In recent weeks, XRP has shown slow but steady growth, becoming one of the most talked-about cryptocurrencies in the industry. Its price has also steadily increased during this time, surpassing $3.6 to reach a seven-year high and gaining momentum for higher prices.
Although the community is celebrating this milestone, the fact is this altcoin has not yet reached a new all-time high, and even with all the recent efforts, its failure to achieve new highs has become a concerning issue.
Are XRP Investors Being Disadvantaged?
In a post on TradingView, crypto analyst ICharted made a shocking allegation that XRP investors are being scammed. The analyst points out that the presence of several positive developments recently, and the fact that the price of XRP is still below its all-time high, shows that investors are at a disadvantage.
The analyst listed seven positive developments for the price of XRP that should have pushed it to new heights. First on the list is the election of U.S. President Donald Trump, the first president in history to support cryptocurrency. Despite the strong market growth due to Trump's election, the price of XRP remains significantly lower than its all-time high.
Next on the list is the Ripple lawsuit filed by the Securities and Exchange Commission (SEC) in 2020, which is gradually coming to an end, and this has also created a price surge. However, it is still not enough to create new highs. This is occurring against the backdrop of Ripple being widely adopted and becoming the leading cryptocurrency payment company in the industry.
ICharted also points to numerous partnerships that Ripple has signed, spanning from payments to real estate, yet the price of XRP continues to struggle. This has drawn public attention, making XRP a widely recognized cryptocurrency, especially as it plans to compete with SWIFT, but its price remains below its all-time high.
The increase in trading volume over the past year is another development the analyst points out, along with XRP receiving approval for an ETF fund this year, which began trading last week. Last but not least, the U.S. Congress has passed several crypto-friendly bills this year, yet the price of XRP remains below its 2018 peak.
As none of these currencies can push the price of XRP to a new all-time high, analysts warn investors that they are being affected by price volatility. ICharted predicts the price could soon drop to $2, while also forecasting a free fall beginning in August. "The Fed will soon cut interest rates multiple times. Bitcoin will plunge every time that happens," the analyst warns.
