRP Coin’s utility.
Regardless, the infrequent but large releases of locked-up funds worth hundreds of millions of dollars are frustrating, and a significant portion of the maximum supply is still not in circulation, suppressing price potential.
XRP Coin’s price is currently above the $0.58 support level but struggles to break through the $0.65 supply zone. While most altcoins doubled in price in December, XRP Coin only briefly approached $0.7, with long upper wicks on the candles indicating a large group ready to sell. If the price can overcome this barrier, it may target the resistance range of $0.737-$0.75, followed by $0.85 and the parallel channel’s resistance area at $0.9378.