The cryptocurrency market is currently experiencing a slowdown, with many assets losing their previous gains. However, XRP may be an exception to this trend as experts believe it has the potential to make a strong recovery and reach new all-time highs.
According to crypto analyst Egrag Crypto, XRP is following a similar price trajectory to what it experienced in 2021. This trajectory previously led to a price level of $1.80. Based on this observation, Egrag predicts that XRP could reach $1.4 by June-July, which would be a significant milestone. He considers the price range between $1.2 and $1.8 as a reasonable target.
Furthermore, Egrag Crypto suggests that if XRP follows a similar path to 2021, it could potentially reach a new all-time high of $4. This would represent a staggering increase of 678%. However, he advises investors to exercise caution and wait for further developments, as this price movement is likely dependent on the 2021 price action.
In contrast, CoinsKid does not share the same level of optimism. He points out that XRP was recently rejected from the historical level of $0.55, and he finds these price movements to be repetitive and uninteresting.
In terms of recent developments, data from April 25 shows that XRP was trading at $0.520. It experienced a decrease of 1.44% over the past 24 hours but gained 4.70% over the previous seven days. However, when looking at the monthly performance, XRP has seen a decrease of 19.83%.
One possible reason for the recent decline in XRP’s price could be Ripple’s ongoing legal battle with the SEC. It has been reported that Ripple, the issuer of XRP, has been exchanging with Tether (USDT), the largest stablecoin by volume, on behalf of its ODL customers in the US. This may have contributed to the downward pressure on XRP’s price.
In response to the SEC lawsuit, Ripple’s defense team has criticized the approach taken by the regulatory authority. They argue that the $2 billion penalty demanded for selling XRP to institutional clients is unfair and claim that anything over $10 million would be unreasonable.
It is important to note that the information provided in this article should not be taken as investment advice. Cryptocurrencies are highly volatile and carry significant risks. Investors should conduct their own research and exercise caution.
