HomeFinance NewsPreventing XRP from falling below $0.50: Price forecast and strategies.

Preventing XRP from falling below $0.50: Price forecast and strategies.

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The price of XRP experienced a slight recovery after a recent drop, climbing to $0.51 on the back of Bitcoin’s halving event. However, on-chain data indicates that this uptrend may be short-lived, as the number of addresses holding XRP has significantly decreased. This decrease in ownership suggests a lack of confidence in the token, making it challenging for XRP to reach previous highs around $0.72.

Another potential obstacle to XRP’s price increase is the ongoing lawsuit between Ripple and the SEC. Updates from this legal battle could sway market sentiment, with a judge’s ruling either supporting or hurting XRP’s value. In addition, technical indicators like the Stochastic Relative Strength Index and Accumulation/Distribution point to a possible price retracement or further decline for XRP. The decreasing realized cap of XRP also indicates a potential downtrend unless buying pressure increases to drive the price back up.

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