Fluctuations in Bitcoin price led to activity in the altcoin market, and in particular SOL Coin rose above $181 again. However, today the focus is on XRP Coin. At the time of writing, the popular cryptocurrency is trading at $0.523. A number of important developments are expected throughout the week and are likely to have a positive impact on the price. So, what will be the path of XRP Coin?
XRP Coin Review
The price of Ripple (XRP) rose to a one-month high of $0.56 on May 6. However, it later fell below the 20-day EMA due to selling pressure and is struggling to rise above $0.51. Fortunately, with the rapid recovery in Bitcoin price, it rose to $0.523. In the short term, closes below the 20-day EMA could create a negative tone, but XRP Coin seems to have escaped this situation at the moment.
If the Bitcoin price sets a trap to close early long positions in the coming hours, it may fall below the $0.51 level again. XRP's MVRV ratio according to the 30-day and 365-day moving averages is in the negative zone. This shows that the current price range may be reasonable for investors who want to evaluate the bottom prices.
XRP Coin Price Prediction
The increase in Bitcoin price also means more upside potential for altcoins. If Bitcoin continues to close above $67,500, we are likely to see more positive charts in the coming days. On the other hand, the legal battle between the SEC and Ripple continues.
This week, US Representatives will vote on 21st century crypto legislation. It will also decide whether Biden will veto a Democrat-backed bill in favor of crypto. These developments will determine the US government's approach to cryptocurrencies as the November elections approach. If the situation develops in favor of crypto, this could create a positive atmosphere for other crypto cases and the XRP fight.
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