Of the top ten altcoins by market cap, only BNB recorded a slight gain (0.10%) in the last 24 hours while some lost as much as 9.22% in the case of Litecoin (LTC). However, as dreary as this seems, Ripple’s XRP, the world’s number three coin, recorded the least loss at -2.32%.
In general, this is not very exciting stats as far as the upcoming altseason is concerned but it’s also not terrible. In January last year, XRP hit its all-time high of $3.84 and has pretty much struggled to inch close since then. Currently, XRP is trading at $0.3969
How’s the Near Future Looking?
XRP has had a somewhat stable price movement since the beginning of the year. Its lowest point this year was on the 25th of April when it dropped to $0.29. However, it hit $0.46 on the 12th of May and only took it three days to get there from $0.31. Because it hasn’t performed poorly, most of the current price forecasts are still quite bullish.
There is also something to be said for some of the moves being made by Ripple as a boost for XRP. Top of the list is RippleNet which is a network of more than a few hundred financial institutions all over the world who use Ripple’s services to facilitate their businesses, drastically increasing transaction speeds, reducing transaction costs and also ensuring improved transaction safety. Before now, Visa had the fastest transaction speeds at around 24,000 transactions per second. With XRP however, speeds are up to 50,000 TPS.
XRP is expected to have a reasonably bullish viewpoint in the near future and almost every price forecast has pushed it higher than $1 by the year’s end, even though it’s still less than half of that currently.
It’s important to note that strong resistance points will be scattered on the journey to $1 at $0.50, $0.60, $0.80 and also $0.90. To have any serious hope in the price of XRP, it would first need to break through $0.50 and $0.56 price levels before the coin can be considered somewhat bullish.
Also, if the XRP/BTC market improves, it will also ensure that the XRP/USD market also pushes further.
Different forecasts have been made on the coin and most have been quite bullish. Some have been a little too optimistic claiming prices as high as $20 but in all of that, the lowest major prediction is somewhere around $1.25 or $1.5. Based on the predictions, a $5 mark is realistic as an average point and even that pushes ROI up to 15x.
In conclusion, it makes sense to assume the altcoin season will bode well for XRP and even if $5 is a pipe dream, $1 is not.
The post Ripple’s XRP Price Could Skyrocket to Over $1 in the Coming Alt Season appeared first on ZyCrypto.Full article