Bitcoin’s price continues its tumultuous journey, and it’s difficult to say that things are going smoothly. The leading cryptocurrency by market value, Bitcoin, is currently hovering around the $62,300 mark. Despite a promising recovery after hitting rock bottom, the gains have not been sustained, and there is now an increased risk of further declines. So, what can we expect for XRP Coin?
XRP Coin Predictions
The price of XRP against BTC has reached its lowest level in three years this week. Since April 2021, the price has been steadily declining. According to Tony Severino, the founder of CoinChartist, it appears that the bottom has been reached in the BTC pair, indicating that it may be a good time to buy XRP Coin. However, despite the recent drop in BTC, there has not been a new bottom test in the XRPBTC pair.
Iva Wisher, co-founder of Prom and former lead analyst at 3commas, believes that this dull price action will continue. XRP Coin has not surpassed $1 in quite some time and is currently moving within the range of $0.74 and $0.48. Wisher suggests that this sideways movement will persist until Ripple’s ongoing legal battle with the United States Securities and Exchange Commission is resolved.
In a lawsuit filed at the end of 2020, the SEC accused Ripple of raising $1.3 billion through an unregistered securities offering and sale. The SEC recently demanded a $2 billion fine, which Ripple’s lawyers are attempting to reduce to $10 million.
Is XRP Coin at the Bottom?
Some experts argue that XRP Coin has reached its bottom in the BTC pair. Cryptocurrency commentator Charting Guy is among those who hold this view. He predicts that we should see a new surge in the XRPBTC pair within a short period, possibly by July.
However, these forecasts are highly speculative due to the increasing circulating supply of XRP Coin, which is putting downward pressure on its ceiling price. If the market value reaches the peak of the 2021 bull run, the price of XRP Coin would likely peak at around $1.3, considering the current circulating supply.
Please note that the information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
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Disclaimer: The information contained in this article is for informational purposes only and does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.
