2024-5-4 23:00 |
XRP has largely had a lackluster price movement in recent months, although it continues to show promise for real-world utility. Particularly, the price of XRP was recently rejected at $0.66 after a little surge which saw it falling back down as far as the $0.42 price level. The crypto now finds itself ranging between $0.6 and $0.4, which means it has failed to break over new price territories for the past two years.
While some analysts see this trend as XRP still being undervalued, others are of a pessimistic outlook. Analyst Josh Olszewicz is part of the latter group of crypto analysts. In a recent analysis, Olszewicz noted the “dead” state of XRP while discussing the current state of altcoins.
Current State Of XRP And The Crypto MarketXRP has failed to keep up with the gains of other major cryptocurrencies like Bitcoin and Ethereum. While the total crypto market cap has climbed over 50% in the past year, XRP has lagged. Cryptocurrencies like Bitcoin have broken into new all-time highs and others like Solana are on their way to creating new all-time highs.
XRP on the other hand, has failed to break above $1. This poor performance has led many critics to claim that interest in XRP is fading, especially as an investment asset.
The failure of XRP to break into new price levels was brought to the attention of crypto analyst Josh Olszewicz, who pointed out an interesting position regarding the cryptocurrency. During his presentation on his technical analysis of altcoins, Olszewicz made the observation that XRP is not particularly ideal for investors who want to make a profit. He essentially referred to the cryptocurrency as “dead.”
“I just don’t know why anybody will bother trading this. It’s at the same price it was since 2018. It’s dead. It’s dead money,” the analyst said regarding XRP.
Is XRP Actually Dead?Recent market dynamics have seen XRP falling in the market cap rankings. At the time of writing, XRP is trading at $0.515 and is the 7th largest cryptocurrency. Some analysts argue that XRP is primed for significant growth. XRP bulls point to Ripple’s partnerships with major banks and payment providers as a sign of future success.
Despite the lackluster price growth, XRP remains steady in terms of trading activity. Interestingly, Olszewicz noted that XRP will have days when traders can profit. However, holding while waiting for a longer-term bullish outlook doesn’t make sense to him.
Crypto analyst EGRAG is of a different opinion. According to him, XRP could surge by over 700% and reach the $4 price level over a longer time frame.
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