Here’s What’s Stopping XRP Move From $0.50 to $1

Market commentators highlight various factors hindering XRP from reaching $1, including negative sentiments and the Ripple v. SEC lawsuit.

Over the weekend, XRP dipped below the $0.50 level, reaching $0.4930. This breach of a key psychological threshold follows a broader correction in the crypto market after last week’s gains. The previous week’s bull run gained momentum when Bitcoin surpassed $73,000 for the first time in seven months.

However, XRP lagged behind the bullish frenzy, peaking at only $0.5300 last week. Yet, as the market entered a correction phase, XRP followed suit. With XRP persistently trading below the $1 mark despite occasional market-wide swings, many have continued to wonder why this level has proven difficult to surpass.

In a recent post on X, Uphold, an American exchange known for its pro-XRP stance, sparked a conversation by asking community members what they believe is the “biggest” hurdle keeping XRP from doubling in price to $1.

The discussion gained traction, with XRP enthusiasts offering various perspectives on what is hindering XRP’s performance.

What Community Members Think is Holding Back XRP

According to Hugh Morris, “The switch has yet to be flipped.” This speculation suggests there could be an inside manipulation keeping the price down. Others echoed this sentiment, claiming that XRP’s price is being suppressed.

X user Timothy Michael argued that XRP is underperforming due to low transaction volumes on the XRP Ledger. However, Ripple’s latest report highlighted that, on a quarter-to-quarter basis, transactions on the XRPL increased by 99%.

Meanwhile, one commenter, “WallStreetBulls,” speculated that XRP’s price could ascend if it were listed against the upcoming RLUSD stablecoin. He believes that once XRP/BTC, XRP/USDT, and XRP/USDC trading pairs are removed and XRP/RLUSD is introduced, the price could rise as high as $20 or even $30. 

However, it remains unclear how the introduction of this trading pair alone could trigger a bull run for XRP.

Some commenters suggested that XRP faces negative sentiment due to massive donations in XRP tokens made by Ripple’s chairman, Chris Larsen, to fund Kamala Harris’s campaign.

Ripple Says SEC Lawsuit Impact XRP

Additionally, the ongoing SEC lawsuit was cited as a factor hindering XRP’s price. Interestingly, Ripple itself has acknowledged that the lawsuit impacts XRP’s value. 

In its latest quarterly markets report, Ripple specifically stated that the ongoing challenges from the SEC indicate that the lawsuit against the company is a significant factor influencing XRP’s price.

XRP to $1

XRP is currently trading at $0.5068. It last reached $1 in 2021, and to reclaim this threshold, its price must soar by 97.31%. However, this percentage gain poses hurdles for XRP in the current market.