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The world of cryptocurrency is an ever-evolving playground for traders, and in recent developments, Polymarket bettors are giving only a 2% probability of XRP, the Ripple-linked cryptocurrency, reaching a new record high this April. Despite this, there remains a 54% chance of XRP maintaining a positive performance this month.
Kicking off this month with a 2% price increase, XRP seems to be recovering in harmony with Bitcoin and other cryptocurrencies. However, it’s worth noting that XRP had a 2.56% drop in March, following a significant plunge of over 29% in February. Year to date, the third-largest non-stablecoin cryptocurrency by market cap has seen a less than 3% uptick, a stark contrast to the staggering 237% rise it experienced in 2023.
With its current trading price at $2.13 on the Bitstamp exchange, XRP has an 89% likelihood of reaching the $2.20 mark. On the flip side, less than half of Polymarket bettors foresee XRP reclaiming the $2.50 level during April. This prediction comes as risk assets, including cryptocurrencies, continue to face severe pressure due to ongoing trade tensions. Furthermore, Polymarket data suggests a 5% chance that XRP might experience a harsh fall to the $1 level.
The current record peak for XRP was set at $3.40 on the Bitstamp exchange on January 16. A noteworthy milestone, considering that it took the cryptocurrency approximately seven years to reach this new lifetime peak. Interestingly, the previous peak of $3.31 was recorded on a leading European exchange back in early 2018, just before the departure of the decidedly anti-crypto SEC Chairman, Gary Gensler.
However, it’s worth noting that CoinGecko, a well-regarded cryptocurrency ranking website, has yet to acknowledge this new record high. According to their records, the token is down by 37.2% from the all-time high of $3.40 logged on January 7, 2018.
As the month of April unfolds, the performance of XRP will undoubtedly be keenly watched by traders, bettors, and cryptocurrency enthusiasts alike. Whether XRP will defy the odds and reach new record highs or succumb to the pressures of the market remains to be seen. Regardless, these developments highlight the dynamic and unpredictable nature of the cryptocurrency market, reminding traders and investors of the need for careful analysis and considered strategies in the face of such volatility.
