In the midst of ongoing uncertainty in the world of cryptocurrencies, the recent rollercoaster ride of Bitcoin has created a highly volatile situation. After dropping to $61,500, Bitcoin quickly rose to $64,000, leaving investors on edge. This instability is also impacting altcoins, including XRP. Despite Ripple’s recent announcement of a significant partnership aimed at propelling XRP forward, investors remain cautious due to the upcoming Fed interest rate decision and the lingering lawsuit between Ripple and the SEC.
Ripple CEO Brad Garlinghouse recently tweeted about a collaboration between Ripple and Japan, which was later revealed to be a partnership with HashkeyGroup. However, XRP remains one of the biggest uncertainties in the market, largely due to the unresolved lawsuit that has been ongoing for over three years. The lawsuit has put immense pressure on the company and its native token, with a decision in August 2023 initially causing excitement and a surge in price, only to be followed by a sharp decline that erased all gains.
Despite the all-time high of Bitcoin in March having minimal impact on XRP, with a brief one-day gain followed by a decline that disappointed investors, the ongoing legal battles, penalties, and monthly unlocking of XRP tokens continue to weigh heavily on its price.
At the time of writing, XRP is trading at $0.51, representing a mere 0.20% increase amidst an overall upward trend in the market. In the XRP/TRY pair, the price sits at 16.68 TL, while the market cap has risen to $28.3 billion. There has been a noticeable surge in investor interest, as evidenced by the 88% increase in XRP’s 24-hour trading volume, which now stands at $1.1 billion.
Discussions around when XRP will reach $1 are ongoing worldwide. EGRAG Crypto recently set a price target of $1.8 for XRP, highlighting the year 2021 in its analysis and suggesting that the current process could lead to the mentioned price target.
It is important to note that the information provided in this article should not be considered as investment advice. Investors must be aware of the high volatility and associated risks of cryptocurrencies, and should conduct thorough research before making any investment decisions.
