As a seasoned researcher with a keen interest in the cryptocurrency market and its intricacies, I find myself intrigued by the recent surge of XRP prices. Having closely followed the XRP trajectory since its early days, I’ve seen it rise and fall like a rollercoaster. The current bull run is impressive, to say the least, with XRP outperforming many top ten cryptocurrencies.
This month, the value of XRP has seen a robust rebound, placing it among the top ten cryptocurrencies with the most impressive performance.
Last week, the value of Ripple (XRP) reached a high of $1.6305, marking a 324% increase from its lowest point this year. This surge in value elevated its market capitalization to over $81 billion, which is more than some prominent international companies such as Deutsche Bank, Marriott International, and BP.
Based on XRP’s rising trend, various analysts have expressed positive projections for its future value. Specifically, Edo Farina, a dedicated Ripple backer, recently suggested in a Reddit post that the coin might reach as high as $10 during the ongoing bull market.
He mentioned key drivers, such as anticipation that Ripple’s ongoing dispute with the Securities and Exchange Commission might be resolved following Donald Trump’s victory, is expected to wrap up next year.
JUST IN: 🚨 #SEC v. #Ripple Emergency Settlement Rumors.
We could see $10 $XRP before EOY… 👀
— EDO FARINA 🅧 XRP (@edward_farina) November 24, 2024
In partnership, Ripple and Archax are introducing a fund based on tokens to the XRP Ledger. This move suggests increased action within the network.
Furthermore, Ripple is creating RLUSD – a stablecoin designed as competition for Tether (USDT), PayPal’s US Dollars, and USD Coin (USDC).
It’s been speculated that Ripple might go public through an Initial Public Offering (IPO) within the upcoming years. However, a report from CNBC in January hinted that the company had delayed its IPO plans because of issues with the Securities and Exchange Commission (SEC). This situation may change next year.
Can the XRP price jump to $10?
On November 25, the value of Ripple was $1.4381. To reach $10, it would need a significant surge of approximately 600%. This substantial increase would surpass its recent performance but follow a pattern similar to its past trends, such as the 1,800% rise from its lowest point in 2020 to its highest point in 2021.
The weekly chart shows that Ripple broke the significant resistance level of $0.9350, the neckline of a slanted triple-bottom pattern. The coin has moved above the 50-week and 200-week Exponential Moving Averages, suggesting positive momentum. There are also indications of a bullish pennant pattern forming.
Although XRP could possibly rise higher, approaching its peak value of $1.96 and maybe even surpassing it, the probability of it soaring to $10 by 2024 appears rather slim.
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2024-11-25 18:22