XRP, which is the native digital currency of the Ripple platform and ranks among the oldest blockchain networks’ top 10 crypto assets, has experienced poor performance over the past five years. Despite this distinction, its value has lagged significantly since it peaked at over $3 in early 2018 during the all-time high of the cryptocurrency market.
Before the highly anticipated price surge and bull market predicted for 2024 following XRP‘s halving event, there is debate among market analysts about whether XRP will experience a significant boost or if it will join the ranks of forgotten cryptocurrencies.
The XRP blockchain network, known as Ripple, was initiated as the XRP Ledger back in 2012. It continues to stand out among its contemporaries with the least expensive transaction fees. Despite being labeled as a defunct asset on numerous occasions, XRP has reemerged with renewed vigor, making headlines lately due to its ongoing dispute with the SEC and rumors of an upcoming IPO.
In the upcoming period, let’s explore the potential height that XRP‘s price might reach, considering the expectation of another cryptocurrency rally following Bitcoin‘s halving in 2024.
History of XRP
The XRP Ledger, which is the basis for the blockchain network, initially went live in June 2012. Over time, it underwent some name changes, being referred to as NewCoin and OpenCoin before eventually being known as Ripple starting from 2015.
Although XRP predates Ethereum, its importance in the cryptocurrency realm is frequently overlooked due to limited use cases beyond simple transactions and insignificant advancements. Nevertheless, XRP consistently ranks among the top 10 crypto assets, alongside Bitcoin (BTC) and other major players.
XRP Price Analysis For 2024
Based on information from Coinmarketcap, XRP has experienced a 16% increase over the past year. In contrast, the typical gain among the top 10 cryptocurrencies has been around 120%. The peak price for XRP was $3.8, which it reached in January 2018.
Despite reaching new highs for every notable cryptocurrency during the 2020-2021 market cycle, XRP failed to surpass half of its previous peak. In the cycle’s peak in April 2021, XRP barely touched $1.96, and since then it has yet to regain that level.
Based on the decreasing rate of increase during XRP‘s bull run in 2021, the price was approximately 258% lower than its all-time high from 2018. Therefore, it is likely that the price in this cycle will be around $0.57, which is currently its trading price.
If XRP fails to reach its record-high price by 2024-2025, it would be an empty statement to argue otherwise. However, should XRP execute a successful initial public offering (IPO) during that time, the subsequent price surge could be substantial.
Is XRP Dead?
Based on explorer statistics, roughly 5 million individuals hold XRP on Ripple’s platform. With an impressive $16 billion in monthly trading volume across all markets, the activity surrounding XRP is too significant to dismiss it as a deceased cryptocurrency.
Despite the significant opposition from major market trends, XRP, as a prominent cryptocurrency, doesn’t appear to be fading in importance in the near future.
Concerns regarding previous topics, such as the SEC security issue and utility challenges, still exist. The upcoming months will undoubtedly reshape the cryptocurrency market landscape.
The Bitcoin halving and Altseason are expected to bring significant attention to the cryptocurrency industry, which could affect major assets like XRP. Since XRP is one of the older cryptos, not keeping pace with other digital currencies during price spikes might raise questions about its performance. Let’s hope that this cycle will give XRP a chance to bounce back and regain its strength.
FAQs
Read More
Sorry. No data so far.
2024-04-24 13:41