The cryptocurrency market has recently started experiencing a downturn, with the price of the flagship cryptocurrency Bitcoin dropping to $64,100 and the native token of the XRP Ledger, $XRP, dropping to $0.52 while a popular analyst suggests a surge to the $4 mark is “feasible.”
In a post shared on the microblogging platform X (formerly known as Twitter), popular cryptocurrency analyst Egrag Crypto weighed in on the price movements of the cryptocurrency, noting that its “current trajectory suggests a possible reach of $1.4 by June-July,” representing a significant increase from its current levels, with a surge to the $1.8 mark being “plausible.”
The analyst added that aiming for the $4 mark is “feasible” for XRP if the cryptocurrency follows a path similar to the one seen back in 2021, when it surged from around $0.3 per token to $1.8 before enduring a correction.
However, Egrag Crypto cautions against unbridled optimism. The analyst acknowledges that a scenario mirroring 2021’s meteoric rise could propel XRP to a new all-time high of $4, but they emphasize that this projection hinges entirely on replicating past performance, something any analyst will say isn’t indicative of future results.
As reported, the total value locked (TVL) in on the XRP Ledger’s recently launched automated market makr (AMMs) has surpassed 7 million XRP, according to data from DeFi analytics platform DeXfi.
The figure represents a significant increase in just a few weeks, as noted by dUNL validator Vet, who co-founded the non-fungible token (NFT) marketplace xrpcafe on the microblogging platform X (formerly known as Twitter). According to him, more trading pairs with XRP are “contributing a lot to it as well as more inflows in larger pools.”
The locked assets, which include XRP, Sologenic ($SOLO), USD Coin ($USDC), Bitcoin ($BTC), and Coreum ($CORE), are currently valued at around $4 million. Of the total locked value, the 3.7 million XRP tokens are worth approximately $2 million.
This marks a 66% increase from the 2.2 million XRP reported on April 17, with the SOLO/XRP AMM pool holding the largest share of locked assets, with a TVL of 1.5 million XRP, followed by the USDC/XRP pool.
Featured image via Unsplash.
