Mike Alfred, a financial expert, believes that XRP will remain around $0.60 even if Bitcoin hits $250,000.
XRP’s Challenges
Alfred argues that XRP is not a scam but faces growth hurdles due to its “token printing scheme” that benefits insiders. This has led to XRP’s flat performance over the past seven years.
Ripple’s Role
Ripple, the company behind XRP, focuses on developing solutions for cross-border payments. However, its On-Demand Liquidity (ODL) service, which uses XRP, has not gained widespread adoption.
Legal Battles
Ripple is also embroiled in a legal battle with the SEC over whether XRP is a security. The SEC’s appeal is ongoing, and a recent request for a deadline extension was granted.
Price Movement
Currently, XRP is trading below $0.60, facing pressure. Resistance is seen at $0.85, while support lies at $0.40 and $0.45.
Bitcoin’s Surge
In contrast to XRP’s struggles, Bitcoin has been on a bullish run, approaching its all-time highs. This surge is driven by the approval of Bitcoin ETFs and anticipation of the halving event in 2024.
