Whether you are a fan of XRP or not, you cannot deny its prominence in the cryptocurrency market. Founded in 2013, the XRP project wandered into the wilderness of the early stages of the crypto world for four years before the bull run 2017 saw it being thrust into the spotlight of the crypto market.
It is one of the leading cryptocurrencies in the world in terms of market capitalization and has been in contention for being the most discussed crypto token daily for quite some time. Therefore, we have a solid reason for giving our readers our XRP price prediction for 2024.
XRP Use Case
Ripple Labs created XRP with a primary purpose: to serve as a medium to facilitate cross-border transactions. It was a departure from the traditional methods where cross-border transactions were handled by multiple financial intermediaries, which was often bugged by time delays and cost much more than you would have liked to spend to see your transaction reaching its final destination.
The introduction of XRP saw these financial intermediaries as things of the past. Now, conducting transactions across borders takes so much less time that you feel this is just a simple process. The feature has been hailed by different financial institutions and payment service providers using this technology to facilitate cross-border transactions.
Price History of XRP
To better grasp how any cryptocurrency would fare in the future, you have to rely on different technical analysis techniques before you can form any conclusive judgment on where you think the price of a cryptocurrency token will settle.
Along with using different technical analysis techniques, what you must do is look at the trends of the past because they can offer better guidance. Once you look at the moments when the price of a crypto token has peaked or when it has experienced tremendous falls and the reason behind these ups and downs, you will get a better understanding of what indicators you must be on the lookout for, including any external factors to form a judgment on how the price of a token will fare in the future.
We are going to look at the past performance of the XRP token.
2013
- XRP token launched.
- Saw little significant price action until the bull run of 2017.
2018
- Ripple (the company behind XRP) launches the xRapid product.
- XRP aims to revolutionize money transfer, including within the banking system.
- XRP’s price skyrockets, reaching an all-time high of $3.84.
- The jubilation is short-lived as the cryptocurrency falls by 93% in months.
2021
- XRP provides significant returns to investors during a bull market frenzy.
- Within six months, the XRP price increased to $1.96.
- However, the following period saw a steady downward trend, and XRP’s value gradually declined to $0.3.
Legal Battles with SEC
- Ripple engaged in a multi-year legal battle with the US Securities and Exchange Commission (SEC).
- Ripple faces challenges impacting the price of XRP.
- A judge ruled that Ripple did not violate existing securities laws by selling XRP to exchanges for retail investors but broke the law by selling directly to institutional investors.
- This partial victory causes XRP to soar over 80% in price overnight.
- Another win occurs when a judge blocks the SEC’s attempt to appeal the ruling, resulting in positive price action for XRP.
- In October, the SEC dismisses its case against Ripple’s CEO and executive chairman.
- XRP price rose to a maximum of $0.94 during that time.
December 29, 2023
- XRP is priced at $0.63 at the time of writing this article.
- Market capitalization stands at $33.85 billion when writing this article.
XRP’s Path Ahead and Potential Risks
In recent times, Ripple has secured significant legal victories against the US Securities and Exchange Commission (SEC), setting the stage for potential shifts in the future trajectory of XRP.
The court decision separated the sale of XRP tokens on exchanges and through algorithms, considering it a valid investment contract.
However, selling XRP to institutions was declared a violation of federal securities laws. This significant legal development has sparked interest among investors, making them wonder how it might affect the performance of XRP.
The partial resolution of the SEC dispute is a positive development that could catalyze short-term growth in XRP.
However, one must not throw caution to the wind here because, despite the recent ruling in favor of XRP, the dispute has yet to be entirely concluded, which means that certain uncertainties remain regarding what the future will hold for XRP.
While positive developments might initially boost XRP’s price, there’s a concern that once the excitement around the lawsuit fades, interest in XRP could decline, negatively impacting its price in the medium term.
Additionally, if there’s a significant sell-off in the broader cryptocurrency market, XRP’s value could see a significant decline.
There are also reservations about XRP’s role in Ripple’s cross-border payment system, as its value doesn’t directly affect its functionality. XRP’s value in the long run depends on making XRP better and more valuable in the system.
Recognizing the critical link between legal outcomes and market dynamics, a favorable resolution with the SEC could trigger heightened investor interest.
Another decision favoring XRP might fuel growth and contribute to an upward trend in XRP’s value. As we look ahead to 2024, investors express optimism for continued positive developments in Ripple’s legal battles and anticipate favorable global economic conditions that could positively influence cryptocurrencies like XRP.
XRP Price Prediction for 2024
Most analysts are bullish on XRP in 2024, with Changelly predicting an average price of $0.81, Egrag Crypto eyeing $1.20 within 55 days, and Dark Defender anticipating a surge to $1.88, followed by a breakout above $5 by Q2. Using Elliott Wave theory, James Crypto sees a potential price range of $5-$13 around Bitcoin’s halving in March-April.
Technical Analysis: The 1-week chart suggests a potential bullish breakout from a symmetrical triangle pattern, with a target of $1.2413.
Extreme Predictions: Some, like JWK, make bolder calls, with XRP potentially reaching $352. But such predictions are subjected to so much speculation that one shouldn’t focus too much on them for now and stick to realistic outcomes.
Overall Sentiment: While specific price targets vary, the consensus leans towards XRP experiencing significant gains in 2024. For now, the most favorable outcome for XRP and something that most crypto community and XRP enthusiasts hope to see is XRP breaking the $1 barrier.
Final Thoughts
The ongoing SEC vs. Ripple lawsuit remains a crucial focus for XRP holders in 2024, potentially impacting the asset’s price.
Ripple’s Chief Legal Officer, Stuart Alderoty, expresses optimism for a breakthrough in the lawsuit this year, highlighting its past hindrance to Ripple’s growth in the crypto ecosystem.
Alderoty anticipates that resolving the lawsuit could pave the way for favorable crypto regulations in the US.
Additionally, the SEC’s decision on a spot Bitcoin ETF and the Bitcoin halving in April 2024 are other significant catalysts for the cryptocurrency market. Institutional investors contribute to the bullish outlook for XRP, with expectations of the price surpassing the $1 psychological barrier.
Note: Cryptocurrency is a highly volatile market with associated risks. The predictions given in the article are subject to your interpretation. We are not endorsing any particular cryptocurrency in this article and urge you to do your due diligence and research before investing in the crypto realm.
