Despite the odds against the coin, the cryptocurrency analyst said there are still positive predictions about the coin’s future.
XRP has not experienced significant price gains recently due to the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC). The coin has been in a sideways trend with no apparent clarity since mid-April, ranging between $0.52 and $0.54.
Ripple enthusiasts are crossing their fingers over the coin’s future, awaiting a final court decision and a potential price surge. The legal agreement between Kwon Do-kwon and the SEC has raised the hopes of XRP community members, leading them to believe that a similar agreement could be reached for Ripple.
Once one of the three most valuable digital assets, the coin has now fallen to seventh place with a market capitalization of about $29 billion. The decline in the price of XRP and the coin’s failure to follow the broader market’s continued bullish trajectory has led analysts like Bill Morgan to take a closer look at the coin and its future.
Legal clarity won’t improve XRP’s performance.
According to Bill, Ripple continued to underperform despite the legal clarity it achieved last year. Last year, a court ruled in favor of XRP, ruling that XRP is not a security. However, he was found guilty of flouting securities laws by selling to institutional investors. Company executives are in discussions with the SEC about a potential settlement with the commission, proposing a $2 billion fine.
Morgan said in his post that XRP has outperformed 88% of the top 100 cryptocurrencies over the past 12 months, while its price against Bitcoin has also fallen nearly 84% in six months, trading below the 200 simple moving average. Therefore, this price drop has raised concerns among XRP investors who have been watching the coin’s price and the ongoing legal battle. Bill said:
“Over the past six months, the attrition rate has been almost -84%. Currently, XRP has achieved an impressive 88% of the top 100 coins over the last year (the year in which XRP’s legal clarity was established).”
Despite the odds against the coin, the cryptocurrency analyst said there are still positive predictions about the coin’s future. Many analysts are claiming that prices will surge soon, but recent trends do not support this.
$XRP Up to $1,000 is absolutely possible.
But it will take some time.
People asking for $1000 $XRP This bull run will be very disappointing.
why?
Because we have a lot of ground to cover after that. $XRP 2018 ATH – $3.80
we must give #XRP A space where you can breathe without…
— Barry C (@B_arri_C) June 5, 2024
Another Ripple analyst, BarriC on X, also weighed in on the current state of XRP. The analyst mentioned several factors that could push the price of XRP higher. According to him, during this bull market, the price of the coin could surge to $8 and, if the ETF is approved, to $20. The analyst also outlined a possible path for the coin to reach $100 and $1,000 in 5-10 years, based on various positive factors such as fund inflows through ETFs, reduced market volatility, etc.
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