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XRP, one of the largest cryptocurrencies, has faced criticism in recent years due to its seemingly stagnant performance amid recurrent price glitches.
Despite being one of the most widely discussed digital assets, XRP has struggled to reclaim the heights it once achieved. Investors have become increasingly frustrated as price glitches on major platforms appear to be the only catalyst for momentary price spikes, while real growth remains elusive.
XRP Price Glitches
Over the past few years, as XRP’s price struggles to even breach the $1 level, numerous technical glitches across various exchanges and platforms have triggered sudden, albeit temporary, price spikes for the altcoin.
These glitches have created confusion among traders and provided fleeting moments of excitement for frustrated investors. For instance, in October, an error on Binance caused XRP to momentarily surge to different prices, including $579, $5,791 and $5,805.
Notably, these technical issues have been rather widespread. In August 2023, a dried-up market depth on Gemini saw XRP briefly reach $50 shortly after the exchange listed the token.
Also, this August, XRP’s price surged to $22.54 on America’s largest exchange Coinbase. Crypto exchange MEXC witnessed another occurrence in July, when XRP’s price skyrocketed to $2 on the platform.
While several community figures have repeatedly discussed these glitches, some community members have expressed frustration, arguing that the focus should be on real growth, not technical errors that create false price inflation.
7-Year Stagnation
For context, XRP reached its all-time high of $3.31 in early 2018 during the bull run at the time. However, since that peak, the asset has underperformed, failing to even come close to those levels in the past seven years.
The 1-month chart shows a consistent downward trend, with XRP trading at just $0.5275. Despite occasional swings, XRP consistently fails to break out of its bearish cycle, with many citing external factors such as regulatory pressures for its stagnant price action.
The long-standing legal battle with the U.S. Securities and Exchange Commission (SEC), which began in December 2020, has added to these concerns. Although Ripple has achieved partial victories in the courtroom, the lawsuit has had a lingering effect on market sentiment.
Analysts Predict XRP Breakout
Despite the ongoing issues, technical analysts remain optimistic that XRP could eventually break out of its bearish trend. The chart shows a multi-year symmetrical triangle pattern forming.
If XRP can engineer a decisive close above $0.70 by the end of the month, it could record a breakout. A rebound from the broader market could help XRP’s cause. This might set the stage for the long-anticipated rally. Targets for when this breakout occurs have varied, ranging from $5 to $27.