Ripple
XRP may be headed for more given these latest updates
Posted:
| Last updated: February 6th, 2024
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- The crypto market could excitement as lawmakers meet up for matters touching on existing regulations
- HODL culture quickly grips the XRP community as Ripple’s future prospects improve.
A week after Ripple’s landmark win and the market has cooled down from the subsequent excitement. But what comes next? Well, XRP’s future just became a lot more promising especially now that it might have just unlocked its next growth phase.
Is your portfolio green? Check out the XRP Profit Calculator
Ongoing developments this week are part of the reason for the optimism behind XRP’s future. The U.S congress is reportedly about to make important decisions regarding cryptocurrencies. Authorities familiar with the matter claim that the recent XRP ruling will have a major impact on the politics of the bills.
#XRPCommunity #XRP This week in Congress and crypto from @RonwHammond, who says “the Ripple case has made a huge impact on the politics of the bills.” https://t.co/mJZh5B85Vw
— James K. Filan ???? (@FilanLaw) July 18, 2023
The judicial conclusion regarding XRP puts regulators in a position to make clearer regulatory decisions. As such, there is a lot of optimism regarding regulatory clarity as far as crypto is concerned. Ripple was already seen taking advantage of the recent development by reigniting the debate on instant global payment settlements.
Securing collaborations, especially with traditional financial institutions will be easier than ever if the stars align for Ripple. The network also plans to extend its reach into other rapidly growing areas. Its recent announcement regarding the metaverse proves to be a testament to Ripple’s pursuits.
We are excited to support the @futureverse vision!
⬇️⬇️⬇️ https://t.co/UpBwGwAgtg— Ripple (@Ripple) July 18, 2023
XRP holds strong even after some profit-taking
XRP holders remain optimistic about the cryptocurrency’s prospects despite the massive price surge seen last week. The coin exchanged hands at $0.76, which represents a 20% dip from its highest weekly level.
This outcome confirms that there was not a deep focus on short-term profit-taking since the bulk of the gains remain. In other words, XRP holders are optimistic about more potential gains ahead.
Source: TradingView
Although the downside appears limited, XRP holders should also consider the possibilities. The Relative Strength Index (RSI) was still technically overbought at the time of writing. The chances of profit-taking are thus notably high especially if bearish market conditions arise.
So far on-chain performance indicates a slowdown in network growth and transaction count. This was confirmation that last week’s excitement had run its course.
Source: Santiment
Meanwhile, the mean coin age grew steadily in the last four weeks to its current levels. It confirmed low sell pressure. As such, the majority of XRP holders were still holding on to their coins rather than selling. This was largely because of the expectations that prices will go up.
Read about XRP price predictions for 2023/2024
The aforementioned expectation has been built on the foundation of favorable events. For example, the expectation that the market might already be in the beginning stages of the next bull market. The improving regulatory conditions are contributing to that bias along with improving external factors such as falling inflation.
