The cryptocurrency market has been slow over the last few days. Bitcoin (BTC) is showing consolidation signs at the $61,000 level, while the global market cap has fallen almost 1% in the last 24 hours to $2.35 trillion. Ripple’s XRP token has also faced the brunt of the larger market sentiment. XRP’s price has fallen 6.3% in the weekly charts and 7% over the previous month.
Also Read: Ripple Analyst Says XRP Closing Above This Level Is Bullish: Can It Hit $1 In May?
The lack of positive movements for XRP could be due to Ripple’s ongoing lawsuit with the SEC (Securities and Exchange Commission). Furthermore, macroeconomic concerns, such as high inflation and fading expectations of an interest rate cut, may have also hurt investor sentiment. Moreover, rising global geopolitical tensions may have also played a hand.
Ripple XRP weekly price prediction
According to CoinCodex, XRP could surge to $0.66 on May 17, 2024. Reaching $0.66 from current levels would translate to a growth of over 31%. However, the platform does not expect XRP’s price to hold at $0.66. CoinCodex predicts XRP to face a correction soon after reaching the $0.66 level.
Also Read: Ripple XRP To Fall Below $0.50? Indicators To Watch Next Week
Changelly also paints a similar image for Ripple’s XRP token. The platform anticipates XRP to hit $0.680373 on May 15, 2024. Reaching $0.680373 from current levels would translate to a growth of about 36%. However, Changelly also anticipates XRP’s price to dip after hitting $0.680373.
Ripple’s ongoing lawsuit with the SEC is the likely reason behind XRP’s slow growth. Last year, a US district court ruled partially in favor of Ripple, stating that the sale of the cryptocurrency to retail clients did not breach securities laws. However, the suit has now entered the high court, and investors are awaiting a verdict. If the high court rules similarly to the district court, we may witness a sudden surge in XRP’s adoption and price.
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