The price of XRP, the native token used on RippleNet for cross-border payments, has remained stubbornly below the coveted $1 mark for months. This, despite a broader cryptocurrency bull run that began roughly six months ago. While some analysts predict a swift surge to bridge the gap, others remain cautious due to ongoing legal battles and a volatile market.
Currently, XRP hovers around $0.59, a significant distance from the $1 many investors had hoped for. The token has experienced significant volatility in recent months, oscillating between $0.50 and $0.65. A brief rally to $0.75 in March offered a glimmer of hope, but it was quickly followed by a retreat.
XRP: Several Obstacles To Overcome
This underwhelming performance can be attributed to several factors. The ongoing lawsuit between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow over the token’s future. The SEC alleges that XRP is an unregistered security, a claim Ripple vehemently denies. The uncertainty surrounding the lawsuit has undoubtedly dampened investor sentiment.
Further complicating matters is the prevailing bearish sentiment in the cryptocurrency market. Bitcoin, the world’s leading cryptocurrency, has experienced a significant correction in recent weeks, dragging down the entire market with it. This broader market trend has limited XRP’s potential for independent growth.
XRP market cap currently at $31.6 billion. Chart: TradingView.com
Positive Vibe Lingers
However, a wave of optimism persists among some XRP proponents. 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. This adoption, they argue, positions XRP for significant growth once the legal issues are resolved and the market stabilizes.
Adding fuel to this optimism are analysts who foresee a dramatic price increase for XRP in the near future. Some, like analyst Tylie Eric, have boldly predicted a 60% surge within a short timeframe, citing parallels to the explosive bull run of late 2017.
#XRP.
Im looking for a potential 60% pump in the next 9 days or so to kick things off. pic.twitter.com/nxDwMVJv7t— Tylie E (@TylieEric) March 28, 2024
Others, like EGRAG, a commentator within the XRP community, believe the token is mirroring the pre-bull phase of that period, suggesting an imminent breakout.
#XRP Guaranteed 6X to 10X! 👊🤝
Historical data serves as the blueprint for future movements.
Let’s dive into the minimum and shortest pumps observed when the 21 EMA crosses the 55 MA on 2W TF.
1) Green: 900% –> $5.5
2) Blue: 585% –> to $4#XRPArmy GET READY! 🚀🚀🚀🚀🚀🚀🚀 pic.twitter.com/jmdrHDRnuM— EGRAG CRYPTO (@egragcrypto) March 28, 2024
Meanwhile, before this cycle’s high, XRP’s price could rise 15 times in the near future, according to a well-known cryptocurrency analyst.
$XRP chart update. 3 day MACD turning bullish at the right time. 🚀🚀 pic.twitter.com/VgJAjO0Bru
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) February 16, 2024
However, not everyone shares this enthusiasm. Researchers at Changelly, a cryptocurrency trading platform, hold a more conservative view. They believe that reaching $1 by the end of April is unlikely, with their most optimistic target for the month being $0.75.
The future trajectory of XRP remains uncertain. Overcoming the $1 hurdle will require a confluence of factors, including a favorable outcome in the SEC lawsuit, a resurgence of bullish sentiment in the broader market, and a continued demonstration of RippleNet’s utility.
To make up for the $1 price tag that XRP lost during the last bull market, its current price of $0.59 would have to rise by around 70% this month.
Featured image from Pexels, chart from TradingView
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