- crypto analyst JackTheRippler predicts that XRP can rise as high as $100 or even $10,000 after the Ripple vs SEC lawsuit.
- Ripple recently launched the XRPL EVM sidechain, a product that is capable of handling over 1,000 transactions per second.
Ripple’s XRP has been facing a massive challenge in breaching critical resistance level in the past couple of years. The once bright project which was earmarked to be a major success, has now been battling an uphill journey to get back to its glory days. Despite the crypto market embarking on a bull run this year, which has seen coins such as Bitcoin (BTC) and Ethereum (ETH) boasting a 65% and 53% gain respectively, XRP has only managed to accumulate a paltry 1.28% gain within that same period. XRP has seen just a 1.6% increase within the last 12 months. However, crypto analyst JackTheRippler has stated that the asset hitting $100 is inevitable once Ripple vs SECS’s case comes to an end. According to him, XRP can even rise as high as $10,000.
Why XRP is Currently Struggling
The underwhelming performance of XRP this year has been largely attributed to the lower demand for the digital coin among investors, booth traders, and institutions. Other factors affecting the performance of XRP include the actions of XRP whales. According to recent reports, an XRP whale offloaded 31 million XRP coins to a centralized exchange, which saw a price drop in the aftermath. Ripple’s XRP also saw a death cross, with a chart pattern indicating the transition from a bull market to a bear market on April 14th as the 200-day and 50-day Exponential Moving Averages (EMA) crossed each other.
Despite the seemingly unending woes for XRP, there is still room for optimism as after all, the crypto market is an unpredictable entity. The team behind the digital coin has been working to propel XRP back to the top of the crypto ladder. Ripple recently launched the XRPL EVM sidechain, a product that is capable of handling over 1,000 transactions per second.
In a statement last week, Ripple’s developers, together with Peersyst, a platform developing cutting-edge expertise in protocol-level blockchain development, revealed that they will be utilizing Axelar, a multichain platform that unifies Web3 for developers, that aids in delivering applications from any blockchain to every user, as the bridge protocol for the platform.
It is, however, important to know that the EVM market also has fierce competition and so XRP holders and investors would hope that their products stand tall and perform well.
Additionally, Ripple’s on-demand liquidity has been tagged as another product that can help push the price of the digital coin as it helps customers move money around the world easily, eliminating the need for correspondent banking relationships and the pre-funding of accounts abroad.
XRP’s market capitalization has seen an increase, currently at approximately $27.65 billion, ranking it seventh on the crypto table. Its 24-hour trading volume has also seen a surge, gaining 36% at $1.17 billion, which signals active trading despite the market volatility.
XRP’s price, however, is at a crucial point and is heavily relying on support at $0.5 to strengthen the current uptrend to push its price towards the $1 mark.
