XRP, the digital currency that once seemed poised to breach the $1 price mark, has faced a tumultuous journey. The recent appeal by the Securities and Exchange Commission (SEC) coupled with a massive selloff by investors has significantly impacted its price trajectory. But is it all doom and gloom for XRP? Will XRP crash to $0? Let’s delve deeper.
XRP Price Analysis: Is XRP Price UP?
To understand the current predicament of XRP, it’s essential to analyze its recent price performance. At present, XRP is trading at $0.4813. Over the past day, it has seen an increase of 0.6346%, indicating some short-term bullish momentum. However, when we expand our horizon to the past week, XRP has decreased by 7.85%, suggesting a bearish trend in the medium term. On a brighter note, over the past month, XRP has managed to increase by 0.3398%, showing signs of potential recovery or stabilization.
- Current Price: $0.4813
- Past Day: Increased by 0.6346%
- Past Week: Decreased by 7.85%
- Past Month: Increased by 0.3398%
XRP or Bitcoin: Which is Better?
When comparing XRP’s performance to the crypto giant Bitcoin, the question arises: Was it a better decision to hold XRP or Bitcoin? Currently, Bitcoin is trading at $26,582.91. In the past day, Bitcoin’s price decreased by 0.4421%, which is less volatile than XRP’s increase. Over the past week, Bitcoin decreased by 2.99%, which is a smaller decline compared to XRP’s 7.85% drop. However, in the past month, Bitcoin has shown a slight edge with an increase of 2.4585% compared to XRP’s 0.3398% rise.
- Bitcoin Current Price: $26,582.91
- Past Day: Decreased by 0.4421%
- Past Week: Decreased by 2.99%
- Past Month: Increased by 2.4585%
From the above data, while both cryptocurrencies faced fluctuations, Bitcoin has shown a slight edge in terms of monthly performance. This suggests that, in the recent past, it might have been a safer bet to hold Bitcoin over XRP.
XRP SEC Updates: What’s New?
The ongoing legal battle between Ripple and the SEC has been a significant overhang on XRP’s price. However, there’s a glimmer of hope as a resolution might be on the horizon, reminiscent of settlements that other crypto companies have achieved in the past. Legal expert Hogan has outlined possible outcomes:
- SEC moves forward with a trial against individual defendants (Most likely): Should the SEC choose this path, they might have to wait until 2027 for a final resolution, making it an unappealing choice.
- SEC settles against individual defendants and obtains a Final Judgment against Ripple: Hogan opines that this could be the most efficient route for the SEC, potentially wrapping up the case by August 2026.
- SEC settles all litigation against Ripple and individual defendants (Less likely): Though deemed the least likely scenario by Hogan, this outcome would benefit both parties. The SEC would notch another victory, and Ripple could progress without the legal shadow.
XRP Price Prediction: Will XRP Price reach $1 before 2024?
Assessing XRP’s price performance since the year’s commencement can provide insights into its future trajectory. If we project the same price trend from the previous 10 months forward and factor in a potential lawsuit resolution, XRP’s price could reach a maximum of $0.70. Higher price targets might be reached in 2024.
Will XRP Price Reach $0?
The million-dollar question: Will XRP crash to $0? The likelihood of XRP’s price plummeting to absolute zero hinges on the complete dissolution of Ripple as a company. Given the company’s robust infrastructure, partnerships, and global presence, such a scenario seems highly improbable. Thus, while XRP might face price fluctuations, a total crash to $0 remains a distant and unlikely possibility.