Ripple (XRP) Price Prediction and Analysis in May 2021
Ripple (XRP) is the fourth-largest cryptocurrency, according to its current market cap of $62,407,542,785. It has a circulating supply of 45,404,028,640 XRP and a total supply of 99,990,831,162 XRP. Over the last 24 hours, XRP trading volume was $10,795,177,603, which is down by 35.40%. In this XRP price prediction, we will look at various aspects of this cryptocurrency to help traders make an informed decision.
XRP Price Prediction: Analysis
XRP is the currency that runs the digital payment RippleNet network. It joined the market officially in 2012, with an approximate price of $0.005. The coin attained its all-time high price of $3.400 on January 7, 2018, before it dropped massively to close the year at $0.361.
Fast forward to 2021, XRP has not had a smooth ride either. The coin started the year at $0.21 at the beginning of January before it escalated to $0.65 on February 1. Then, it closed the month of February at $0.41. In March, XRP witnessed a slight growth and closed at $0.57. The first half of March was seemingly good for the XRP coin.
XRP price prediction in the coming days:
XRP started April at $0.57, and by April 15, it was already $1.73. As of this writing, the XRP coin is seemingly under pressure after hitting its year-to-date high of $1.96 in mid-April. This XRP price prediction might not show the exact price for tomorrow, but users need to take note of the factors that could affect its performance. From April 18, the XRP price has dipped considerably, perhaps because the market was focusing on the SEC lawsuit, in which the regulator accused Ripple of harassing it.
In a recent report by Bloomberg, the SEC vowed to continue with the lawsuit under the new chairperson, Gary Gensler. According to the report, the agency asked the judge overseeing the Ripple case to dismiss the crypto company’s request for internal communication documents. This event might have taken a toll on the recent XRP price.
According to Walletinvestor, the following are the pivot, resistance, and support levels traders should keep in mind when trading XRP.
- Resistance Level (R3): 1.509;
- Resistance Level (R2): 1.350;
- Resistance Level (R1): 1.260;
- Pivot Point: 1.101;
- Support Level (S1): 1.011;
- Support Level (S2): 0.852;
- Support Level (S3): 0.762.
The latest development on the Ripple network, which might affect the XRP price, is the ongoing battle between the crypto company and the Securities and Exchange Commission (SEC). The Ripple team insists that XRP is not a security. Recently, Ripple, through its attorneys, requested the dismissal of the case, arguing that no part of XRP’s sales indicated that it was bought as a security or an investment.
The pressure around this case is mounting, and this might affect the XRP price in the coming days. However, in the meantime, some crypto enthusiasts in Hong Kong have identified XRP as one of the cryptocurrencies to help them facilitate payments during the pandemic.
As lockdown continues in different parts of the globe, more users, especially small and middle-level businesses, might be interested in XRP to help them facilitate crypto payments. If this happens, it might add value to the coin and possibly increase its price.
Other analysts also believe that XRP is set to experience a massive surge to a new ATH soon. In a new tweet by a famous crypto trader and analyst, XRP is currently approaching a downward correction to 0.68 Fibonacci retracement support, which is likely to cause a possible bounce.
XRP Price Prediction: Market Opinions
For those who wish to invest in Ripple, this XRP price prediction could shed some light. Here are some of the market opinions on what to expect for the market in May 2021 for XRP.
According to Longforecast‘s XRP price prediction, it will open May at $0.98 and close at $0.82, leading to a change for May of -16.3%. The coin would attain a maximum price of $1.73 and a minimum price of $0.71. The average price for the month is expected to be $1.06.
Tradingbeasts gives the coin a bright future in the coming month. They say that XRP will reach $1.34 by the beginning of May 2021. The expected minimum price is $1.68, while the minimum is $1.14. The XRP price prediction for the end of May is $1.34.
According to this website, XRP could boost its price in May. They put the coin at $1.37 at the beginning of May. Moreover, they say that XRP will be driven by more investors buying the coin, technology adoption, and international acceptance. Media spotlight could also play a role in improving the XRP price.
XRP Price Prediction: Verdict
Amid its challenges with the parent company Ripple, it’s visible that XRP is pushing upwards. This shows the resilience and value that it has to offer. With upcoming catalysts, such as the Flare Network launch and a possible win against the SEC, the coin could draw more investors into its fold. This explains the optimism expressed in the market opinions. So, you just have to consider any important factor that could influence the XRP price behavior in order to make the right decision.