Ripple’s native token, XRP, has recently become a frequently discussed topic. While some expect a significant price jump this weekend, others remain cautious due to the cryptocurrency’s recent struggles and the ongoing legal battle between Ripple and the SEC. So, what can be expected at this stage?
XRP Stuck at $0.54 Resistance
XRP has been unable to surpass the $0.54 resistance level for weeks, progressing at a slow pace. This stagnation extends over a broader timeframe, with the cryptocurrency experiencing declines over the past month. XRP traded at $0.5185 with a 3.8% drop in the last 24 hours, showing a 0.4% increase compared to last week.
On the other hand, there seems to be hope for XRP. Leading crypto prediction platform Coincodex forecasts a significant price increase for XRP, potentially reaching $0.648 by Tuesday, May 21. This represents a 30% jump from the current price.
However, even Coincodex analysts do not rule out a different scenario. Their reports mention the possibility of consolidation around $0.4952 and even a price drop if profit-taking intensifies.
Legal Issues Dampen Enthusiasm
The ongoing lawsuit between Ripple and the SEC is believed to have a decisive impact on XRP’s performance in the cryptocurrency market. The SEC argues that XRP is a security, while Ripple claims it is a currency. This legal process creates anxiety and hesitation in the crypto world, causing investors to be cautious.
We are currently in a period of waiting for Judge Analisa Torres’ decision. If the ruling favors Ripple, hopes for the future may rise, and XRP could see a significant increase in value. Some analysts predict that XRP could rise to $47 during the next bull run. However, this prediction is very emotional and not realistic.
The conclusion of the SEC lawsuit could be a critical moment for XRP. If Ripple wins the case, XRP’s broader adoption and the removal of barriers to institutional investments could occur. This situation, combined with a potential bull run in the general cryptocurrency market, suggests that XRP could reach new heights. However, even a positive outcome will not guarantee a smooth journey. The cryptocurrency market remains highly volatile, and XRP faces competition from other players.
