The XRP cryptocurrency has shown resilience early on Monday, maintaining a price above $0.62 (approximately R11.64) despite erasing its weekly gains over the weekend. The recovery hints at the anticipation of upcoming significant events for Ripple and its XRP holders, especially within the South African crypto community, keenly observing these developments.
1. Ripple Leadership at Digital Asset Summit: Ripple’s CEO, Brad Garlinghouse, and Senior Vice President Markus Infanger are scheduled to speak at the Digital Asset Summit 2024 on Monday. Their insights are expected to potentially influence the market for XRP, the native token of the XRP Ledger, which Ripple developed.
2. XRP Gold Coast Conference: The event, set for March 22 to 24, will feature prominent XRP and crypto advocates, including lawyer John Deaton, attorney Bill Morgan, and Ripple’s Neil Smith. This conference is pivotal for XRP holders, offering expert predictions on the altcoin’s future price movements and likely affecting investor sentiment.
3. SEC Lawsuit Deadline: A crucial deadline in the SEC’s lawsuit against Ripple falls on March 22, with the presentation of the SEC’s remedies-related opening brief. The outcome of this legal battle is closely watched, as it could significantly impact XRP’s direction in the upcoming weeks.
On-Chain Metrics:
Santiment’s data indicates a decline in active XRP addresses and the altcoin’s supply on exchanges throughout March, correlating with a recent price correction. A decrease in active addresses suggests lowered activity on the XRP Ledger, while a reduced exchange supply implies less selling pressure on XRP, potentially aiding in price stabilization.Following a dip below $0.60 (approximately R11.26) over the weekend, XRP’s price has found footing above $0.62 (approximately R11.64), with $0.60 (approximately R11.26) and $0.57 (approximately R10.70) acting as significant psychological and support levels, respectively. Despite this, the Awesome Oscillator (AO) hints at a possible correction, with the Relative Strength Index (RSI) near the neutral point, indicating uncertainty in the price trend. A daily close above $0.62 (approximately R11.64) could propel XRP towards a March high of $0.74 (approximately R13.89), while failing to maintain this level might see the price revisiting the $0.57 (approximately R10.70) support.
As these events unfold, South African investors and global XRP holders alike remain attentive, recognizing the potential impact on XRP’s market performance and the broader implications for the cryptocurrency ecosystem.
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