- XRP hit a multi-year high above $3.6, yet still lags behind its 2018 peak.
- Major bullish events, ETF approval, and rising volume failed to push XRP beyond old highs.
XRP has recently surged past $3.6, touching its highest point in over seven years. Despite this rise, XRP remains far below its 2018 all-time high, which had touched $3.84. This ongoing gap has raised concerns, especially among long-time investors, as expectations for a stronger rally continue to fall short.
Crypto analyst ICharted claims the recent price performance does not reflect the bullish conditions surrounding XRP. The analyst believes the market has failed investors, suggesting they are being “ripped off.” According to ICharted’s statement on TradingView, multiple major developments in XRP’s favor have not led to any new price peaks.
These developments include the election of Donald Trump, who is seen as the first openly pro-crypto U.S. President. Despite this political shift and the positive market response following Trump’s election, XRP has still not moved beyond its previous all-time high.
Analyst Points to Bullish News That Failed to Deliver
The analyst also mentioned the impending conclusion of Ripple’s legal fight with the United States Securities and Exchange Commission (SEC). The lawsuit, first launched in 2020, has been a focal point in the crypto space. Even with the case going towards a conclusion, XRP’s bounce back in the price has yet to catch up with the optimism.
Further, ICharted also discussed the growing adoption of Ripple in various fields, primarily in payment as well as in real estate Expansion of the business, including a head-to-head competition with SWIFT for cross-border payment settlements, has worked towards greater exposure. Yet, the current XRP price stands lower than the high in 2018, a sign of market hype not turning into actual profits among investors.
Another crucial observation made by the analyst concerned a significant surge in the trading volume over the past year.While volume often signals stronger market activity, XRP’s price movement hasn’t followed through. In addition, the token recently received ETF approval, with trading already underway. Despite this, the price continues to hover below previous highs.
XRP May Crash to $2 in August — Analyst Issues Warning
ICharted also mentioned that the U.S. Congress passed several favorable crypto bills this year. These developments have provided regulatory clarity and support for crypto firms operating within the country. However, the XRP price remains stagnant, unable to break above the 2018 levels.
With all these points combined, the analyst warned that the current XRP price levels are misleading. “The Feds are soon going to cut rates multiple times. Bitcoin tanks everytime that happens,” ICharted said. Based on this, the analyst predicts a possible crash back to $2 starting in August, suggesting that the price could soon lose its recent gains.
Despite XRP reaching a multi-year high, the inability to touch new records amid so many positive changes has sparked real concerns among market watchers. Investors may now be forced to reassess expectations, as bullish news continues to fall short of market response.
No Comments