The value of XRP, a popular cryptocurrency in the digital asset market, has lately increased significantly. XRP, which is now valued at $0.649, has increased the curiosity of investors and market experts, with many speculating on its ability to hit new price objectives. Will XRP soon hit $1? or How high will XRP price go after the Bitcoin halving? Let us examine this in this XRP price prediction post.
XRP Price Prediction: Why is XRP Price Up?
Recently, the cryptocurrency market experienced a surprising event when the value of XRP rapidly increased by 12% in just half an hour. This happened because of an exciting development: an application for an ‘BlackRock iShares XRP Trust’ ETF appeared in Delaware, which really caught the attention of people interested in cryptocurrencies.
However, the excitement didn’t last long because it was revealed that BlackRock, a major fund management company, wasn’t actually involved in this sudden increase in value. The Delaware Office of the Secretary of State noticed something was wrong and reported this incorrect information to the state’s Department of Justice, showing how serious the issue was.
XRP Price Prediction: Could the current positive attitude of traders is an early sign of what’s to come in 2024?
Today, the price of XRP is $0.648360. In the past 24 hours, people have traded $2.02 billion worth of XRP. Its total value in the market (market cap) is $34.83 billion, and it makes up about 2.41% of the crypto market. The price of XRP has gone up by 2.62% in the last day.
The highest price XRP has ever reached was $3.92 on January 4, 2018. Its lowest recorded price was $0.002802 on July 7, 2014. Since reaching its highest price, the lowest it has fallen to was $0.113268, and the highest it has climbed since then was $1.977930. Right now, people are neutral about where XRP’s price might go next. The Fear & Greed Index, which measures investor sentiment, is at 70, indicating that investors are feeling greedy.
There are currently 53.72 billion XRP coins in circulation, out of a maximum of 100 billion. Over the past year, the supply of XRP has increased by 16.44%, meaning 7.58 billion new XRP coins were created. In the Layer 1 sector of the market, XRP is ranked as the fourth largest cryptocurrency.
Right now, the price of XRP is $0.6481. Although it seems like XRP’s price hasn’t changed much in the last day, it actually dropped after a brief 15% increase that happened in less than 30 minutes. Yet. in the last 24 hours the price has increased by almost 2.70%.
This sudden jump in XRP’s price happened because of rumors about BlackRock, a big investment company in the US, supposedly starting a new XRP trust. This news, which was shared on social media, turned out to be false. After this quick rise, XRP’s price went back to where it was, and it’s now stable at around $0.65.
Despite this short period of ups and downs, XRP’s price is still 33% higher than it was a month ago. Predictions suggest that XRP will keep doing well in the next year. There’s an expectation that XRP’s price could go up by 180% to reach $1.815, especially after the Bitcoin halving event in April 2024. This Bitcoin event, which has boosted the crypto market in the past, is likely to have a positive effect on XRP too, along with some other good news for the project.
XRP Price Prediction: How has XRP performed following the favorable court verdict in July?
Over the past year, the price of this cryptocurrency has seen a significant rise, increasing by 70%. This impressive growth has allowed it to outperform 69% of the top 100 cryptocurrencies in the market. Currently, it’s trading above its 200-day simple moving average, a positive sign for many investors as it often indicates a stable upward trend. In the last 30 days, the crypto has experienced 18 green days, meaning its price closed higher than it opened on 60% of the days.
Additionally, XRP is known for its high liquidity relative to its market cap, making it easier for investors to buy and sell without affecting the price too much. This combination of factors paints a picture of a robust and steadily growing digital asset.
Since Ripple Labs had a favorable outcome in court back in July, they’ve been actively forming new partnerships with major financial institutions globally. A recent highlight is XRP being recognized by the Dubai International Finance Centre (DIFC). This recognition allows banks in Dubai to use XRP for transactions, placing it among a select group of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Toncoin (TON).
Additionally, in mid-October, the SEC withdrew its legal action against Ripple Labs’ founders, Chris Larsen and CEO Brad Garlinghouse. They were initially accused of selling $729 million worth of XRP to hedge funds and other early backers during Ripple Labs’ early days. The July court decision in New York, followed by the dropped charges in October, means Ripple Labs now has no major legal battles.
XRP Price Prediction: How High Will XRP Price Go?
The value of XRP might be influenced in surprising ways by the increase in XRP tokens, which happens because Ripple regularly releases more into the market. If there are too many XRP tokens available, their price could go down. But, if more people want to buy XRP at the same time as these releases, the price might not drop. The expected increase in XRP’s value in 2024 will depend on how these elements interact with each other and with the broader trends in the cryptocurrency market.
Since the court ruling in July, there’s been a renewed interest in Ripple and its cryptocurrency, XRP, which is now 38% higher than its price before the ruling. This ongoing positive trend has made traders more optimistic. As a resukt, it is expected that XRP will surpass its highest price from 2021 in the coming year. Overall, this would mean an increase of more than 150%, potentially bringing XRP’s price to $1.810 by May 2024. This is just a month after the next scheduled Bitcoin halving event.
How to Buy XRP?
Bitget is currently a good option to buy XRP. Known for its safety and ease of use, Bitget allows new users to get started with cryptocurrency purchases quickly. To buy XRP on Bitget, create an account, complete the necessary KYC procedures, deposit funds, and you’ll be ready to trade XRP.
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