XRP price slips below $0.6 levels and enters the correction phase.
However, the asset seems to have rebounded and heading strongly to reclaim the lost position
Analyst believe XRP price may still bounce back to hit the desired targets
XRP price took a giant leap in the past month attaining $0.79, highest levels ever since 2018. But slashed below $0.5 levels to touch $0.45 within just a couple of days. Since then, many wonder whether XRP price will ever hit $1 in 2020 or consolidate within the current levels!
According to an analyst called Moza, XRP is heading strongly towards $1 or may even surpass the levels before 2020.
However, the analyst has also said that the XRP price may dump back around $0.6 to $0.7 levels shortly after the price surge.
XRP price in the recent days appears to have halted its bull run as the price is trending in a very narrow range. Each time the price attempts to cross $0.64, the price dumps close to $0.60 levels.
Why is XRP Price not Flying high above $1?
The crypto space is aware of the fact that a huge number of XRP is locked under Ripple’s escrow. Nearly 50 billion XRP is locked within the company, which can be let-off in the market anytime that may even dump the price too.
Recently, a user asked CTO of Ripple David Schwartz in a discussion, whether the 50 billion XRP in the Ripple escrows can be burnt for the betterment of the community. The CTO answered
‘There would be nothing Ripple could do to stop that from happening,’
Schwartz further said that :
if the XRP community (termed as a majority) wants the tokens to be burnt, the Ripple (termed as a minority) cannot stop it to happen.
In short, if Ripple burns the tokens in the escrow, the total number of XRP in circulation will be reduced and hence the fear of flooding the market with XRP tokens will be reduced a bit. Therefore increasing the chance of XRP price hitting greater highs in the coming days.