In March, XRP’s trading behavior was volatile, starting at a low of $0.37 and then experiencing a surge from $0.41 on March 24 to a high of $0.57 on March 29. This sudden increase added over $8 billion to its market capitalization within just five days.
However, the token experienced a setback of up to 14% shortly after TV personality Jim Cramer suggested that the Securities and Exchange Commission (SEC) may not win its lawsuit against Ripple. Since the crash back to $0.49, XRP has regained some ground, reclaiming support back above the crucial $0.50 level, leaving investors uncertain of the digital asset’s next move.
According to the 1,574 community votes cast by the members of the crypto tracking platform CoinMarketCap by press time, XRP is estimated to reach the average price of $0.4717 by April 30, a decrease of -6.35% or +$0.03201 to the token’s price at press time, as per data retrieved on April 12.
It is also important to note that the projections of the crypto community for the XRP token over the last six months have had a historical accuracy of 89%, making them a suitable alternative to the price estimates made by the artificial intelligence (AI) platforms, that have set a lot higher XRP price of $0.56 for the same period.
XRP price analysis
Currently, XRP is changing hands at the price of $0.50, recording a decrease of 3.28% on the day, with a total market capitalization of $26 billion, as recent data indicates.
Despite the recent setbacks, XRP may have a chance to rebound as it approaches a crucial level that could trigger a significant price surge. On April 11, crypto analyst Ali Martinez suggested that XRP could potentially experience a massive 47% price increase if it manages to secure a three-day candlestick close above the $0.54 level.
Martinez also noted that a successful breakout could propel XRP’s price to $0.80, which would mark a noteworthy recovery for the cryptocurrency that has seen both ups and downs.
Despite the chart patterns, it has emerged the SEC has filed a letter of supplemental authority in further support of its pending Motion for Summary Judgment to Judge Analisa Torres, the latest filing on April 11 is a new argument to support its summary judgment motion that could impact the sentiment around Ripple’s chances of winning the case against the SEC.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.