XRP Price Prediction 2021: Market Analysis and Opinions
After struggling to test resistance at $2.00, Ripple seems to be showing resilience lately, which means it’s time to issue this XRP price prediction. The altcoin has a market capitalization of around $43,401,394,157 and a 24-hour trading volume of $4,345,398,989 at the time of writing. This makes it the seventh-largest cryptocurrency by market capitalization after being toppled by the Binance Coin. It has a circulating supply of 46.15B XRPs and a maximum supply of 100,000,000,000 XRP.
XRP Price Prediction: Technical Analysis
Before we delve into making an XRP price prediction for 2021, we’ll go through some of the technical things that happened in 2020 to understand the trajectory of the coin. In 2020, the price of XRP was largely stable, but, of course, there were bullish trends that didn’t last long. In July of the same year, we witnessed a bullish trend that didn’t last long. However, in November, altcoin had a value of almost 0.7 USD, as shown in the chart below.
Since then, the XRP price has been oscillating between bullish and bearish trends, forcing us to use technical analysis to make a reliable XRP price prediction for June and 2021. So, what could be the reason?
Ripple, unlike Bitcoin, is mainly used by banks to provide a network for faster payment processing. The network, RippleNet, performs cross-border payments in real-time, making it the option of choice by most banks. Therefore, whenever a major bank agrees to use the network, the price of XRP responds by surging.
In August 2020, the price increase of XRP was largely driven by market sentiment after HDFC Bank Limited, the largest bank in India, embraced the RippleNet Network. That was later followed by the rally witnessed in November, when Ripple officially updated its website to confirm its partnership with the Bank of America.
Another significant development occurred in December. Coinbase has announced that it supports the Flare network’s Spark airdrop token. The news was good to the Ripple community because the airdrop provides smart contract functionality to XRP. Expectedly, the price of XRP rose after the news. The short-term rally was sustained because, like Coinbase, Binance has announced their support of the SparkAirdropProgram for XRP holders.
Since April 2021, the price of XRP has been on the increase, almost hitting the $2.0 mark on the 14th date, as indicated below. Then, the coin had maintained a bearish streak, which was characterized by strong reversals in both directions that lasted until the end of April when the price started to gain, though moderately.
On May 6, XRP almost touched its highest price of the month, falling slightly below the $1.7 mark.
The recent price swing in XRP could be explained by extended sell-offs of the coin caused by the ongoing legal tussle between the SEC and Ripple that started in December. Lately, Ripple CEO Brad Garlinghouse confirmed that the US lacks regulatory clarity on cryptocurrency, and this has an impact on XRP’s price.
XRP Price Prediction: Market Opinions
In making our XRP price prediction, we will focus on what authoritative forecasting sites have to say about the evolution of the XRP price in the coming months.
TradingBeasts believes that the price of XRP will close the month of June at around $1.2358530, entering the month of July within the range. At the time, the prediction site believes the minimum price will be $1.0579828, with the maximum price expected to oscillate to the $1.5558570 mark at the close of June.
By the end of the year, TradingBeasts expects that XRP will have an average price of $1.35074, with a minimum price of $1.14813 and a maximum of $1.14813.
|Month||Minimum Price||Maximum Price||Average Price||Change|
|July 2021||1.10218||1.62085||1.29668||24.68 %|
|August 2021||1.11048||1.63305||1.30644||25.62 %|
|September 2021||1.11929||1.64602||1.31682||26.62 %|
|October 2021||1.12832||1.65930||1.32744||27.64 %|
|November 2021||1.13815||1.67374||1.33900||28.75 %|
|December 2021||1.14813||1.68842||1.35074||29.88 %|
Walletinvestor provides a 14 days price prediction for XRP as shown below:
|Date||Price||Min Price||Max Price|
For the remaining days until mid-month, they predict that the price will hit its highest mark at $0.843. The maximum price will be $0.988 and the minimum – 0.7045. Generally, based on the last 30 trading days, Walletinvestor shows that the altcoin is on a bearish mode.
As for the remaining part of the year, Walletinvestor anticipates that the price of XRP will close 2021 at around $1.3, with a high of around $1.6 and a low of around $1.0. The forecast is illustrated below:
From the 14-day forecast above, Gov.capital predicts that XRP price will hit its highest point on 8th at $0.9 and lowest on 12th at $0.3. By the close of two weeks, it will be trading at the $0.3 range after a minor correction.
Gov.capital’s long-term XRP price prediction shows that the coin will close the year at slightly above the $1.0 as shown below:
Cryptocurrency Experts and Influencers
Opinion on the trajectory of XRP is quite divided, largely because Ripple is facing a court case. However, from a technical perspective, influencers and opinion leaders in the cryptocurrency market are quite upbeat about the coin’s trajectory.
Crypto Candy, an active crypto influencer, believes that if XRP hits the $3.0 mark, it will be headed to the $10 mark. She tweeted this on May 25, meaning that she is very bullish on this altcoin and BTC.
Other influencers, such as Credible Crypto are more bullish, indicating that the price could soar to highs of $20-30.
At one time, veteran financial analyst-cum-trader, Peter Brandt was also very bullish on the prospects of XRP. Although he clarified that weekly charts are not credible to guide action, he foresees the price of XRP hitting an ATH.
Latest News and Happenings Concerning XRP
In December 2020, the SEC initiated a lawsuit against Ripple Labsalleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. The bone of contention between the SEC and the Ripple is on whether XRP is security as advanced by the regulator or an open-source technology as articulated by Ripple.
Clearly, the outcome of the ruling will determine the future price movement of the altcoin. However, that will not mean that holder will lose. In October 2020, Ripple CEO Brad Garlinghouse indicated that they were willing to relocate their head office from the US. In April 2021, he was very optimistic that they would continue to operate even if they lost the court battle. Indicatively, the company may consider moving to a friendlier jurisdiction.
On May 4, the price of XRP plunged, although shortly after the SEC threatened to initiate legal action against holders of the coin for seeking to be enjoined in the suit. However, Ripple has already won the first battle after the regulator was denied access to the firm’s legal communications. The SEC intended to use the communications to nail the defense.
Currently, Ripple is planning an IPO after concluding its legal dispute with the SEC. Expectedly, the news will trigger the price of XRP to rise, as whales target to benefit from the announcement.
XRP Price Prediction: Verdict
Despite the challenges facing Ripple, all indications show that the company will surmount most of them – especially the legal aspect. Clearly, after winning the legal suit and the IPO, the price may rise phenomenally. As already stated, even without a win, Ripple can continue operating outside the US. Therefore, we are very bullish on the Ripple price.
However, our XRP price prediction article is an informative one, which means that you have to do a thorough search and keep track of the currency to make the right decision.
Fetured image: quoteinspector.com