Ripple’s native token XRP coin, maintained its position above the $0.62 level after the last downward movement in its price. This stability comes amidst major events in the XRP ecosystem, such as the Digital Asset Summit and the legal battle between Ripple and the SEC.
Important Events That Will Change XRP Dynamics
Digital Asset Summit: In this context, one of the highly anticipated events is the Digital Asset Summit, where Ripple CEO Brad Garlinghouse will speak. Especially crypto- His comments on regulatory clarity in the field are expected to attract the attention of market participants. Ripple’s Senior Vice President Markus Infanger will also participate in a panel discussion on crypto payments, further highlighting the event’s potential impact on XRP’s market sentiment.
XRP Gold Coast Conference: Next on the list for XRP holders is the upcoming XRP Gold Coast conference, which features prominent figures like pro-XRP lawyer John Deaton and pro-crypto lawyer Bill Morgan. It is possible that the discussions at this conference will provide insight into the future trajectory of XRP’s price and general sentiment within the community.
Data Says for XRP Price Rally
Santiment announced metrics tracking the supply of the XRP coin on exchanges and the number of active addresses decreased. This indicates a decrease in trading activity and possibly a change in market dynamics. However, reduced supply on exchanges typically indicates lower selling pressure. This is likely to support price stability or upward movement.
XRP Price Analysis
XRP remains stagnant in the $0.60 to $0.63 range, with expectations for a significant rally ahead. While technical parameters such as the Awesome Oscillator (AO) and Relative Strength Index (RSI) point to a possible correction, analysts are of the view that XRP will rise. Overall, they argue that if XRP achieves a daily close above the $0.62 mark, it could trigger an upward rally towards the recent high of $0.74. However, if it fails to maintain $0.62, it is possible that it could drop to the $0.57 support level, triggering a downtrend. Traders need to closely monitor these key levels for potential trading opportunities.
At the top, XRP bulls are currently fighting hard to regain control of the $0.63 20-day SMA.
What’s next?
As we reported as Koinfinans.com, according to Dark Defender, April is a month for XRP, especially those that could increase the value of XRP above $1 before or after this important turning point. Bitcoin It will be exciting for the halving event. However, Ripple’s legal battle with the SEC continues to affect the course of XRP. In this context, the final courtroom showdown will be held on April 23. Ripple’s recent legal victories have increased anticipation in the crypto community, heightening the importance of upcoming legal proceedings for the future of XRP.
