When bitcoin was soaring towards the end of 2017 and at the beginning of 2018, most altcoins were following suit and soaring with it. This has been the case with many altcoins, when bitcoin is soaring, other altcoins soar with it. When bitcoin is crashing, altcoins tend to also crash with it. Much like bitcoin and other altcoins, Ripple has been struggling in 2018. Since its all-time high of 3.65 in January the coin has been struggling to go past the $0.50 mark. At the time of press, the coin is trading at $0.323303 up by 17% in the last 24 hours. So, is the coin ever going to hit its all-time high? Is the coin being undervalued and could it hit highs of $24?
Thomas Lee Prediction Makes A Case For Ripple
As established, altcoin prices tend to follow bitcoin prices and Ripple is no different. So, if bitcoin could soar we could see Ripple rise again. According to Tom Lee, Managing Partner and the Head of Research at Fundstrat Global Advisors, bitcoin is going to hit $25,000. If bitcoin was to follow Lee’s prediction, this means that Ripple could hit $10 easily and in the near future hitting as high as $24.
When bitcoin was in its all-time highs of over $19,000, Ripple had managed to go as high as over $3.60. By this equation, it means that Ripple could hit $10 if bitcoin was soaring at $25,000. Unfortunately for both Ripple and bitcoin enthusiasts, currently bitcoin is struggling to go past the $6,500 mark. This is not only miles from the $25,000 prediction price but also its own all-time high of $19,000. Could we see a turnaround?
Bitcoin ETFs have been the talk of the town. Some might even say they are the reason for the recent price fall. After the SEC rejected a couple of bitcoin ETF proposals, it was enough of a blow to send bitcoin prices plummeting. That was weeks ago and since then prices haven’t recovered. Bitcoin ETFs have been the potential catalyst that could send bitcoin prices to the rock. However, due to the high expectations of the market, every time the SEC has rejected the proposals, bitcoin prices have been hurt. If bitcoin is to stand a chance at recovering and hitting the $25,000 price prediction, only one thing has the potential of making this happen, a bitcoin ETF approval.
Ripple Still Facing Issues
However, bitcoins success does not fully guarantee Ripple’s success. This is because the coin is still struggling with a couple of issues of its own. For starters, the coin is under review from the SEC if it is a security. If the SEC was to find Ripple to be a security it would fall under the SEC’s regulations. This would mean that it wouldn’t be a blue-blooded cryptocurrency.
Ripple has also come under fire about being more central than most cryptocurrencies. Ripple critics have for long said that Ripple is not decentralized and the company could control user accounts. This came when Ripple froze 55Billion XRP in Escrow to Ensure Certainty of Total XRP Supply.