XRP, the cryptocurrency that powers crypto payments firm Ripple’s decentralized, public blockchain (called the XRP Ledger), was last changing hands just under $0.39 per token, having pulled about 2.5% lower on the day amid a modest pullback in broader cryptocurrency prices from recent highs. XRP is now trading down nearly 5.0% from Monday’s multi-week highs in the $0.4070 area.
The pullback from recent highs comes despite some positive recent news that Ripple had secured a new business partner in the UAE. Joyalukkas Exchange will use Ripple’s XRP-based On-Demand liquidity product to optimize cross-border payments, according to a post by the managing director of the exchange on LinkedIn.
XRP’s reluctance to continue pushing higher into the $0.40s come as XRP faces significant resistance from a downtrend linking highs going all the way back to last September. If XRP can muster a push into the mid-$0.40s in the coming weeks, perhaps if the broader crypto market rally resumes, then that could trigger a swift move higher towards resistance in the $0.50-55 area.
Crypto Experts Give Their Price Predictions
Popular crypto YouTuber Myles G Investments said that he thinks XRP is “probably going to be one of the best-performing coins this year”. He added that XRP appears to be starting to break out of its bear market.
Elsewhere, popular YouTuber Crypto King noted that XRP might be looking at 100x potential if Ripple is able to win its court case against the US Securities and Exchange Commission, which accused Ripple of issuing XRP as an unlicensed security.
Is It Too Late to Buy XRP?
Asking whether it’s too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook.
If, based on your own research, you think XRP presents a good risk-reward at current prices and as likely to rise substantially in price in the current years, it is probably worth buying some. That’s regardless of the token’s recent performance. If you don’t deem XRP as presenting a good risk-reward, then stay away.
XRP Alternatives to Consider
As discussed above, XRP’s near-term outlook is …. Traders looking for quick gains may prefer to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.