2019-5-5 15:36 |
XRP, the number three cryptocurrency by market capitalization has not had it easy in 2019 despite the current market recovery. It is quite a challenge for the cryptocurrency and its holders as the future growth of the asset remain uncertain. Some analysts even say it is not likely that XRP will exceed a few hundred dollars at the highest attainable price.
However, an early cryptocurrency adopter Crypto Bitlord says XRP has the potential to hit $589 in the future. He compared XRP to how Bitcoin started, saying “Bitcoin started at $0.00 and it went to $20,000!” and the same future awaits XRP.
The cryptocurrency has been in a tight race, maintaining a price of $0.30 which analysts say is a critical price level for the asset. XRP crashed below the critical price of to $0.29 for a few days during the Tether-Bitfinex fiasco which brought down the whole market to a lower level where it stayed for a while.
At the time, analysts said XRP would need to rise above the $0.29 price and maintain $0.3 for some time to be able to appreciate or it might dip even lower. The asset, however, managed to come up to the current $0.30 but has been there since despite the growth recorded by Bitcoin and Ethereum currently.
While Crypto Bitlord is hoping for a higher price for XRP, another analyst is of the opinion that the asset is overpriced even at the current price because it is basically a remittance token majorly used to provide liquidity for Ripple’s cross-border payment services. He added that a price of $0.0043 is enough for XRP to settle the entire FX volume of $5.1 trillion.
There is an expected bull market that Bitcoin is expected to drive. This could probably bring XRP up to a higher price and help it attain a new high price. This is possible if the resistance holding it down does not prove too strong to break and it rides the bull market waves. XRP holders and investors can still hope for a better future because as Crypto Bitlord said, “Who knows what it will be tomorrow…”
The post Bitcoin Started At $0 And Reached $20k, Can XRP Ever Hit The Predicted $589 Price Level? appeared first on ZyCrypto.
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