The cryptocurrency market is starting to finally recover. Many tokens managed to gain significantly in value in the past couple of days. The XRP token is known to be a lagger in the crypto space. Its prices always took some time to follow the entire crypto market. While most cryptos increased in valuation, XRP still did not make any significant move. What is required for XRP to reach 1$? Is this projection feasible in the short/medium term? Let’s analyze 😉
What is XRP token?
XRP is the digital asset on the XRP ledger, which provides on-demand liquidity for financial service providers. It also serves as a bridge currency, allowing cross-border transactions to happen more easily. Transaction costs for XRP are 0.00001 XRP or 10 drops, which is less than a penny per transaction at today’s pricing. Payment companies may use XRP to reach smaller markets, receive faster payment settlements, and save money on foreign exchange. The XRP ledger is open-source and maintained by a global and independent community, and Ripple company is an active member.
XRP Price lost more than 65% since the Crypto Crash
All cryptocurrencies have been crashing since November 2021 with no exception. Most tokens reached their all-time highs prices, then crashed heavily in the coming months. The year 2022 was a bad one for the crypto market. However, XRP is a different story. Its prices never reached their all-time high price of $2.7. This is partly because of the pending SEC lawsuit. Despite it moving positively, investors want to make sure that the company won’t lose its battle.
Additionally, most investors have already moved on to other crypto projects. There are many interesting opportunities and striving crypto projects, able to deliver great services, without the blood of the SEC hovering over their investors. After the harsh crash of more than 65%, XRP prices seem to have consolidated around $0.40.
XRP Price Prediction – Will XRP reach 1$ soon?
Despite the current slight rebound in crypto prices, XRP did not seem to budge much as expected. In fact, XRP was always known to be a lagger when it comes to price actions vis-a-vis the crypto market as a whole. Back in 2018 when the crypto market made huge gains, XRP consolidated around $0.20 for an extended time before breaking the barrier of $0.30 and moving to the $1 price mark.
Today, XRP needs to break the $0.50 price for us to be able to confirm a trend reversal higher. Looking at figure 2, we can clearly see how the first step to the XRP recovery lies above the psychological price of $0.50. Once broken higher, we can safely assume that prices are going to continue to break the next prices until reaching the strong resistance of $1. From there, we can expect prices to adjust lower, but this will be tackled in a future article.
Bear in mind that the above prediction takes into account that the entire crypto market is continuing its recovery upwards. With XRP being a lagger, we can safely assume that prices should increase soon. However, whenever the entire crypto market crashes, XRP holders should exercise caution as to where to place adequate stop-loss areas.
How to Buy XRP?
There are many exchanges that sell the XRP token. Taking into consideration the biggest, here’s a list that we at CryptoTicker recommend:
If you are trading CFDs, eToro is a good alternative to buying the actual tokens and trading the price differences instead of worrying about the safekeeping and security of cryptos.