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While uncertainty continues in cryptocurrencies, today’s drop of Bitcoin to $61,500 followed by a recent rise to $64,000 has created a volatile scenario. This situation is also having a significant impact on altcoins. Recently, Ripple announced an important partnership, seemingly aiming to push XRP forward. However, investors may still be maintaining their uncertainties regarding XRP ahead of the upcoming Fed interest rate decision.
XRP Price and Commentary
Recently, Ripple CEO Brad Garlinghouse shared a tweet indicating a handshake between Ripple and Japan, which later turned out to be a partnership with HashkeyGroup.
Despite these developments, XRP continues to be one of the biggest uncertainties in the market. This is largely due to the ongoing lawsuit between Ripple and the SEC, which has been unresolved for years.
The lawsuit, which has been ongoing for over three years, continues to put pressure on the company and its native token. A decision made in August 2023 had initially caused great excitement and rapidly drove the price up, but it was followed by a sharp decline, erasing all gains.
The Bitcoin ATH in March barely affected XRP, which saw a one-day gain followed by a decline, disappointing investors. The ongoing lawsuits, penalties, and monthly unlocking of XRP continue to pressure its price.
XRP Price Outlook
As of the time of writing today, XRP continues to trade at $0.51. Despite a rising trend in the market, this price was only the result of a 0.20% increase. In the XRP/TRY pair, the price is seen at 16.68 TL. Additionally, the market cap has risen to $28.3 billion.
Looking at the 24-hour trading volume, there has been a noticeable increase in investor interest. XRP’s 24-hour trading volume increased by 88% and reached $1.1 billion.
Discussions continue worldwide about when XRP will rise back to $1. Recently, EGRAG Crypto set a price target of $1.8 for XRP, emphasizing the year 2021 in its analysis and suggesting that the process could lead to the mentioned price target.
