By
Godfrey Benjamin
June 28th, 2024
Despite the odds against the coin, the crypto analyst stated that there are still positive predictions about its future.
XRP has not experienced any significant price increase lately, largely owing to the continued legal dispute between Ripple and the Securities and Exchange Commission (SEC). The coin has been on a sideways trend since mid-April with no major clarity, as it has been between $0.52 and $0.54.
Ripple enthusiasts are keeping their fingers crossed regarding the coin’s future, waiting for a final court decision and a potential spike in price. The legal settlement between Do Kwon and the SEC has raised the hopes of XRP community members, making them believe a similar settlement could be reached for Ripple.
The coin, which used to be among the top three most valuable digital assets, has now dropped to seventh position, with a market capitalization of around $29 billion. The XRP price fall and the coin’s failure to follow the wider market’s ongoing bullish trajectory have prompted analysts like Bill Morgan to take a closer look at the coin and its future.
Legal Clarity Fails to Boost XRP’s Performance
According to Bill, Ripple has continued to underperform despite the legal clarity it achieved last year. Last year, XRP had a court ruling in its favor, as the court declared that XRP was not a security. However, it was found guilty of bridging securities law by selling to institutional investors. The company’s executives are discussing with the SEC for a potential settlement with the commission, proposing a $2 billion fine.
Morgan, in his post, revealed that XRP has been outshined by 88% of the top 100 cryptocurrencies in the last 12 months, and its price against bitcoin has also dropped by almost 84% in six months, trading below the 200 simple moving average. Thus, this price decline has drawn some concerns among XRP investors, who have followed the coin’s price and ongoing legal battle. Bill said:
“The decline over the last six months has been nearly -84%. Currently, XRP is being outperformed by a staggering 88% of the top 100 coins over the last year (the year of legal clarity for XRP).”
Despite the odds against the coin, the crypto analyst stated that there are still positive predictions about its future. Many analysts are insisting that the price will soon spike, though recent trends do not support this.
$XRP to $1,000 is absolutely possible
However it will take some time
People calling for a $1,000 $XRP this bullrun will be extremely disappointed
Why?
Because we have a lot of ground to cover since $XRP ATH in 2018 – $3.80
We need to give #XRP room to breathe without the…
— BarriC (@B_arri_C) June 5, 2024
Another Ripple analyst, BarriC on X, also weighed in on the current state of XRP. The analyst mentioned some triggers that could increase the price of XRP. According to him, the coin’s price could spike to $8 during this bull run, and should an ETF get approved, there could be a spike to $20. The analyst also outlined a path for the possibility of the coin reaching $100 and $1,000 in 5 to 10 years based on various positive triggers like the inflow of money through an ETF, reduced market volatility, and so on.