Is XRP Getting Ready to Surge?

Ripple’s coin XRP (XRP) has been down for a while, dropping 14% for the month amid the lengthy and ongoing Ripple vs SEC lawsuit.

Ripple has been accused of selling unregistered, unlawful securities, in the amount of $1.3 billion. Now, the company faces fines of as much as $2 billion, though they hope to reduce that substantially before the verdict is in.

During the ongoing court battle, Ripple’s proprietary cryptocurrency token XRP has suffered. It is well below its highs from 2024, and it has stayed down for much of the last month as the lawsuit heats up.

Some industry insiders think that XRP is due for a breakout, though.

The token is up over the last week, by 5.46%, but it took a serious hit today and dropped 2.63% to a price of $0.5218 (XRP/USD). This parallels the drop from Bitcoin that we saw today as well, and it is possible that XRP is only down right now because Bitcoin is down. Bitcoin’s performance may be affecting the entire market, as it tends to do.

Will XRP Break Out Soon?

Because XRP has been down for a while, it could go bullish in the near future. Some analysts are predicting an upcoming surge, especially if XRP can push past its current resistance level. The thought is that XRP has been held down so long that investors are just waiting on a surge to invest heavily.

How high can XRP go this year? Perhaps as high as $1.50, according to some estimates, but traders should factor in the effects of the lawsuit and how that has hurt XRP’s reputation as a crypto coin. They should also take into account high inflation and how the inflation rate is increasing.

These indicators would make it difficult to expect XRP to go very high very fast, however, the crypto market has a tendency to have strong bullish trends after lengthy downturns, so we may be due for one for XRP. 

ABOUT THE AUTHOR See More

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.

Related Articles

$100B Wipeout: Moody’s Move Sends BTC, ETH Sliding

5 hours ago

Save

Pi Coin Dumps 19% at Consensus—$0.40 Retest Coming?

5 hours ago

Save

Ripple's Engine Knock, XRP Falls Back

16 hours ago

Save

Comments

Leave a Reply Cancel reply

You must be logged in to post a comment.