Bitcoin struggles to surpass the $68,000 threshold, maintaining its position just above $67,000 to prevent further declines. In contrast, Ripple‘s XRP Coin experiences a notable increase of 5%, outperforming other cryptocurrencies as it trades at $0.648.
XRP Coin’s Notable Gains
In a short-lived rally lasting 2-3 hours, XRP Coin saw a 10% surge, reaching $0.66 but failing to secure gains in the $0.68 zone. This resistance led to sell-offs, and prices may soon retreat to the $0.6-$0.58 area.
Should the profit-taking subside and buyers regain interest, the coin could potentially close above $0.68, aiming for a rebound to $0.74. Nonetheless, this scenario seems optimistic given Bitcoin’s tendency to drift away from the $68,000 mark. Even a brief breach of this level results in immediate sales due to attractive profit margins.
Investing in XRP Coin: A Consideration
Long-term investment decisions in XRP Coin depend on individual beliefs in the project. Each investor should conduct thorough research. While on-chain and technical analyses can signal short-term trends, they hinge on historical patterns repeating. Developer activity on the XRP network saw a peak on March 13 but has since diminished, correlating with price movements.
The count of daily active addresses has stagnated or declined, and with external concerns such as Federal Reserve actions and potential deepening Bitcoin selloffs, the market is veering towards speculative trading. Without significant positive developments in the XRP Coin litigation, downward price pressure may persist, posing a risk of decline to lower price bands.