On Monday, XRP was officially inducted into the NASDAQ Crypto US Settlement Price Index (NCIUS), a move that initially sent the token’s value soaring. Following the announcement, XRP surged by over 6%, reaching a peak of $2.35, marking an impressive high for Ripple’s native token. The inclusion in the NASDAQ Crypto Index was seen as a significant step for XRP, signaling increased recognition in the financial market and boosting investor confidence.
However, the excitement was short-lived. After the initial rally, XRP’s momentum began to falter, and its price retraced most of its gains. As of now, the token is trading at $2.12, which is close to its high from the previous week. This marks a decline of approximately 4.98% since its peak after the announcement. The sudden reversal has placed XRP back under a bearish trend, raising concerns among traders and investors.
Market analysts suggest that XRP’s volatile performance is reflective of broader crypto market dynamics, where sudden spikes are often followed by profit-taking. Additionally, With XRP’s price now fluctuating below critical resistance levels, investors are approaching with caution, carefully weighing the risks before taking new entry positions.
Is XRP Set to Skyrocket After Joining the NASDAQ Crypto Index?
Leading on-chain metrics and price prediction firm FinanceShots has shared an optimistic outlook for XRP following its recent inclusion in the NASDAQ Crypto Index. According to FinanceShots’ latest analysis, XRP is projected to reach a high of $2.71 by the end of July. This marks an approximate 20% increase and return on investment (ROI) from its current trading price of $2.12.
A $2,000 investment could grow to $2,544 within 30 to 45 days if the forecast holds true. According to predictions, XRP’s price is expected to rise between $2.12 and $2.71 after its NASDAQ induction this summer. This suggests a potential profit of over 20%, signaling a bullish trend in the coming month.
In addition to Ripple (XRP), the NASDAQ Crypto Index includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI). Following its inclusion, Cardano’s ADA saw a brief surge on Monday before dropping into the red the next day. Leading altcoins continue to struggle with maintaining momentum and achieving a price breakthrough.
Also Read: Can Bitcoin (BTC) Price Reach a New ATH in the Next 24 Hours?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
