XRP Battle Cry: Must Rally 70% To Reconquer $1 Peak After Market Turmoil
04 April 2024 - 9:07PM
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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. Related Reading: Fear
Grips XRP Market As Liquidations Top $6 Million – Details
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. Related Reading: Shiba Inu Fires Up With 4,000% Burn –
Price Rebound Coming? 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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