XRP At $589? High Price Projection Could Be Wrecking The Performance Of Ripple’s XRP

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Ultra-high valuation like the $589 theory was posted by a user on the Ripple community. According to the rumors, the user could have been a Ripple insider or just a profound market pundit. ‘bearableguy123’ made a few other predictions that turned to be quite accurate, hence why people decided to hearken to him.

According to his theory, the launch of xRapid and the debut of an update set to increase the overall speed of the platform would push XRP up to $589 by the end of 2018.

However, some users have pointed out that this forecast might not have been about the price of XRP but something else and that the atomic weight of cobalt, for example, is 58.9 u.

Either way, the prediction clearly didn’t materialize as XRP is currently only trading at $0.294. According to Leonidas Hadjiloizou, a Twitter user that posts a lot of cryptocurrency data, XRP started underperforming right after the prediction failed at the beginning of 2019.

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A lot of Twitter users have pointed out the fact that the $589 prediction was outrageous anyways and that almost no one believed it so it couldn’t have caused the decline in the performance of XRP.

Ripple’s XRP did have a rough start at the beginning of 2019 as the digital asset saw a high of $0.405 before crashing down to $0.282 over the next few months.

XRP at $589? Did High Price Projection Wreck Ripple's XRP Performance?
XRPUSD Chart By TradingView

XRP did, however, experience a bull move up to $0.51 in June of 2019, unfortunately, the progress didn’t last long and XRP crashed down to $0.212 in September of this year.

The digital currency has been recently outperforming many of the top cryptocurrencies, however, it’s important to note that in the long term, XRP is still in a huge downtrend and it will take the bulls a lot more strength in order to shift the momentum of XRP.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.