By Tobi Loba
A CNBC cryptocurrency trader, identified on Twitter as Big Sheds, sparked a debate among XRP enthusiasts after asserting that the Ripple’s digital token XRP is overpriced at 23 cents, adding that there is a possibility for it never to reach $1 again.
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.
He wrote:
“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
— 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.
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How much would you pay per transfer to have any amount of any currency transfer to anywhere in the world instantly and for free? With XRP it currently costs .000023 cents (1 millionth of an XRP, aka a ‘drop’). Yet you think that is too much, huh? … OK, I agree…you are cr*zy.