Ripple (XRP), ranked 6th in cryptocurrency market capitalization, underwent a 4% adjustment in the last 24 hours.
However, the value has risen by about 16% in a week, and it is analyzed that it is at a crossroads whether it is an increase to $1 or a retreat to $0.50.
On the 12th (local time), Cointelegraph, a cryptocurrency media outlet, reported that the price of Ripple reached $0.68, and the intraday high was 0.74, the highest since November 2023.
According to the media, Ripple’s rally is due to large investors choosing to buy as large-scale withdrawals occurred from cryptocurrency exchanges.
Additionally, it is analyzed that traders are moving capital from Bitcoin to altcoins such as Ripple to seek short-term profit opportunities and reduce risk exposure of overbought assets.
Cointelegraph predicted that “if it breaks the resistance of the multi-year downtrend line, it could fall to $1, and if it encounters resistance, it could fall by 20% to near the $0.50, the support line of the upward trend line.”
Even among experts, there are various analyzes regarding the price of Ripple.
Coosh Alemzadeh, a cryptocurrency market analyst, predicted that if the bullish fractal of 2014-2017 is repeated, the price of Ripple will exceed $3.55 in the coming months, breaking an all-time high.
On the other hand, Motley Fool, an American investment media outlet, said, “Ripple’s features and limited supply seem very promising with long-term potential, but the ongoing lawsuit has short-term uncertainty, and we cannot be optimistic when such uncertainty occurs.”
Lee Yong-soo, Global Economics Reporter piscrait@g-enews.com
[알림] This article is for reference only when making investment decisions, and we are not responsible for any investment losses based on it.
