Although many assets in the cryptocurrency market are slowing down or even starting to reverse their previous gains, XRP is no exception, but some crypto trading experts believe it might soon make an impressive recovery and even hit a new all-time high (ATH).
As it happens, crypto analyst Egrag Crypto has observed that XRP was imitating its trajectory from 2021, which had pushed it toward the price target of $1.80, which meant that the token could do the same this time around, according to the expert’s X post on April 25.
XRP price action analysis and prediction. Source: Egrag Crypto
At the same time, another pseudonymous crypto expert, CoinsKid, isn’t as optimistic and has pointed out that XRP has again rejected the significant yet “eternal” $0.55 zone, commenting that such a price action “is getting boring now,” in an X post published on April 24.
XRP price action analysis. Source: CoinsKid
XRP price analysis
Meanwhile, the price of XRP at press time stood at $0.515, which suggests a decline of 4.44% in the last 24 hours, a 4.70% gain across the previous seven days, and a 19.83% drop accumulated on its monthly chart, according to the most recent data retrieved by Finbold on April 25.
XRP price 7-day chart. Source: Finbold
So why is XRP down today? Notably, one of the reasons could be the reports that Ripple has replaced it with stablecoin Tether (USDT) for its on-demand liquidity (ODL) customers in the United States due to the blockchain company’s legal battle with the US Securities and Exchange Commission (SEC).
No surprises here. Navin Gupta was the first Rippler I heard on a YT interview who mentioned that other digital assets would increasingly serve as #Ripplenet bridges in the future. And as for those channels claiming $USDT is a scam… ? Oh, the twists of life.It's all about the… pic.twitter.com/0zlQ69pkWr
— ?Crypto Eri ?Carpe Diem (@sentosumosaba) April 23, 2024Speaking of which, Ripple’s defense team has recently accused the regulator of ‘sandbagging’ the case and challenged the fairness of the proposed $2 billion in penalties for selling XRP to institutional clients, arguing that no more than $10 million would be appropriate, as Finbold recently reported.
In conclusion, XRP could make a strong recovery in the following months, although its regulatory woes are creating concerns among investors and could negatively impact its price. This is why doing one’s own research and weighing the risks is critical before investing in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
