XRP got inducted into the NASDAQ Crypto US Settlement Price Index (NCIUS) on Monday and surged in value after the announcement. It reached a high of $2.35 after the news broke out making it surge more than 6% in the charts. Just when traders thought it could breakout in price, Ripple’s native token began moving backward.
It’s now at its previous week’s high and XRP shed most of its gains after the NASDAQ Crypto Index announcement. The leading altcoin is down close to 3% in the indices and is trading at the $2.25 level. It is once again under a bearish spell making investors think twice before taking an entry position.
Also Read: Ripple Price Prediction: $8 XRP Rally as Ondo Launches on XRP Ledger
Will XRP Surge After Getting Inducted Into the NASDAQ Crypto Index?
Leading on-chain metrics and price prediction firm CoinCodex has painted a rosy picture for XRP after the NASDAQ Crypto Index induction. According to the price prediction, the analytical firm projects XRP to reach a high of $2.55 for June and July. That’s an uptick and return on investment (ROI) of approximately 14% from its current price of $2.25.
Also Read: Ripple XRP Price Signals Potential Breakout After $3
An investment of $1,000 could turn into $1,140 in the next 30 to 45 days if the forecast turns accurate. “Heading into the summer, the price of XRP is forecasted to increase to increase from $ 2.20 and $ 2.55 (after the NASDAQ induction). This could lead to a potential profit of 13.55%, indicating a bearish sentiment for the month ahead,” read the prediction.
Apart from Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI) are part of the NASDAQ Crypto Index. After the induction, Cardano’s ADA briefly surged on Monday but slipped to the red a day later. Leading altcoins are unable to hold on to the momentum and fail to find a breakthrough in price.
