- XRP has been experiencing a stagnant price movement in recent months, despite showing potential for real-world utility.
- The cryptocurrency recently saw a minor surge to $0.66, only to be rejected and fall back to the $0.42 price level.
- Crypto analyst Josh Olszewicz has referred to XRP as “dead money” due to its lack of significant price movement.
In this article, we delve into the current state of XRP, its performance in the crypto market, and differing analyst opinions on its future prospects.
Current State Of XRP And The Crypto Market
XRP has struggled to match the gains of other major cryptocurrencies like Bitcoin and Ethereum. While the total crypto market cap has surged over 50% in the past year, XRP has lagged behind. Cryptocurrencies like Bitcoin have reached new all-time highs and others like Solana are on the verge of doing the same. However, XRP has failed to break above $1, leading many critics to suggest that interest in XRP as an investment asset is waning.
Analyst’s Pessimistic Outlook on XRP
Crypto analyst Josh Olszewicz recently highlighted XRP’s lack of price movement. During his technical analysis of altcoins, Olszewicz suggested that XRP is not an ideal choice for investors seeking to make a profit, referring to the cryptocurrency as “dead money”.
Is XRP Actually Dead?
Despite its stagnant price, some analysts believe that XRP is set for significant growth. They point to Ripple’s partnerships with major banks and payment providers as a sign of future success. At the time of writing, XRP is trading at $0.515 and is the 7th largest cryptocurrency by market cap.
Contrasting Analyst Opinions
Despite Olszewicz’s pessimistic outlook, other analysts hold a different view. Crypto analyst EGRAG, for instance, predicts that XRP could surge by over 700% and reach the $4 price level over a longer time frame. While Olszewicz acknowledges that XRP has days where traders can profit, he believes that holding for a longer-term bullish outlook doesn’t make sense.
Conclusion
In conclusion, while XRP has struggled to make significant price gains in recent months, opinions on its future prospects vary. Some analysts see the cryptocurrency as “dead money”, while others believe it is primed for significant growth. As always in the crypto market, only time will tell.
