XRP hits past $1: A deep dive into Ripple price prediction and future trends

As a seasoned investor with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. However, the current situation surrounding Ripple (XRP) is particularly intriguing. The legal battle with the Securities and Exchange Commission (SEC), the accumulation by whales, and the bullish predictions from analysts all point towards a potentially exciting future for XRP.

Could the unprecedented surge in Ripple‘s price propel XRP to uncharted territories, or is this a short-lived spike driven by speculation over potential regulatory decisions and large investor actions?

Table of Contents

XRP’s record-breaking rally

This week, Ripple (XRP) is grabbing attention and making news with a remarkable price surge. As of November 16, XRP surpassed the $1 mark for the first time since November 2021, and it’s currently trading at $1.19.

Over the past 24 hours, it has experienced a remarkable 30% increase, and in the last seven days, it’s seen an astounding 108% rise. This impressive performance has firmly established it as one of the top-performing cryptocurrencies since Donald Trump became the U.S. president.

Discussions surrounding a possible change in U.S. regulatory management have increased enthusiasm. Rumors indicate that SEC Chair Gary Gensler might resign, which has fueled optimism about a friendlier regulatory climate for cryptocurrencies.

Let’s delve into what’s causing this upward trend, analyze recent events concerning Ripple, and examine potential implications for XRP’s short-term value.

Gensler’s exit rumors

Speculation surrounding Gary Gensler’s possible resignation from his role as SEC Chairman has sparked renewed enthusiasm in the cryptocurrency market, and Ripple’s XRP appears to be the main winner of this situation.

Although Gensler hasn’t formally declared his resignation yet, his speech at the Practicing Law Institute’s yearly securities regulation conference has led some to believe it could be a goodbye address.

During his time at the SEC, Gensler considered it a privilege, and he reinforced his viewpoint that, excluding Bitcoin (BTC), the majority of cryptocurrencies come under the jurisdiction of the Securities and Exchange Commission.

For Ripple, Gensler’s tenure at the SEC has been marked by contentious encounters. Since December 2020, Ripple Labs and the SEC have found themselves in a prolonged legal dispute, with the regulatory body alleging that the company illegally sold XRP as an unregistered security.

In July 2023, a court decision partially favored Ripple as it found some XRP sales were not considered securities trades. Yet, the Securities and Exchange Commission (SEC) continued its case against Ripple.

By August 2024, the situation with the battle had shifted again. A court ordered the Securities and Exchange Commission (SEC) to accept a $125 million civil fine as settlement from Ripple, which is significantly less than the $2 billion they originally aimed for.

Even though it seems like a defeat, the Securities and Exchange Commission (SEC) has chosen to file an appeal, arguing that the lower court’s decision contradicts several decades worth of rulings by the Supreme Court. This implies that the legal battle between the SEC and the party they are regulating is not close to being resolved.

As I prepare my analysis, moments ago, Bitwise, a leading crypto asset manager, submitted an application for the first-ever Spot XRP Exchange Traded Fund (ETF). However, considering the SEC’s persistent opposition towards Ripple, the chances of this application being approved are still unclear.

The scrutiny facing Gensler and the Securities and Exchange Commission (SEC) remains intense from various sources. In fact, eighteen U.S. states such as Texas, Ohio, and Wyoming have recently filed a lawsuit against this agency, claiming that their regulatory actions regarding cryptocurrency are excessive and unjustified government intervention.

The lawsuit highlights concerns that the SEC’s enforcement-centric strategies are overstepping federal authority and undermining state jurisdictions, creating unnecessary legal challenges for crypto firms.

Crypto-related organizations, like the Blockchain Association, have disclosed that legal action taken by the Securities and Exchange Commission (SEC) has resulted in approximately $426 million in legal fees for cryptocurrency businesses since the year 2021.

Whales bet big on XRP

Recently, Brad Garlinghouse, the head of Ripple, has sparked discussions about the future of cryptocurrencies within the United States by linking potential political shifts, regulatory unpredictability, and market trends to an optimistic outlook for the industry.

At Cantor’s yearly Cryptocurrency Conference, Garlinghouse showed enthusiasm for the possibility of the U.S. emerging as the world’s leading “crypto hub” with a change in political administration.

As an analyst, I’ve noticed subtle indications suggesting potential changes in Gary Gensler’s tenure, which could mark a shift away from the aggressive enforcement strategies that have long been a point of contention for companies like Ripple.

In the midst of these political moves, another tale is emerging in the blockchain world. Large XRP holders, often referred to as “whales” in crypto terminology (these are wallets containing over a million XRP), have been gradually stockpiling more and more XRP.

Over the last two years, significant investors have amassed approximately 3.44 billion units of XRP in their digital wallets, according to data provided by Santiment.

Currently, the combined amount of XRP in their possession equals approximately 45.61 billion units, a figure not seen since June 2018. Interestingly, this period coincides with when XRP reached its peak price of $3.84, marking a notable milestone for the cryptocurrency.

Building up holdings of an asset usually indicates trust in its future worth. This action is particularly noticeable now, given Ripple’s recent partial legal win against the SEC, which has positively impacted market sentiment.

Ripple price prediction

In light of Ripple’s legal tussle with the SEC appearing to ease, and a surge in whale activity for XRP, let’s explore what recent data and industry experts foresee for the upcoming years.

Ripple Price Prediction 2024

Enthusiastic tech analysts at XForceGlobal express optimism regarding XRP, attributing this to a recognized surge in Ripple’s pricing pattern.

Based on their assessment, I’ve noticed that my XRP tokens have surpassed crucial resistance points, such as the D-wave in its triangle configuration. They predict a 99.99% probability that XRP will reach $5 at some point, but the timeframe for this is still uncertain.

According to Coincodex, they anticipate a slightly cautious short-term forecast for XRP’s value, suggesting it might hit around $1.13 by December 16th.

As a researcher, I’m projecting that the token will fluctuate between the range of $1.03 to $2.50 in the future market. By the close of 2024, I anticipate an average price for this token to be approximately $2.42.

Ripple Price Prediction 2025

As I peer into the future towards 2025, my projections for this token suggest a potential range from $0.69 to $3.09, averaging at approximately $1.66. However, DigitalCoinPrice seems to be more optimistic, estimating a price range of $2.46 to $2.96, with an average price of $2.80.

Ripple Price Prediction 2030

By the year 2030, there appears to be significant potential for XRP. DigitalCoinPrice anticipates the token could fluctuate between approximately $7.72 and $8.56, with a median price of around $8.42. On the other hand, Coincodex presents a more modest forecast, suggesting that XRP might trade between $1.23 and $2.88, settling at an average of $1.80.

The road ahead

Although predictions can differ significantly, the increasing application of Ripple, growing attention from large investors and institutions, as well as addressing regulatory issues, could all be pivotal elements influencing XRP’s trajectory ahead.

As always, it’s important to approach these predictions with caution. The crypto market is notoriously volatile, and prices are influenced by a mix of technical, regulatory, and macroeconomic factors. 

Investors should conduct thorough research and avoid investing more than they can afford to lose.

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2024-11-17 21:09