Market analyst predicts huge gains for Ripple XRP
A market analyst is predicting prices for Ripple will soar following a positive week for XRP.
The chief analyst at ThinkMarkets predicts Ripple values will rise “as the larger crypto market gains more confidence and positivity.”
Naeem Aslam from the UK-based online broker says Ripple should soon return to record highs, saying:
“As the larger crypto-market gains more confidence and positivity, Ripple’s valuation should grow in tandem with the overall value of the cryptocurrency market.
“Ripple to date is trading around $0.70, whilst its all-time highs were closer to $3.30, marking a potential 5.44 times growth.
“Bitcoin, on the other hand, only has around 1 to 1.5 times, comparing its current price to previous all-time highs.”
This analyst prediction comes during a positive uptick in trading for XRP.
The price of Ripple has soared in the last seven days, according to the Coin Thud price charts.
XRP was trading at $0.64 on April 15 but is currently trading at $0.86 at the time of press.
This rise over the last week is an increase of roughly 30 percent.
The positive trading for the cryptocurrency means XRP could soon reach the $1 mark.
Post Tax Day recovery
Since the passing of the US tax deadline on April 17, XRP is posting solid gains.
The market has been recovering since Tax Day as sell-off fears are subsiding.
In August last year, Ripple started trading at low prices of $0.17.
During its time on the market, the digital asset has seen incredible highs and lows.
Back on January 6, soared to a record peak of $3.09.Since reaching whopping values, Ripple has been struggling to maintain its momentum.
After a brief resurgence in February, Ripple starting showing signs the cryptocurrency was on course for a recovery.
However, this glimmer of hope was short-lived and values sunk to worrying lows of $0.49 on April 8.
The rise prices back up $0.86 will undoubtedly be good news for investors of XRP.
Ripple demonstrates its sheer volatility through these extreme highs and lows.