The native token of Ripple, XRP, has been a subject of much discussion recently. The coin’s recent problems and the continuous legal fight between Ripple and the SEC make some analysts wary even if some forecast a major price surge this weekend.
Stalled At The Starting Line: XRP’s Recent Performance
For weeks XRP has been caught in low gear, unable to pass the $0.54 barrier level. This slowness also affects the more general timescale; the coin dropped in the past month, week, even the recent 24 hours.
XRP was at the time of writing, down 3.8% in the past 24 hours, although data from Coangecko reveals that it barely increased 0.4% previous week.
Weekend Surge On The Horizon?
One notable crypto prediction tool that stands out from the others with a is Coincodex. With XRP maybe reaching $0.648 by Tuesday, May 21st, they project a significant price rise for the coin. From its present price, this would show a leap of nearly thirty-two percent.
Even Coincodex, though, admits the possibility for an other outcome. The research notes the likelihood of consolidation at $0.4952 or perhaps a price decline should profit-taking get more aggressive.
Legal Clouds Dampen Enthusiasm
Many analysts think XRP’s underperformance is mostly caused by the continuous dispute between Ripple and the SEC. Ripple contends XRP is a money; the SEC claims it is a securities. This court fight has clouded the bitcoin and caused investor uncertainty.
Still, there is hope glimmers here. According to the paper, the lawsuit is almost over; Judge Analisa Torres is scheduled to render a final ruling this year. Especially if it benefits Ripple, a clear answer might open the path for a notable future price rise. As the study notes, some analysts even project XRP might soar over $47 during the next bull run.
Weighing The Bullish And Bearish Signs
The XRP future is yet unknown. The forecast of Coincodex gives some hope for a near-term price increase. But a more complicated picture is painted by the recent price fall, continuous legal dispute, and wary investor mood.
Looking Ahead: A Post-Lawsuit Future For XRP?
The outcome of the SEC lawsuit could be a sea change for XRP. Should ripple become front stage, it may eliminate a significant barrier to institutional investment and more general acceptance. This plus a possible bull run in the larger bitcoin market might help XRP soar.
Still, even a good result would not ensure flawless sailing. The market for cryptocurrencies is still erratic, hence XRP is under competition from other well-known companies.
Featured image from Pexels, chart from TradingView