Renowned market analysts are pointing out a variety of obstacles preventing XRP from hitting the $1 mark, including negative sentiments and the ongoing legal battle between Ripple and the SEC.
During the weekend, XRP dropped below the $0.50 level, hitting $0.4930. This breach of a significant psychological threshold came after a broader correction in the crypto market following last week’s gains. The previous week saw a surge in bullish momentum as Bitcoin exceeded $73,000 for the first time in seven months.
However, XRP failed to keep up with the bullish excitement, peaking at just $0.5300 last week. As the market entered a correction phase, XRP followed suit. Despite occasional fluctuations across the market, XRP has consistently struggled to break the $1 barrier, leaving many wondering why this milestone has proven to be so elusive.
A recent post by Uphold, an American exchange known for its support of XRP, sparked a discussion about the biggest hurdle preventing XRP from doubling in price to $1. Community members offered various perspectives on what might be holding back XRP’s performance.
Hugh Morris suggested that “the switch has yet to be flipped,” hinting at potential internal manipulation keeping the price down. Others echoed this sentiment, suggesting that XRP’s price is being intentionally suppressed.
User Timothy Michael argued that XRP’s underperformance is due to low transaction volumes on the XRP Ledger. However, Ripple’s latest report showed a 99% increase in transactions on the XRPL on a quarter-to-quarter basis.
In a different perspective, a commenter named “WallStreetBulls” speculated that listing XRP against the upcoming RLUSD stablecoin could boost its price significantly. They believe that removing current trading pairs and introducing XRP/RLUSD could potentially raise the price to $20 or even $30. However, the direct impact of this trading pair introduction on XRP’s value remains uncertain.
Some community members suggested that negative sentiment towards XRP is fueled by large donations in XRP tokens made by Ripple’s chairman, Chris Larsen, to support Kamala Harris’s campaign.
The ongoing SEC lawsuit was also identified as a major factor affecting XRP’s price. Ripple has acknowledged that the lawsuit has a direct impact on XRP’s value in its latest quarterly markets report.
Currently trading at $0.5068, XRP last reached $1 in 2021. To reach this milestone again, its price would need to increase by 97.31%. However, this percentage gain presents significant challenges for XRP in the current market environment.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.