When bitcoin was increasing dramatically towards the end of 2017 and at the start of 2018, most of the altcoin followed the example and rose with it. This was the case with many altcoins, when the bitcoin is on the rise, other altcoins rise up with it. When the bitcoin stops, the altcoins also tend to get stuck. Just like the bitcoin and other altcoins, Ripple had trouble in 2018. From its all-time high of 3.65 in January, the currency struggled to get past the $ 0.50 mark. At the time of printing, the currency is trading at $ 0.323303 up 17% in the last 24 hours. So, the currency is about to reach its historical maximum? The currency is underestimated and could reach peaks of $ 24?
Thomas Lee's prediction triggers the case
As stated, altcoin prices tend to follow bitcoin prices and Ripple is no different. So, if the bitcoin could go up, we could see Ripple go up again. According to Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, bitcoin will reach $ 25,000. If bitcoin were to follow Lee's prediction, this means that Ripple could easily hit $ 10 and in the near future get to $ 24.
When bitcoin reached its record of over $ 19,000, Ripple had managed to reach the highest level as high as over $ 3.60. With this equation, it means that Ripple could hit $ 10 if the bitcoin rises by $ 25,000. Unfortunately for both fans of Ripple and bitcoin, currently the bitcoin is struggling to overcome the sign of $ 6,500. This is not just miles from the predicted price of $ 25,000, but also its historical maximum of $ 19,000. Could we see a trend reversal?
Bitcoin ETFs have talked about the city. Some might even say that they are the reason for the recent fall in prices. After the SEC rejected a couple of bitcoin ETF proposals, a big blow was enough to bring down bitcoin prices. It happened a few weeks ago and since then the prices have not been recovered. Bitcoin ETFs were the potential catalyst able to send bitcoin prices to the rock. However, due to high market expectations, every time the SEC rejected proposals, bitcoin prices have been damaged. If bitcoin has the ability to recover and hit the $ 25,000 price forecast, only one thing has the potential to make this happen, an endorsement of the bitcoin ETF.
Ripple Still Affing Issues
However, the success of Bitcoins does not fully guarantee Ripple's success. This is because the currency is still grappling with a couple of problems. For beginners, the currency is under review by the SEC if it is a security. If the SEC were to find Ripple as protection, it would fall under the SEC regulations. This would mean that it would not be a blue-blooded cryptocurrency.
Ripple has also failed to be more central than most cryptocurrencies. Critics of the ripple have long said that Ripple is not decentralized and that the company could control user accounts. This occurred when Ripple froze 55 billion XRPs in Escrow to ensure the assurance of total XRP supply.