Learn here about the XRP price prediction and its recovery from the downtrend

XRP, the native token of the Ripple network, has been one of the most volatile and controversial cryptocurrencies in the market. Despite being a legal cryptocurrency in India its potential use cases in cross-border payments and remittances, XRP has faced several challenges. It has been facing challenges including a lawsuit from the U.S. Securities and Exchange Commission (SEC), regulatory uncertainty, and market fluctuations.   

The XRP price is showing signs of rebound ahead of anticipated spot Bitcoin ETF clearance from the Securities and Exchange Commission (SEC). Ripple had its time during the court procedures last year, and it is now expected to experience bullishness from broader market signals.

Ripple's CTO Shares Firm Plans

The Chief Technology Officer (CTO) of Ripple, David Schwartz, recently took to X, previously Twitter, to answer a few questions about the firm and its objectives. In response to a tweet questioning Ripple's core business and XRP dumping, Schwartz commented.

"Ripple has two choices. We can continue to hold as much XRP as we do or we can reduce the amount of XRP that we hold. There really isn't any third option. Ripple's original plan was to reduce our XRP holdings as quickly as we could".

The Ripple CEO went on to say that the cryptocurrency market is still in its early stages and that choosing a winner would take time. He said that the crypto market is governed by forces that affect all cryptocurrencies equally, drawing parallels between crypto and the search engine field.

"The same thing happened with search in the 90's," said Schwartz. "If I was trying to hire you to work at Google, I would explain to you that search is the next big thing and the market was going to explode and make us one of the world's most valuable companies."

But I could also say that trying to hire people at [Ask.com, AltaVista, Lycos, Yahoo, Ask Jeeves]," Schwartz continued. "The market started working out that search was a big deal before it was able to work out that Google would be the winner.

This is a bold comparison, given that Google's parent company, Alphabet, is now the fourth largest firm in the world, with a market valuation of US$1.73 trillion. While Ripple may or may not achieve this market value when the cryptocurrency market peaks, it is now one of the top crypto assets.

XRP price is expected to surge

The XRP price, which was trading at US$0.562 at the time of writing, rebounded from the critical support of US$0.551 after plunging over 12.5% in the previous week. This two-month low price point has previously served as both support and resistance and breaking through it would have fuelled negative momentum.

However, if money pours into Bitcoin and altcoins suffer, the XRP price may fall to US$0.540, invalidating the bullish argument.

However, if the cryptocurrency can sustain its recent positive momentum and climb to US$0.600, it may be able to reverse the losses of the previous week. This is a possible conclusion given the forthcoming spot Bitcoin ETF approval, which might spark a bull run over the next 48 hours.