At the moment, XRP is priced at $0.220. With this price level, many XRP enthusiasts are calling for a bull run that is capable of pushing the price of the digital currency higher.
Howbeit, considering the assertions of several cryptocurrency analysts, XRP is overpriced. Definitely, this comes as a surprise considering the fact that XRP experienced about 68% price drop between 15th February and 13th March 2020. At the moment, XRP has recorded a 93% drop since it recorded its all-time high.
So, how can XRP still be overpriced with such a magnificent price plummet? Going by what the CNBC Crypto trader, Big Cheds, said, XRP will dip to trade in the 3-5 cent price level.
In Big Cheds’ assertion, XRP will likely not reach $1 again and that it’s still overpriced despite the situation in the market at the moment.
“Call me crazy but I don’t think XRP Ripple will ever break $1.00 again much less $3.00. Even at 23 cents it’s wildly over priced.”
Even at 23 cents it’s wildly over priced
— Big Cheds (@BigCheds) May 2, 2020
The CNBC Crypto trader furthered that XRP enthusiasts and investors are now backing down on the exorbitant prediction of $589 price target to $28, which could still end in $2 price target.
He wrote, “The same people who had a $589 target lowered it to $28, and now lowered it again to $5. Just wait until it trades in the 3-5 cent range and they will move their high end target to $2”
At the moment, virtually all the top cryptocurrencies, including XRP, are experiencing price pullback in the market. At the time of writing, XRP is trading at $0.220348, with a relatively 2% price plummet based on 24 hours estimation.