One cryptocurrency which has been garnering significant attention of late is Ravencoin (RVN-USD). Today, Ravencoin plunged 17% over the past 24 hours, as price discovery in the market continues to provide volatility for this token. For investors looking to gauge where this token may be headed from here, expert Ravencoin price predictions are certainly of interest.
One of the reasons Ravencoin has been so volatile of late is the highly-anticipated Ethereum (ETH-USD) merge. Late last night, the Ethereum network officially merged its mainnet with its proof-of-stake Beacon Chain. This means moving forward, Ethereum mining will no longer be viable on the network. Instead, users can stake their tokens to help secure the network and validate transactions on the Ethereum blockchain.
For previous Ethereum miners, Ravencoin’s proof-of-work consensus mechanism may provide a haven. This is one of the reasons behind the token’s previous 85% rally. Thus, today’s price action with this token appears to be simply the giving up of some of these gains as investors look more favorably upon Ethereum.
That said, miners will be looking for alternative networks to flock to. Should Ravencoin pick up many of the miners Ethereum left behind, this network could become more secure. Whether that translates into growth over time remains to be seen.
With that said, let’s dive into where the experts think RVN could be headed.
Ravencoin Price Predictions
For context, RVN currently trades at 6 cents per token.
- WalletInvestor provides a one-year price forecast of .71 cents per token for RVN.
- Gov Capital goes a step further, projecting RVN could be worth 14.6 cents in one year and 63.1 cents in five years.
- Finally, DigitalCoinPrice suggests RVN could average 14 cents in 2023 and 29 cents in 2027.
On the date of publication, Chris MacDonald 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.
