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Prominent crypto prediction platforms Coincodex and Changelly issue favorable forecasts for XRP, projecting that its price would surpass $0.65 this weekend.
XRP’s recent performance has left many disappointed, as it struggles to overcome the resistance around the $0.55 price level.
XRP’s Recent Underperformance
The last time XRP attempted to breach this resistance was May 6, when it surged to around $0.5526. However, XRP has been on a steady decline ever since.
XRP mirrors the trajectory of other leading assets, including Bitcoin (BTC), which have plunged heavily due to the downturn in the broader crypto market.
With XRP currently changing hands at $0.5100, the coin has plummeted 1.59% on the monthly chart, 3.01% in the past seven days, and 0.4% in the past day.
XRP to Surpass $0.65 This Weekend
Despite its recent underperformance, two leading prediction platforms, Coincodex and Changelly, speculate that XRP would surpass $0.65 this weekend.
Coincodex predicts that XRP will rally significantly in the coming days and eventually hit $0.6744 on Sunday, May 19. This represents a spike of 32.23% from the current price of $0.51.
According to Coincodex, the rally would be short-lived, as XRP is expected to plummet below the $0.60 price level a few days later.
Similarly, analysts from crypto trading platform Changelly also predict the same price movement for XRP. The analysts forecast that XRP might surge to $0.6813 on Saturday, May 19. Reaching the $0.6813 target from the current level marks a growth of 33.58%.
Changelly then expects the seventh-largest cryptocurrency to experience a massive correction that could take its price below the $0.60 mark by May 20.
Potential Reason Behind XRP Price Slump
Before the recent market downturn, XRP did not register significant rallies like its peers, including SOL and ADA. While these assets surged to unprecedented levels, XRP only fluctuated between $0.5 and $0.75.
This underperformance in the past months can be attributed to multiple reasons, including macroeconomic and legal factors. Notably, the legal tussle between the SEC and Ripple is considered to be the significant factor that has negatively impacted XRP’s performance.
Despite the court classifying XRP as a non-security, updates from the lawsuit have influenced the coin’s performance. The good news is that the multi-year legal tussle is edging close to its end, with Judge Analisa Torres expected to issue a final judgment this year.
Once the case is concluded and no party chooses to appeal, XRP, which missed out on the 2021 bull run, could embark on a significant rally, especially during the peak of the bull run. As reported earlier, several analysts project that XRP could surge up to $46.5 this bull run. However, this remains to be seen.