In the midst of an uncertain cryptocurrency market, Bitcoin’s recent drop to $61,500 followed by a subsequent rise to $64,000 has created a volatile situation. This has also had a significant impact on altcoins, including Ripple’s XRP. While Ripple recently announced a partnership aimed at pushing XRP forward, investors are still grappling with uncertainties surrounding the upcoming Fed interest rate decision.
XRP Price and Commentary
In a recent tweet, Ripple CEO Brad Garlinghouse hinted at a partnership between Ripple and Japan, which was later revealed to be a collaboration with HashkeyGroup. Despite these developments, XRP remains one of the biggest uncertainties in the market. This is primarily due to an ongoing lawsuit between Ripple and the SEC that has remained unresolved for years.
The lawsuit, which has been ongoing for over three years, continues to exert pressure on Ripple and its native token. A decision made in August 2023 initially generated excitement and led to a rapid increase in price, but it was followed by a sharp decline that erased all gains. XRP was barely affected by Bitcoin’s all-time high in March, experiencing a one-day gain followed by a decline that disappointed investors. The ongoing lawsuits, penalties, and monthly unlocking of XRP tokens continue to exert downward pressure on its price.
XRP Price Outlook
At the time of writing, XRP is trading at $0.51, reflecting a marginal increase of 0.20% in response to a rising trend in the market. In the XRP/TRY pair, the price stands at 16.68 TL, and the market cap has risen to $28.3 billion.
There has been a noticeable increase in investor interest, as evidenced by the 88% surge in XRP’s 24-hour trading volume, which reached $1.1 billion. Discussions abound about when XRP will reclaim the $1 mark. EGRAG Crypto recently set a price target of $1.8 for XRP, highlighting the year 2021 in its analysis and suggesting that the ongoing process could lead to the mentioned price target.
Disclaimer: The information provided in this article should not be construed as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
