Ripple (CCC:XRP-USD) could be heading toward an all-time high if recent XRP price predictions are to be believed.
Why are expert price predictions for XRP worth noting now? There are two major catalysts for the cryptocurrency that investors need to be aware of. However, before that, we’ve got to talk about the price of XRP recently.
XRP started out up this morning before dipping lower. As of this writing, the crypto is down 2.6% over a 24-hour period to about $1.33 per token. It started the week off wrong with a fall from a high of $1.53 before climbing back up to $1.41 on Tuesday. However, it couldn’t hold that price and dropped back down to its current level on Wednesday.
Now, let’s dive into those catalysts I was talking about above.
Catalyst No. 1: Upcoming Flare Network Launch
Flare Network is preparing to launch and it could be enough to boost the price of XRP tokens higher. This is due to XRP holders getting FLR tokens. However, this only applies to those holding XRP during a certain period of December.
Even so, the extra income that would come from the FLR tokens could result in XRP stock climbing higher. Investors in the crypto are anxiously awaiting the launch of Flare Network, which is set to take place in the second quarter of 2021.
Catalyst No. 2 SEC Lawsuit Win
If Ripple can win the lawsuit between it and the U.S. Securities and Exchange Commission (SEC), that would be a major benefit to its price. The company is pushing to have the lawsuit dismissed and might just succeed in doing so.
The SEC has until May 14 to react to the dismissal. If it doesn’t the lawsuit is dropped. Even if the SEC continues the legal battle, Ripple could still win if the judge rules in its favor.
XRP in the Future
So what does this mean for XRP price predictions? Let’s see what the experts have to say.
- “As we move closer to the month of May, both the fundamental and technical picture bodes well for XRP. Perhaps the month of May could be the period when XRP tests its ATH of $3.30. If the momentum remains strong, it is possible XRP may even test $3.30 before May arrives.” — Kim Chua, PrimeXBT Market Analyst
- Regardless of the short-term bearish outlook provided by the technical analysis and some on-chain metrics, a sudden spike in bullish pressure that results in a decisive close above $1.53 will invalidate the bearish thesis. In such a case, XRP price could surge 30% to retest the local top at $1.96.” — Akash Girimath, FXStreet
- “Therefore, in my view, the currency may resume the upward trend as bulls target the next key resistance at $2. For this to happen, bulls will need to move above the 23.6% retracement level at $1.5300. This prediction will be invalidated if it moves below the 50% retracement at $1.0600.” — Crispus Nyaga, Investing Cube
- “On the upside, Ripple bulls have a task to sustain the uptrend above $1.4 and to close the day above the 50 SMA resistance. Here, more buyers would be called into the market as speculation builds for an upswing beyond $2.” — John Isige, CoinGape
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.