After a week, the market has calmed down from the ensuing frenzy following Ripple’s historic victory. But what follows? Now that XRP may have just entered its next growth phase, its future has just become much more optimistic.
The hope for XRP’s future is in part due to current developments this week. According to reports, the US Congress is ready to vote on crucial cryptocurrency legislation. The latest XRP judgement, according to authorities with knowledge of the situation, will significantly affect how the legislation are politically viewed.
Regulators can now make more precise regulatory choices thanks to the court’s ruling on XRP. As a result, there is a lot of hope for regulatory clarification around cryptocurrencies. By reigniting the discussion about rapid global payment settlements, Ripple was already seen capitalising on the most recent breakthrough.
If all the pieces fall into place for Ripple, obtaining partnerships, particularly with major financial institutions, will be simpler than ever. The network also has intentions to expand into other fast expanding regions. A testament to Ripple’s goals is its recent revelation regarding the metaverse.
XRP maintains strong even after some profit-taking XRP investors are upbeat about the future of the cryptocurrency despite the sharp price increase seen last week. The coin traded hands for $0.76, a 20% decline from its peak weekly price.
Since the majority of the profits are still present, this result demonstrates that there was not a significant emphasis on short-term profit-taking. In other words, XRP holders are confident about future gains.
Holders of XRP should think about the possibilities even though the potential downside seems modest. At the time of writing, the Relative Strength Index (RSI) was still considered overbought. Thus, there is a strong likelihood of profit-taking, especially if bearish market conditions develop.
On-chain performance thus far points to a delay in network expansion and transaction volume. This served as evidence that the excitement of the previous week had peaked.
The mean coin age, meanwhile, increased steadily over the previous four weeks to reach its current values. It verified the lack of sell pressure. As a result, the vast majority of XRP holders continued to hang onto their currencies rather than selling them. This was primarily brought on by predictions of rising prices.
The aforementioned anticipation is based on a series of fortunate occurrences. For instance, the notion that the next bull market may already be getting started in the market. Along with improved external circumstances like declining inflation, the regulatory environment’s improvement also contributes to this inclination.