Investors eagerly anticipating XRP Coin to reach its all-time high (ATH) have been disappointed as the coin’s growth remains stunted over the years, partly due to the ongoing SEC lawsuit. Despite market rumors, including those about an XRP Coin ETF, the price has not seen significant positive movement, indicating a change in investor sentiment towards such speculation.
Previously, even baseless rumors could sway the market, but in the last two years, investors have become more discerning, with the impact of rumors weakening. Claims of BlackRock filing for an XRP ETF were quickly debunked, reflecting a more informed and professional market landscape.
Technically, XRP’s continued decline can be attributed to a failed test of a descending trend line, with the price dropping roughly 25% since the last test on December 28. Current market conditions and technical patterns suggest a bearish outlook.
Price predictions are grim as BlackRock and others are not expected to launch a spot Bitcoin ETF anytime soon. The ongoing SEC case against Ripple, which demands financial statements and faces a jury trial in April, adds to the uncertainty, dampening short and medium-term optimism.
The break of a significant support channel on January 3rd suggests potential further drops to $0.48 and $0.415 if the downtrend continues. A recovery would require reclaiming the $0.58 level, which currently seems challenging given the overall market and legal headwinds facing XRP Coin.