Anonymous user IncomeSharks, who has amassed more than 500,000 followers on the social media platform, believes$XRP May experience significant price adjustments in the future.
In fact, analysts believe the high-flying coin could fall back below $0.60.
The cryptocurrency trader noted that nearly half of the available tokens are not even in circulation. The company continues to hold 38.9 billion tokens in its Ledger escrow accounts.
“There’s a reason the space collectively doesn’t like this coin, because it’s always going up and down.
On Monday, the token’s price hit a multi-year high of $2.81, close to its all-time high of $3.4,” he said.
Weiss Crypto points out that XRP's 'meteoric' rise is driven by various factors, such as the expected regulatory approval for Ripple's RLUSD stablecoin and the potential launch of an XRP ETF.
The strong purchasing interest from South Korea seems to have driven this significant surge. On Monday, the trading volume of XRP/KRW on the Upbit exchange reached $6.031 billion.
The XRP craze is officially back, and community members are discussing whether the token will soar to $100. However, due to the token's history of significant crashes, it has also attracted a lot of short interest.
For example, in April 2021, XRP soared to nearly $2. However, it plummeted nearly 75% in just two months.
As early as 2018, the token also plummeted 92% after reaching its current all-time high of $3.4. Whether this time will be different remains to be seen.
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