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XRP Bulls Eye Long-Overdue Price Rebound

Thu, 6/06/2024 – 15:42

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XRP has remained relatively stagnant this month, despite ambitions to curb the negative growth trends June has been known for over the past decade. While the reality is glaring, XRP bulls are eyeing what analysts labeled as a long-due price rebound that might help the coin retest its highest level over the past year, pegged at $0.8875.

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What is XRP doing differently?

While pressing for price growth, fundamentals are typically associated with imminent price growth moves. In the case of XRP, most of the efforts of XRP Ledger developers have yielded little to no major price jumps.

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Despite the release of the Automated Market Maker (AMM) engine and the emergence of several functioning pools on the Ledger, the price of XRP remains bound between the $0.4879 and $0.5561 price range over the past month. 

The impact of the Ripple escrow lockup has also not impacted the price of XRP in the most preferred ways. With millions of XRP locked up and released from escrow monthly, there is an optimal level of dilution that has helped keep XRP in tune with meeting liquidity demands.

Overall, market observers are concerned about XRP’s growth trajectory, especially with the lingering lawsuit between the United States Securities and Exchange Commission (SEC) and its associated blockchain payments firm, Ripple Labs. 

More innovators are suing for more decentralized applications (dApps) on the XRP Ledger that can help drive the demand for XRP and ultimately its price.

Whale influence

Many analysts considered the slow growth in the price of XRP as its latent period. This is because the coin is highly favored by whale transactions that generally see billions of XRP traded daily.

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When these fundamentals converge, analysts are optimistic that the price of XRP will not only breach the $1 price level, but it might retest its ATH of $3.84.

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