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Ripple Volatile Amid Uncertain Crypto Market

To say a cryptocurrency token is volatile is not unusual, but Ripple (XRP) has been constantly up and down the past few days.

Ripple Labs

The coin has fluctuated between $0.5713 (XRP/USD) and $0.6366 over the last week. It is currently at $0.6111 and up by 2.67%.

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The volatility has many industry experts speculating as to where XRP will go in the near future. It could shoot up fast and reach as high as $4 before the end of the year, according to crypto analyst Mikybull Crypto. He speculates that XRP will reach that level by 2025.

 XRP could be poised to break out and climb very high in the next week or two as well, especially with Bitcoin‘s halving coming soon. As that even spurs Bitcoin higher (probably), it may lift the rest of the cryptocurrency market as well and help XRP pass $1 very quickly. The last time XRP was at that level was back in late 2021. To achieve that price point again would be huge news and would probably help propel XRP even higher.

XRP Legal Troubles

Ripple has been embroiled in a lawsuit from the US Securities and Exchange Commission, with the suit date set for April 23. That could go poorly for XRP and hurt its chances to get above $1 or stay there for very long.

If it wins the suit, however, then XRP could quickly explode into a bullish trend that it does not come off of for a while. If XRP loses, we could see new legal restrictions put in place that hamper’s XRP’s ability to do very much at all and that cripples the coin’s upward movement.

XRP could easily go either way right now, but traders should be aware of the recent inflation data from the US CPI report and the Fed’s minutes for March. Both of these demonstrated that inflation was high and rising, and XRP will definitely feel some of that for the next few weeks. 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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