XRP (CCC:XRP-USD), the eighth largest cryptocurrency by market capitalization, may be taking on water. A series of recent delistings has crypto bulls down on the coin, as XRP looks to recover from a hard week. XRP price predictions are hot in lieu of the bad press.
So what’s going on with the cryptocurrency?
“RelistXRP” was trending on Twitter earlier this week after Canadian crypto exchange Bitbuy announced it will be delisting the coin. As per a press statement, Bitbuy will remove XRP from the platform as of Jan. 13, 2022. The move comes as part of an effort to meet Ontario Securities Commission guidelines related to whether a crypto can be considered a security.
Here’s the rub: This isn’t even XRP’s first delisting this month. Newton, another Canadian crypto exchange, delisted the coin for similar regulatory reasons. Though, in comparison to its January delistings from Coinbase, Kraken and Binance.US, this is almost a mild blow.
What’s behind the delisting spree pushing down XRP?
XRP has been the subject of a vicious legal battle. In December 2020, the U.S. Securities and Exchange Commission filed a lawsuit against Ripple, the company behind the XRP crypto. As per a press release from the SEC:
“We allege that Ripple, [Christian] Larsen, and [Bradley] Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to our robust public market system.”
The lawsuit has been a stain on XRP for nearly a year now. In that time, XRP’s regulatory woes have continued to pile up.
XRP Price Predictions: Dead in the Water?
With XRP currently sitting at 80 cents per coin, what do the experts think about XRP’s potential considering its checkered year? It turns out that analysts think regulatory troubles will soon stop weighing on XRP prices.
- FXStreet sees XRP tracking back up after its down spell. Through technical analysis, they see XRP going as high as $1.12 in the coming days.
- Wallet Investor is similarly bullish on the crypto. They view XRP as an “awesome long-term investment.” The site has a price target of $1.45 after a year, and a five-year forecast of $3.92.
- Digital Coin Price believes XRP is destined to shake its current cold streak. They have price targets of $1.42 for 2022 and $1.62 for 2023. In the long term, they predict consistent growth, with a 2026 price target of $2.92 per coin.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.