Analysts Predict XRP Price to Surpass $0.65 This Weekend
XRP has been facing challenges in overcoming the resistance at the $0.55 price level, disappointing many investors. On May 6, it briefly surged to around $0.5526 but has since been on a steady decline, reflecting the broader downturn in the cryptocurrency market.
Currently trading at $0.5100, XRP has seen a 1.59% drop on the monthly chart, 3.01% in the past seven days, and 0.4% in the past day. Despite this underperformance, prediction platforms Coincodex and Changelly speculate that XRP could surpass $0.65 this weekend.
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XRP to Exceeds $0.65 by Weekend
Coincodex predicts a significant rally with XRP potentially reaching $0.6744 on Sunday, May 19, representing a spike of 32.23% from the current price. However, this rally is expected to be short-lived, with XRP likely to drop below $0.60 shortly after.
Similarly, analysts from Changelly also forecast a surge to $0.6813 on Saturday, May 19, followed by a correction taking the price below $0.60 by May 20.
Exploring the Causes of the XRP Price Slump
Before the recent market downturn, XRP did not experience significant rallies like some other assets. This underperformance can be attributed to various factors, including macroeconomic and legal issues. The legal dispute between the SEC and Ripple has notably impacted XRP’s performance.
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Despite the court classifying XRP as a non-security, updates from the lawsuit have influenced the coin’s performance. The case is nearing its conclusion, and once resolved, XRP could potentially embark on a significant rally, especially during the peak of the bull run. Some analysts project that XRP could surge up to $46.5 this bull run, but this remains to be seen.
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Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.
