Throughout this year, the digital asset market has seen a host of assets skyrocket in value. However, one of the most promising has failed to live up to the hype. With uncertainty abounding, is $0.95 the ceiling for Ripple (XRP) amid its ongoing SEC lawsuit?
Ripple was a popular projection from analysts heading into the year, with many expecting its value to surge. That was, in large part, due to the ongoing legal action that the SEC had taken against the firm. Subsequently, there is growing belief that XRP’s ascension to $1 is impossible with the legal conflict still ongoing.
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Ripple (XRP) May Be Unable to Break $1 As SEC Lawsuit Continues
Although we are just three months into the year, 2024 has proven to be massively important for the digital asset sector. The approval of a host of Spot Bitcoin ETFs has proven to be massively important for the industry’s standing on a mainstream level. However, as Bitcoin has ascended to a $73,000 all-time high this year, other assets have not fared as well.
Among those, Ripple (XRP) may have been confronted with a $0.95 ceiling for 2024 amid its ongoing SEC lawsuit. Indeed, XRP was an asset that investors had high hopes for heading into the new year. Yet, it has failed to capitalize on excitement thus far. Now, with the lawsuit continuing, there is concern that I never will.
Looking across the industry, few forecast the asset to break through the $1 mark this year. Price prediction platform Changelly expects the asset to reach a high of $0.879 this year. Moreover, they predict that the asset will then experience a low of $1.08 in 2025.
Also Read: Ripple CEO: Crypto Market Cap to Double By End of 2024
Alternatively, Cryptopolitan has forecasted the asset to reach a maximum price of $0.95 in 2024. Subsequently, they note that the following year will feature a minimum price of $1.19, altogether aligning with the more common belief that this year could feature a glass ceiling for the asset.
Over the last 24 hours, the asset has been unable to increase more than 1%, according to CoinMarketCap. Currently trading at $0.62, it has stayed more or less neutral over the last 30 days. That lack of momentum could be a confirming facet of its current state.
That position has not been aided by a lack of updates either. Earlier this month, Ripple Labs announced the creation of its own US dollar-pegged stablecoin. Although that improved the XRP price minimally, it failed to create any momentum for an upward trajectory.
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