- The crypto market can be exciting as legislators meet on issues related to existing regulations
- The HODL culture is quickly taking hold of the XRP community as Ripple’s future prospects improve.
A week after Ripple’s historic victory and the market has cooled off from the ensuing excitement. But what comes next? Well, the future of XRP just got a lot more promising, especially now that it may have just unlocked its next growth phase.
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The ongoing developments this week are part of the reason for the optimism behind XRP’s future. The US Congress is reportedly about to make major decisions regarding cryptocurrencies. Authorities familiar with the matter claim that the recent XRP ruling will have a major impact on the politics of the bills.
#XRPCommunity #XRP This week in Congress and crypto out @Ronw Hammondwho says that “the Ripple case has had a huge impact on the politics of the bills.” https://t.co/mJZh5B85Vw
— James K. Filan
(@FilanLaw) July 18, 2023
The judicial conclusion regarding XRP allows regulators to make clearer regulatory decisions. As such, there is a lot of optimism about regulatory clarity regarding crypto. Ripple already capitalized on the recent development by reviving the debate over instant global payment arrangements.
Securing partnerships, especially with traditional financial institutions, will be easier than ever once the stars align for Ripple. The network also plans to expand its reach into other high-growth areas. The recent announcement regarding the metaverse proves to be a testament to Ripple’s pursuits.
We are delighted to @futureverse vision!
https://t.co/UpBwGwAgtg
— Ripple (@Ripple) July 18, 2023
XRP remains strong even after some profit taking
XRP holders remain bullish on the cryptocurrency’s prospects despite last week’s massive price surge. The coin traded hands at $0.76, representing a 20% drop from its weekly high.
This outcome confirms that there was no deep focus on short-term profit taking, as most of the profit remains. In other words, XRP holders are optimistic about more potential gains ahead.
Source: TradingView
While the downside may seem limited, XRP holders should also consider the possibilities. The Relative Strength Index (RSI) was still technically overbought at the time of writing. Thus, the chances of profit taking are remarkably high, especially when bearish market conditions arise.
So far, on-chain performance indicates a slowdown in network growth and transaction volume. This was confirmation that last week’s excitement had run its course.
Source: Sentiment
Meanwhile, the average coin age has steadily increased over the past four weeks to its current level. It confirmed the low sales pressure. As such, the majority of XRP holders were still holding onto their coins rather than selling them. This was largely due to the expectation that prices will rise.
Read about XRP price predictions for 2023/2024
The above forecast is built on favorable events. For example, the expectation that the market may already be in the early stages of the next bull market. Improving regulation adds to that bias, along with improving external factors such as declining inflation.
