The cryptocurrency market sees Bitcoin (BTC) soaring towards its highest value of the year 2024, currently trading at $48,339. Meanwhile, XRP Coin struggles to gain momentum, hovering around $0.52. Experts anticipate increased market volatility, and Bitcoin’s recent surge suggests a positive market sentiment as it holds steady at $48,000.
Uncertain Future for XRP Coin
Ripple’s partnerships with financial institutions hint at a promising expansion for the brand. However, XRP Coin’s appeal could diminish with Ripple’s potential public offering after their lawsuit concludes, as the company’s shares might be viewed as an alternative to XRP Coin without needing to reserve the actual cryptocurrency. The lawsuit’s outcome, coupled with a possible collective appeals process, could further pressure the coin’s value in the medium term.
Adding to XRP Coin’s challenges is the concern over its increasing circulating supply. Critics argue that for XRP to revisit its 2021 peak, its market cap would need to surge, doubling from its previous high. Such a feat seems daunting amid the current market conditions.
Technical Analysis: XRP Coin’s Chart Troubles
From a technical standpoint, XRP Coin’s price remains below a key support line, failing to initiate a strong rebound from the $0.5 level. Should the bulls fail to propel prices over the $0.58 mark, a continued downward trend is likely. The absence of impactful factors like ETFs or lawsuit news leaves little to catalyze a positive price shift for XRP Coin.
If the downward trend gains momentum, XRP Coin prices could plunge further to $0.487 and perhaps as low as $0.42.