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The price of XRP, the native token used for cross-border payments on RippleNet, continues to stubbornly remain below the one-dollar level for months. Despite a broader cryptocurrency bull run that started about six months ago, the price of XRP is not increasing. While some analysts predict a rapid rise to close the gap, others remain cautious due to ongoing legal battles and a volatile market.
Challenges Ahead for XRP
Currently, XRP is trading around $0.59, a significant distance from the hoped-for one dollar by many investors. The token has experienced significant volatility in recent months, fluctuating between $0.50 and $0.65. A brief rise to $0.75 in March was a glimmer of hope, but it was quickly followed by a pullback.
This lackluster performance can be attributed to various 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 that XRP is an unregistered security, an allegation that Ripple vehemently denies. The uncertainty surrounding the case has undoubtedly reduced investor sentiment.
Dominant Sentiment in the Crypto Market
The prevailing bearish trend in the cryptocurrency market complicates matters further. Bitcoin, the world’s leading cryptocurrency, has undergone a significant correction in recent weeks, dragging the entire market down with it. This broader market trend has limited XRP’s independent growth potential.
Nevertheless, a wave of optimism continues among some XRP supporters. These individuals point to the token’s fundamental utility on RippleNet, a network designed to facilitate international payments by making them faster and cheaper.
RippleNet boasts a growing list of institutional partners, including major banks and financial institutions. This adoption positions XRP for significant growth once legal issues are resolved and the market stabilizes, they argue.
Analysts’ Predictions for XRP
This optimism is shared by analysts who predict a dramatic price increase for XRP in the near future. Some, like analyst Tylie Eric, boldly foresee a 60% increase in a short period, drawing parallels to the explosive bull run of late 2017.
Others in the XRP community, like a commentator named EGRAG, indicate that the token reflects the pre-bull phase of that period and could soon experience an explosive rally. According to this analyst, the rally could take XRP to $5.5.
Meanwhile, according to a well-known cryptocurrency analyst, XRP’s price could increase 15-fold before the peak of this cycle in the near future.
However, not everyone is expecting a rise, of course. Researchers at Changelly, a cryptocurrency trading platform, hold a more reasonable view. They believe reaching one dollar by the end of April is unlikely, with their most optimistic target for the month being $0.75.
Uncertainties Looking Forward
The future trajectory of XRP remains uncertain. Overcoming the one-dollar barrier will require a combination of a positive outcome in the SEC case, a resurgence of bullish sentiment in the overall market, and the continued demonstration of RippleNet’s benefits.
To make up for the one-dollar price tag lost during the last bull market, the current price of XRP at $0.59 would need to increase by about 70% this month.
