The price of XRP, the native token used for cross-border payments on RippleNet, has remained below the coveted $1 level for months. This comes despite a broad cryptocurrency rally that began about six months ago. Some analysts predict a rapid surge to close the gap, while others remain cautious due to ongoing legal disputes and volatile markets.
Currently, XRP is hovering around $0.59, a significant distance from the $1 price that many investors were expecting. The token has experienced significant volatility in recent months, fluctuating between $0.50 and $0.65. There was a glimmer of hope in March when it rose briefly to $0.75, but the decline soon followed.
XRP: Some Hurdles to Overcome
This disappointing performance can be attributed to a number of factors. The ongoing lawsuit between Ripple Labs, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC) continues to cast a shadow over the token’s future. The SEC claims XRP is an unregistered security, which Ripple strongly denies. The uncertainty surrounding the lawsuit has undoubtedly dampened investor sentiment.
Further complicating matters is the bearish sentiment prevalent in the cryptocurrency market. Bitcoin, the world’s leading cryptocurrency, has experienced a significant correction in recent weeks, dragging down the overall market. These broad market trends have limited XRPβs independent growth potential.
XRP market cap currently at $31.6 billion. Chart: TradingView.com
The positive mood continues
However, a wave of optimism persists among some XRP supporters. They point to the token’s underlying utility on RippleNet, a network designed to facilitate faster and cheaper international payments.
RippleNet boasts a growing list of institutional partners, including major banks and financial institutions. They argue that this adoption could allow XRP to grow significantly once legal issues are resolved and the market stabilizes.
Adding fuel to this optimism are analysts predicting a dramatic price increase for XRP in the near future. Some, like analyst Tylie Eric, have boldly predicted a 60% surge in a short period of time, citing similarities to the explosive bull market of late 2017.
#XRP.
I’m looking at a potential 60% pump in the next 9 days or so to get things started. pic.twitter.com/nxDwMVJv7tβ Tylie E (@TylieEric) March 28, 2024
Others, such as XRP community commentator EGRAG, believe that the token is reflecting the previous bullish phase of the period and hints at an imminent breakout.
#XRP Guaranteed from 6 to 10 times! ππ€
Past data serves as a blueprint for future movements.
Letβs take a look at the minimum and shortest pumps observed when the 21 EMA crosses the 55 MA at 2W TF.
1) Green: 900% β> $5.5
2) Blue: 585% β> $4#XRPArmy Get ready! πππππππ pic.twitter.com/jmdrHDRnuMβ EGRAG Cryptocurrency (@egragcrypto) March 28, 2024
Meanwhile, the price of XRP could rise 15 times in the near future before this cycle reaches its peak, according to a prominent cryptocurrency analyst.
$XRP Chart update. The 3-day MACD turns bullish at the right time. ππ pic.twitter.com/VgJAjO0Bru
– captain. PARA8OLIC Toblerone (@CaptToblerone) February 16, 2024
But not everyone shares this passion. Researchers at cryptocurrency trading platform Changelly take a more conservative view. They believe it is unlikely to reach $1 by the end of April, and their most optimistic target for this month is $0.75.
XRPβs future trajectory remains uncertain. Overcoming the $1 hurdle will require a combination of factors, including a favorable outcome of the SEC lawsuit, a resurgence of bullish sentiment in the broader market, and RippleNet’s continued demonstration of its utility.
XRP’s current price of $0.59 would need to rise by about 70% this month to make up for the $1 price tag that XRP lost during the last bull market.
Featured image from Pexels, chart from TradingView
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