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#XRP Must Rally 70% To Reconquer $1 Peak After Market Turmoil
XRP , RippleNet's native asset for cross-border payments, has been below $1 for months. Despite a six-month bitcoin bull run. Some experts foresee a quick increase to close the gap, while others are skeptical owing to court challenges and market volatility.
XRP is at $0.59, far below the $1 many investors wanted. Recent months have seen the token fluctuate between $0.50 and $0.65. A March rally to $0.75 brought promise, but it was shortly followed by a retreat.
$XRP : Multiple Challenges
Several reasons contributed to this poor result. The SEC's lawsuit against Ripple Labs, the firm behind XRP, continues to cloud the token's future. Ripple strongly opposes the SEC's accusation that XRP is unregistered. Investor confidence has been affected by legal uncertainty.
Bearish cryptocurrency mood complicates issues. Bitcoin, the world's largest cryptocurrency, has fallen in recent weeks, pushing down the market. XRP's growth is constrained by this market trend.
RippleNet has more institutional partners, including banks and financial institutions. They believe this acceptance will position XRP for tremendous growth once legal challenges are overcome and the market stabilizes.
Analysts predict a sharp XRP price surge, fueling confidence. Analyst Tylie Eric has forecast a 60% jump in a short period, citing the late 2017 bull run.
Some, like XRP analyst EGRAG, think the coin is replicating the pre-bull phase, indicating a breakout.
Not everyone shares this excitement. Cryptocurrency trading site Changelly researchers are more cautious. Their best April aim is $0.75, and they doubt they'll hit $1.
The future of XRP is questionable. The SEC action must be resolved, the market must become positive, and RippleNet must continue to prove its worth to overcome the $1 obstacle.
XRP's $0.59 price would have to jump 70% this month to make up for the $1 it lost during the previous bull market.
