The world of cryptocurrency is ever-evolving, and with recent news events, XRP has been in the spotlight. The SEC’s decision to drop the lawsuit against Ripple’s executives has led to a surge in XRP’s price. But the question on everyone’s mind is, how high will XRP price go? Let’s dive into some predictive calculations based on the current data.
How High Will XRP Price Go: Current Market Scenario
- Current XRP Price: $0.5188
- 24-hour Price Increase: 7.34%
- Market Cap: $27,724,988,587
- 24-hour Trading Volume: $1,611,673,500
- Total Supply: 99,988,362,642 XRP
How High Will XRP Price Go: SEC Lawsuit’s Influence
The SEC’s lawsuit against Ripple had been a significant overhang on XRP’s price for a long time. With the lawsuit now dropped, a significant barrier to XRP’s growth has been removed. Historically, positive news events can lead to sustained price rallies, especially if the underlying fundamentals of the asset are strong.
Given the 7.34% price increase in the last 24 hours post the news, we can estimate the short-term momentum this news might bring.
How High Will XRP Price Go: Short-term Momentum Calculation
If we assume that the 7.34% growth rate continues for the next 7 days (a week), the price at the end of the week would be:
P=P0(1+r)t
Where:
- P is the future price
- P0
is the current price ($0.5188) - r is the growth rate (7.34% or 0.0734)
- t is the period (7 days)
P=0.5188(1+0.0734)7P=0.5188(1+0.0734)7 P=0.5188(1.0734)7P=0.5188(1.0734)7 P ≈ $0.79
So, based on the current momentum, XRP could potentially reach around $0.79 in a week.
The percentage increase in the price of XRP, from the current price of $0.5188 to the predicted price of $0.79, can be calculated using the formula:
Percentage Increase=(New Price−Old Price/Old Price)×100
Substituting in the given values:
Percentage Increase=(0.79−0.5188/0.5188)×100
Calculating the difference and the division:
Percentage Increase=(0.2712/0.5188)×100
Percentage Increase≈0.5228×100
Percentage Increase≈52.28%
So, the price of XRP is predicted to increase by approximately 52.28% if it reaches $0.79 from the current price of $0.5188.
How High Will XRP Price Go: Market Cap and Volume Analysis
The market cap of XRP is a reflection of its total value in the market. A rising market cap indicates growing confidence among investors. The trading volume, on the other hand, represents the total number of XRP traded in a specific period. A high trading volume can indicate strong investor interest and can lead to price volatility.
Given the current market cap and volume, if the trading volume continues to increase, it can further push the price upwards due to increased demand.
Supply Considerations
With a total supply of 99,988,362,642 XRP, there’s a finite number of XRP tokens. As demand increases and if the supply remains constant or decreases (due to factors like lost wallets, tokens being held and not sold, etc.), the price can further increase due to the basic economic principle of supply and demand.
Conclusion
While the future is always uncertain, the current data suggests a positive trajectory for XRP, especially in the short term. The dropping of the SEC lawsuit has provided a significant boost, and if the current momentum continues, we could see XRP reaching close to $0.79 in the coming week. However, it’s essential to note that cryptocurrency markets are volatile, and external factors can influence prices. Always do your research and consult with financial advisors before making investment decisions.
Where to Buy XRP?
Purchasing cryptocurrencies can seem daunting for newcomers, but platforms like Bitpanda have made the process straightforward and user-friendly. Bitpanda is a reputable exchange known for its ease of use and security features. To buy cryptos on Bitpanda, simply follow these steps:
- Create an account on the Bitpanda platform.
- Verify your identity for security purposes.
- Deposit funds using your preferred payment method.
- Search for the desired cryptocurrency.
- Select the amount you wish to purchase and confirm the transaction.
Recommended posts
You might also like
