The post Ripple News: Why is XRP Price Struggling To Hit $1? appeared first on Coinpedia Fintech News
Despite a bull run in the broader crypto market, XRP still struggles to breach the $1 mark, hovering around $0.59. With ongoing legal battles and market volatility, achieving previous highs seems challenging.
XRP’s Persistent Struggle
XRP’s price has remained stagnant at around $0.59 for a long time, significantly below the glorious and nostalgic $1 threshold. After the CPI data release, recent market volatility made the token more volatile, moving between $0.50 and $0.65.
XRP’s brief rally to $0.75 in March gave the crypto community hope.
Here’s how XRP reacted to the CPI report – The token initially dipped to $0.5928 on investor concerns but rebounded to $0.6212 following positive reactions to higher-than-expected inflation numbers.
The ongoing lawsuit between Ripple Labs and the SEC casts a shadow over XRP’s future. The SEC’s allegations of XRP being an unregistered security continue to dampen investor sentiment. Additionally, market-wide bearishness, exacerbated by Bitcoin’s correction, limits XRP’s independent growth potential.
Optimism Amidst Uncertainty
Despite challenges, some XRP proponents remain optimistic. They highlight RippleNet’s utility and growing institutional adoption as potential catalysts for future growth. Analysts like Tylie Eric predict a 60% surge in XRP’s price.
Tylie Eric took to X on March 28, 2024, and wrote, “#XRP Im looking for a potential 60% pump in the next 9 days or so to kick things off.”
Others like EGRAG believe that this might be history repeating itself, that is, XRP in its pre-bull run before an imminent breakout.
He claims, “Historical data serves as the blueprint for future movements.”
He further points out statistical details and highlights “the minimum and shortest pumps observed when the 21 EMA crosses the 55 MA on 2W TF –
1) Green: 900% –> $5.5
2) Blue: 585% –> to $4”
Indeed, his analysis has cheered up the XRP supporters and made them hopeful.
Nonetheless, the crypto community is still waiting for updates on the SEC vs. Ripple lawsuit. Ripple’s opposition brief filing is expected by April 22.
The outcome of this legal battle will significantly impact XRP’s future trajectory, and previous rulings have influenced market sentiment.
