Naeem Aslam, a chief market analyst at ThinkMarkets in the UK, an online broker, declared that Ripple values will climb “as the larger crypto market gains more confidence and positivity”.
He declared: “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.”
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The prediction from the analyst comes during a positive period of trading for XRP.
In the last seven days the price of Ripple has soared, according to cryptocurrency market tracker Coindesk.
On April 15 XRP was trading at $0.64 but has since climbed to $0.86 at the time of writing.
The positive period of trading for the cryptocurrency means XRP could reach the $1 mark soon.
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coindesk.com
XRP has posted strong results since the passing of the US tax deadline on April 17, which had fuelled fears of a sell-off.
Ripple started trading at low prices of $0.17 back in August last year.
During its time on the market the cryptocurrency has experienced incredible peaks and troughs.
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Back in January 6, the virtual money reached an all-time trading high of $3.09.
After hitting such whopping values, Ripple since plunged on markets and had been struggling to maintain its momentum.
A brief resurgence in February gave investors hope that the cryptocurrency was on course for a recovery.
Ripple
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On April 15 XRP was trading at $0.64 but has since climbed to $0.86 at the time of writing
Ripple
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In the last seven days the price of Ripple has soared
However this was short lived and saw values sink to worrying lows of $0.49 on April 8.
The climb back to prices of $0.86 will surely be good news for investors of XRP.
The incredible highs and lows of Ripple demonstrate its sheer volatility.