XRP (CCC:XRP-USD), the eighth largest cryptocurrency by market capitalization, may grab the water. A series of recent writedowns have sent cryptocurrency prices lower, as XRP appears to be recovering from a difficult week. XRP price predictions are hot instead of bad press.
So what’s going on with cryptocurrency?
“RelistXRP” was trending on Twitter earlier this week after a Canadian crypto exchange Bitbuy It was announced that the coin would be written off. According to a press release, Bitbuy will remove XRP from the platform as of January 13, 2022. The move comes as part of an effort to meet the guidelines of the Ontario Securities Commission regarding whether or not the cryptocurrency can be considered security.
And herein lies the problem: this is not the first XRP write-down this month. Newton, another Canadian cryptocurrency exchange, has delisted the coin for similar regulatory reasons. Though, compared to January’s deletions from Queen PieceAnd legendary sea monster And BinanceWell, that’s almost a light hit.
What is behind the write-down wave that pushed XRP down?
XRP has been the subject of a fierce legal battle. In December 2020, the US Securities and Exchange Commission filed a lawsuit against rippleThe company behind the XRP cryptocurrency. According to a press release issued by the Supreme Education Council:
“We claim that Ripple, [Christian] Larsen and [Bradley] Garlinghouse has failed to record its continued offering and sale of billions of XRP to retail investors, depriving potential buyers of adequate disclosures about the business of XRP, Ripple, and other important long-term safeguards essential to our robust public market system.”
The lawsuit has been a stain on XRP for nearly a year now. At that time, XRP’s regulatory problems continued to pile up.
XRP Price Prediction: Dead in the Water?
With XRP currently at 80 cents per coin, what do experts think of XRP’s potential given its volatile year? It turns out that analysts believe that regulatory issues will soon stop affecting the price of XRP.
- FXStreet sees XRP trace back up after its down spell. By technical analysis, they see XRP rising to $1.12 in the coming days.
- Wallet Investor is similarly bullish on the cryptocurrency. They view XRP as a “great long-term investment”. The site has a target price of $1.45 after a year, and a five-year forecast of $3.92.
- The cryptocurrency price believes that XRP is destined to shake its current cold streak. They have price targets of $1.42 for 2022 and $1.62 for 2023. Over the long term, they expect steady growth, with a 2026 price target of $2.92 per coin.
At the date of publication, Shrey Dua did not (directly or indirectly) hold any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com’s posting guidelines.