Bitcoin’s price continues its turbulent journey, with little signs of improvement. The leading cryptocurrency, Bitcoin, is currently stagnant at the $62,300 level. Despite a promising recovery from its lowest point, the gains have not been sustained, leaving the possibility of further declines looming. So, what does this mean for XRP Coin?
XRP Coin Predictions
XRP’s price against BTC has hit a three-year low this week. Since April 2021, the price has been steadily declining. According to Tony Severino, founder of CoinChartist, it seems that the BTC pair has reached its bottom, suggesting that now may be a good time to invest in XRP Coin. Interestingly, the XRPBTC pair has not experienced a new bottom test, even with the recent drop in BTC.
Iva Wisher, co-founder of Prom and former lead analyst at 3commas, predicts that this stagnant price action will continue. XRP Coin has not surpassed $1 in a long time and is currently fluctuating between $0.74 and $0.48. Wisher believes that this sideways movement will persist until Ripple’s legal battle with the United States Securities and Exchange Commission (SEC) is resolved.
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In a lawsuit filed at the end of 2020, the SEC accused Ripple of conducting an unregistered securities offering and sale, raising $1.3 billion. The SEC has recently demanded a $2 billion fine, but Ripple’s lawyers are working to reduce it to $10 million.
Is XRP Coin at the Bottom?
Some experts argue that XRP Coin has reached its bottom in its BTC pair. Charting Guy, a cryptocurrency commentator, is among those who hold this belief. He suggests that we may soon witness a new surge in the XRPBTC pair, possibly by July.
These predictions are highly speculative, considering the increasing circulating supply of XRP Coin, which is also putting pressure on its price ceiling. If the market value reaches its peak in 2021, the price of XRP Coin could reach approximately $1.3, based on the current circulating supply.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
