XRP, which has been at the center of the long-standing Ripple-SEC battle, seems to be losing its past power. It is observed that XRP, which once made a mark and held great hopes for investors, continues to lose its position in the market rankings. There are believed to be several reasons for this. So, what is currently happening with XRP? Can XRP return to the top 5 cryptocurrencies? Let’s take a look at the current situation together.
Why Can’t XRP Rise?
XRP, which is in the midst of the long-standing Ripple vs. SEC lawsuit, has never had the opportunity to surpass the $1 level it achieved during the 2021 bull run. Even during the period when Bitcoin reached its all-time high, it failed to delight investors, and it is evident that a significant price battle continues. Access COINTURK FINANCE to get the latest financial and business news.
On the other hand, it is observed that XRP’s competitors are gaining strength day by day. Blockchains formed by Bitcoin, Ethereum, Solana, and BNB remain constantly in the spotlight with their offerings of new opportunities such as Decentralized Applications and Smart Contracts that create value for their tokens.
Furthermore, the inclusion of many strong and up-and-coming projects in the market also puts pressure on XRP, making it increasingly difficult for XRP to rise.
The Future of XRP
One of the biggest obstacles in front of XRP is seen as Ripple’s legal battle. If the lawsuit were to end positively, it could create optimism about the rise in XRP’s price. However, since the case has not yet concluded, this is currently seen as only a possibility.
Another notable aspect of XRP is its inability to respond to significant price movements in the market. This was the case even during the period when Bitcoin reached its all-time high, and during the massive rally in March, when all its competitors experienced historic price increases, XRP could only rise to $0.7. Nevertheless, if a positive outlook is formed in the market, there could be a movement in XRP’s price, and it could rise above the $1 level.
In a scenario where XRP reaches $1, it can be seen that the market value also increases to $55,688,327,582, which covers the circulating supply of 55,688,327,582 XRP tokens. The mentioned level is calculated to be more than twice the current market volume of over $26.4 billion. In a scenario where all market conditions remain the same, this rise can only surpass USDC.
On the other hand, in order for XRP to move into the top 5 cryptocurrencies, its value needs to surpass Solana, which has a market cap of $65.6 billion. The obstacle to achieving this is considered to be XRP’s price surpassing $1.16.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
