For a cryptocurrency that is still being debated if it’s really decentralized or not, XRP is the perfect love-hate dilemma among cryptocurrency enthusiasts. From one side, investors are loving how there’s a centralized company with well-studied plans behind a decentralized cryptocurrency, and on another side, traders are mocking the very nature of XRP and classifying it among “shitcoins”. In this article, we’re going to see why XRP still has hope for a strong return, and analyze its current price-action.
XRP Price remained in Consolidation for 4 years?
After the famous SEC lawsuit that hit Ripple company, many investors started dumping XRP in fear of another crypto failure. Prices of XRP were trading around USD 50 cents and fell to USD 17 cents.
But if we look at the history of XRP prices, we can notice that for an extended period of time (almost 4 years now), prices always averaged around USD 25 cents, with prices going away from that mean for a short-term period, only to go back to it (figure 1).
We can look at that USD 25 cents price as a strong consolidation area, and 80% of the time, XRP would go above that price (in case of any good news and strong market fundamentals).
On the contrary, if prices were above that price (red area in figure 1), prices are most likely returning to that consolidation area in case of a massive negative sentiment. Both red areas in figure 1 represent XRP’s worst fundamentals, the first being the pump-and-dump of the 2017 crypto crash, and the second being the SEC lawsuit.
One thing is certain so far: prices aren’t failing the USD 17 cents price mark, a price that represents a very strong support area, ever since July 2017.
With the code CRYPTOTICKER2022 you get 50% discount in all the tickets
Berlinverse 2022 - 2 days of Web3, NFTs, Art/ Generative Art & Metaverse
XRP Price Prediction – What’s next for XRP
So far, with the recent massive rally that had to do with investors switching from traditional finance to a more decentralized market, XRP managed to gain momentum at the same time and cross the USD 30 cents mark.
If strong fundamentals remain in place, and the advancement in the lawsuit takes place soon while showing a positive resolution, momentum can still hit XRP and prices might reach an area between USD 37.5 cents and USD 40 cents in the short-term.
The whole Cryptocurrency market
In the past 7 days, the cryptocurrency market was mostly up thanks to that massive rally that happened a few ago. Also, Elon Musk now has the Bitcoin logo in his Twitter bio, giving better confidence in the overall market:
1- Bitcoin (BTC) : + 4.97 %
2- Ether (ETH) : + 7.89 %
3- Tether (USDT) : 0 %
4- Polkadot (DOT) : – 7.16 %
5- Ripple (XRP) : + 16.51 %
6- Cardano (ADA) : – 0.95 %
7- Chainlink (LINK) : – 4.12 %
8- Litecoin (LTC): – 5.36 %
9- Bitcoin Cash (BCH) : – 6.06 %
10- Binance Coin (BNB): + 7.35 %
Stay Ahead, Stay Updated
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Ripple is back to the Moon? Up 30% to surpass 40 cents!
- BREAKING NEWS – XRP Price reached USD 17 cents, will it become worthless?
- Cardano Price Prediction – How High can Cardano reach by 2030?
- Ripple soars 140% this month – 3 reasons why XRP is mooning
- XRP price prediction – The BIG DAY is here, What will happen to Ripple?
- XRP Price Prediction – Here’s how to Manage your XRP Positions TODAY
- Can Shiba Inu Price Reach 10 Cents?
- BREAKING NEWS – XRP price dips below 40 cents, will Ripple manage to fight back the SEC?
- Bitcoin Prices crash amid Market Uncertainty – Is THIS the Start of the Downtrend?
- BIGGEST Shiba Inu Prediction: How High can SHiB reach before 2023?
- XRP Prediction: LAST CHANCE to Buy XRP below 40 cents!
- Bitcoin Price is shooting High! Is Bitcoin Back on Track to 60K?
- XRP Price Prediction – How is Ripple STILL ALIVE? UP 50% in 7 days
- LAST CHANCE to Buy XRP below 50 cents…Here’s Why!
- Ripple (XRP) Price Prediction – XRP Reaching 1$ SOON?
- Cardano (ADA) BEATS Ripple (XRP) – Which is the better Alt?
- Shiba Inu Price is about to Increase because of THIS indicator!
- WallStreetBets targets XRP, Prices soar 160% in 7 days – What about the lawsuit?
- Bitcoin Price Prediction – is Bitcoin REALLY eyeing 40k again?
- Bitcoin Price Prediction – BTC Prices Linger on a fine line, Here’s what to expect