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Ripple (XRP) Price Predictions: Where Is XRP Headed After Rally?

If You Still Have Ripple for Some Reason, Sell It While You Can
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Cryptocurrencies are on fire today – and XRP (CCC:XRP) is no exception. The recently battered cryptocurrency has been on the rise, up nearly 50% over a 24 hour period at one point. But what is behind this gathering? And how should investors view ripple (XRP) Price Predictions in Late Late Drama?

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For investors who are not familiar with XRP news, there is a lot to unpack. Basically, Ripple (XRP) price predictions were rising to the moon before December 2020. Things were improving in the broad crypto space thanks to inflation concerns, Covid-19 stimulus measures and the upcoming inauguration of President-elect Joe Biden. Specifically for XRP, the news of the so-called airdrop was also boosting XRP prices. At one time, the price of the cryptocurrency reached nearly 58 cents.

Then things changed seemingly overnight. Just as institutional support for the crypto space was really strengthening, Ripple, the company behind XRP, was hit with a lawsuit. In it, the US Securities and Exchange Commission claims that XRP is a security and not a digital currency. Although Ripple and its executives deny the allegations, XRP price predictions and actual XRP prices have slipped. In fact, in December, XRP closed at close to 20 cents.

With all that in mind, how did XRP rocket to a 24-hour high above 36 cents? Well, investors can largely thank the victories of Democrats John Osoff and Raphael Warnock in Georgia. The Democrats’ slight advance in the Senate, along with Congress’ confirmation of Biden’s victory, is enough to stoke inflation fears once again. Additionally, with Biden and his fellow Democrats promising more relief from Covid-19, many crypto bulls see this as the perfect time to take the plunge.

So, dive in they did. Bitcoin (CCC:BTC) reached an all-time high above $40K today, and other cryptocurrencies are also up similarly. Can XRP Now Revisit Previous Price Predictions?

XRP Price Predictions for 2021

Given the situation, investors may be excited about the massive movement in XRP today. It’s as if the bulls are tolerating the SEC’s lawsuit, which remains unresolved. However, experts are not entirely sure that the coast is free of Ripple and XRP. Take, for example, Denis Vinokourov, Head of Research at pickant. Yesterday, Vinokurov said CoinDesk XRP will likely struggle to get the SEC’s lawsuit in the rearview mirror, despite any widespread crypto triggers.

But what are those triggers? And how might it affect XRP news in the future? Well, the Office of the Comptroller of the Currency (OCC) said on Monday that banks can make payments using stablecoins. For XRP and fellow cryptocurrencies excellent (CCC:XLMThat’s a good sign, Vinokurov says. It reflects more institutional support and more willingness by traditional financial players to embrace cryptocurrencies. Until the SEC drama ends, Vinokourov believes that XRP will not really be able to benefit from the OCC’s decision.

why is that? Well, the shadow really hangs over the XRP and Ripple (XRP) price predictions at the moment. Several cryptocurrency exchanges have delisted them in the wake of the lawsuit, and grayscale investments He removed it from an oversized cipher box. For now, this means that investors should definitely keep XRP on their radar. But beyond keeping a close eye on it, it may be a good idea to wait for some legal clarity.

At the date of publication, Sarah Smith did not (directly or indirectly) hold any positions in the securities mentioned in this article.

Sarah Smith is a Web Content Producer for InvestorPlace.com.

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