XRP price makes comeback to $0.62 ahead of key events for Ripple and XRP holders

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XRP price held steady above the $0.62 level on Monday, recovering from its recent decline.
The 2024 XRP Gold Coast conference, Digital Asset Summit and the SEC v. Ripple lawsuit deadline are the key events lined up for XRP.
XRP supply on exchanges and active addresses note a downtrend on the weekly timeframe.

XRP price wiped out its weekly gains over the weekend and the altcoin steadied above $0.62, early on Monday. XRP price begins recovery as traders anticipate activity in the altcoin with upcoming events.

Ripple CEO Brad Garlinghouse will speak at the Digital Asset Summit 2024, alongside Senior Vice President, Markus Infanger, on March 18.

Also read: XRP price plummets to $0.67 as holders brace for SEC vs. Ripple lawsuit deadline

Daily digest market movers: XRP holders gear up for Ripple-related events

Ripple made an official announcement about the Digital Asset Summit on March 18, where executives Brad Garlinghouse and Markus Infanger are lined up to speak on, “Why crypto is close to regulatory clarity.”

The XRP Gold Coast conference on March 22 to 24, will host Pro-XRP lawyer John Deaton, pro-crypto attorney Bill Morgan and Neil Smith, partner engineer at Ripple. This event is key to holders since XRP and Ripple proponents are set to share their views and predictions on the altcoin’s price and likely influence the sentiment among holders.
The Securities and Exchange Commission’s lawsuit against Ripple has a key deadline on March 22, where the SEC will present its remedies-related opening brief. The lawsuit holds significance for the XRP community and the lawsuit’s progress is likely to influence where the altcoin is headed next in the coming weeks.
On-chain data tracker Santiment shows that active addresses and the altcoin’s supply on exchanges has declined. XRP supply is in a downtrend throughout March and activity in XRP has decreased, in line with the recent correction in the asset’s price.
Active address metric is used to gauge the utility and demand for the altcoin, among market participants. The state of decline suggests there is a decrease in activity on the XRPLedger.

XRP Active Addresses. Source: Santiment

The token’s supply on exchanges helps ascertain the selling pressure on the asset. A dip in exchange supply implies there is a decrease in the volume of the tokens in exchange wallets and less XRP is available for sale. This reduces the selling pressure on the asset, paving way for a recovery or price increase in the coming weeks.

XRP Supply on Exchanges. Source: Santiment

Technical analysis: XRP price could recover to $0.74

XRP price has steadied above $0.62 and the altcoin is likely to rally towards the $0.7440 level once its sweeps support at $0.57. The $0.60 level is a key psychological price for XRP, similarly $0.57 is important as the asset has rebounded from this level on several occasions in the past two months.

XRP price could therefore sweep support at $0.57 or $0.60 and climb towards the March 11 high of $0.74.

The red bars on the Awesome Oscillator (AO) signal that a correction is likely and the XRP price uptrend is not likely intact. Further, the Relative Strength Index reads 51.90, close to the neutral level at 50. This indicator does not point at any directional change in XRP price trend.