XRP has remained below its all-time high for up to five years and seven months, triggering speculations of an imminent break to a new peak.
Live Coin Watch, a leading crypto-focused market tracking platform, recently released a report on the time frame several crypto assets have spent below their all-time high (ATH) values. The data rightly indicates that XRP has remained below its ATH for over five years.
Among the 30 cryptocurrencies highlighted by Live Coin Watch, XRP has spent the second longest duration underneath its all-time high, along with Stellar (XLM). Both assets have spent only one month less than Bitcoin Cash (BCH) which saw its peak value in December 2017.
Top Cryptos: Years since last reaching their all-time high ?$BTC 1.7 years$ETH 1.7years$BNB 2.3 years$XRP 5.6 years$OKB 5.8 months$ADA 1.9 years$DOGE 2.3 years$SOL 1.8 years$TRX 5.6 years$MATIC 1.6 years$LTC 2.3 years$SHIB 1.8 years$DOT 1.8 years$ARB 4.7 months…
— Live Coin Watch • Live Crypto Analytics (@LiveCoinWatch) August 11, 2023
XRP’s Bane
While XRP’s actual all-time high remains a topic of debate, TradingView data puts the value at $3.31. Per the data, XRP claimed the current all-time high of $3.31 in January 2018 amidst an impressive rally that saw it appreciate by a massive 1,573% in one month.
Notably, before the current ATH, XRP’s previous ATH stood at $0.3988 – a value it attained in May 2017. Following the drop below the previous all-time high, XRP traded below the value for seven months before reclaiming it in December 2017.Â
However, in what appears to be a completely different turn of events, XRP has failed to reclaim the current ATH despite having traded below it for five years and seven months.Â
Industry pundits have ascribed this bearish reality to the legal battle with the US SEC, which has stunted XRP’s growth over the years.
XRP failed to capitalize on the previous bull run spearheaded by Bitcoin (BTC) in 2021. BTC hit an all-time high of over $68K in November 2021 due to the bull run. Similarly, other crypto assets hit their peaks that year.
However, XRP was subdued by the legal pressure which emanated from the SEC’s lawsuit. Despite a yearly high of $1.97 in April 2021, XRP failed to make further progress.
XRP Gains Regulatory Clarity
Following the ruling issued by Judge Analisa Torres on July 13, XRP gained regulatory clarity. While the SEC’s move to appeal the verdict continues to pressure XRP, the declaration that it is not a security has triggered newfound confidence among investors.
As a result, several market watchers believe XRP is due to claim a new all-time high before long. Precisely, a prominent crypto analyst has forecasted that XRP could hit $8.5 in the coming months. This would result in a new peak for XRP.
As reported by The Crypto Basic, Projections of an XRP rally to $1,896 emerged within the XRP community as Ripple set its eyes on the derivatives market, but doubts abound.
Attorney John Deaton also explained why XRP did not hit $1 despite the coin getting regulatory clarity via the SEC v. Ripple lawsuit.
As reported, Deaton believes XRP will NOT hit a new all-time high before Bitcoin despite earning regularity clarity.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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