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Reaching a $100 price point would mean a market capitalisation of roughly $5.2 trillion for XRP, considering the current circulating supply of about 52 billion. This would be more than four times larger than the current value of all cryptocurrencies combined. While nothing is impossible in the world of cryptocurrencies, it’s important to note that such an increase would require a significant change in the overall market conditions or a major reduction in XRP’s supply. XRP the native digital currency of the XRP ledger, a blockchain platform designed to facilitate scalability and efficient transactions.
- Typically, one would need to use EUR or USD as a mediator, which is a costly process.
- The rise in XRP’s relative strength index (RSI) to “overbought” levels—above 70 for the first time in three years—signals strong bullish momentum and the potential for a major rally.
- To see where the price of XRP is likely headed next and to observe XRP live price trends, feel free to use our algorithmically generated XRP price prediction charts.
- Whether to buy or sell XRP depends on your investment goals, risk tolerance and market outlook.
- XRP Ledger is a decentralized, layer-1 blockchain with reliability and stability proven for over a decade.
Keep an eye on the news surrounding Ripple in regard to the SEC case and its ongoing developments. The approval of bitcoin exchange-traded funds (ETFs) in the US earlier has fuelled interest in other cryptocurrencies. Ethereum, the second largest cryptocurrency, has also recently had its own spot ETFs approved in the US.
A brief consolidation or correction may precede upward momentum, with $1.3 as the primary support during any potential pullback. Eventually, buyers returned with vigor, driving the price through key resistance levels, including the pivotal $1.3 mark. Ripple’s subsequent impulsive surge highlights strong buying interest, pushing the cryptocurrency closer to a local peak of $1.9.
Price of XRP today
However, as Drozdz points out, it’s important to remember that these projections are just that—projections. They offer a potential path for XRP’s performance in 2024, and beyond, but do not provide a definitive guarantee. Much hinges on the outcome of the SEC dispute and how the crypto market fares in the coming months. “The history of XRP cryptocurrency listings begins in 2018, a pivotal year for Ripple (the company behind XRP),” Drozdz tells Forbes Advisor. Ripple’s launch of the xRapid product was a defining moment, ushering in a new era where XRP cryptocurrency aimed to revolutionise money transfer, including within the banking system. As cryptocurrency was created to move away creating your own nft from financial middlemen—such as banks—XRP has been a divisive project over the years.
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XRP Quarterly Returns
Patrick McGimpsey is a freelance writer passionate about crypto and its impact on the financial world. Currently working as the content lead for Australian startup CryptoTaxCalculator, Patrick has also covered the crypto industry for Canstar and The Chainsaw. Patrick has over seven years of experience in the crypto space and has previously shared his knowledge with the AML and fraud departments of Australian financial Institutions. However, the world of cryptocurrencies is known for its wild swings and unpredictability.
About XRP
One of the more unique aspects of XRP is the fact that the project is being actively backed and funded by Ripple, a major fintech startup valued well above $1 billion. The crypto winter between 2015 and 2017 saw XRP tumble back to the $0.0060 price range. Throughout 2017 and going into 2018, XRP’s price increased by more than 600x and hit $3.92 in January 2018. The table above shows the number of days which XRP closed above a certain price level. For this reason, it is easier to perceive long-term value if the token’s design and utility in the system is improved.
XRP’s Price History
However, XRP also has some additional functionality in RippleNet, a network designed by Ripple with the goal of bringing all financial institutions under one roof, creating a frictionless and global payment system. XRP can be used just like every other cryptocurrency – you can transact with it globally at low cost, or you could just hold it as an investment. It is worth noting that Ripple CEO Brad Garlinghouse said in an interview in 2021 that the company is open to new ideas about managing XRP, including the burning of tokens it holds in escrow. In late 2021, Ripple began pushing for a clearer distinction between Ripple, the fintech company, and XRP, an independent cryptocurrency powering Ripple’s network. The move came as a result of most people in the cryptocurrency community using the “Ripple” name to refer to the platform’s underlying currency, which was a cause of much confusion over the years.
“Cryptocurrencies, in general, are driven largely by news, popularity, and in the case of XRP, court decisions,” says Drozdz. As of October 2, 2024, XRP sits at $US0.52 with a market capitalisation of $US29.6 billion. While the past may not necessarily predict the future, the most detailed etoro uk review for 2021 it can offer valuable insights to help guide investment decisions. The project launched its token in 2013 but saw little significant price action until the bull run of 2017.
The adoption of the project’s cross-border payment system and its long-standing position among top cryptocurrencies are seen positively. However, its future heavily depends on the final outcome of legal disputes, broader market trends, and improvements XRP’s utility within the Ripple ecosystem. Predicting XRP’s future price is complex due to factors like market volatility, regulations, and its adoption in the financial sector. With a total supply of 100 billion and a circulating supply of around 52 billion, reaching high prices would demand a massive market capitalisation increase or a massive token supply reduction. Crypto hedge fund manager, Thomas Kralow, previously predicted that XRP would hit $US30 a coin in 2023.
Your financial situation is unique and the products and services we review may not be right for your circumstances. In giving you information about financial or credit products, Forbes Advisor is not making any suggestion or recommendation to you about a particular product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved or otherwise endorsed by our partners. While the ongoing legal battle with the SEC has caused price volatility, recent partial victories have renewed investor interest.
XRP also offers lightning-fast, cost-effective transactions that settle every 3-5 seconds at fractions of a cent per transaction. The original founders pre-mined (created at the time of the ledger’s launch) 100 billion XRP tokens in 2012. The founders provided Ripple with 80 billion tokens to fund future operations and development, while the founders divided the remaining XRP among themselves. Upon encountering resistance at the $1.3 zone, the asset entered a consolidation phase, forming a sideways triangle pattern.
However, concerns exist about XRP’s necessity in Ripple’s payment system, as transactions can be settled in fiat value regardless of XRP’s price. For banks to widely adopt XRP, improvements in the token’s design and utility within the system may be necessary to demonstrate clear advantages over existing methods. It’s always advisable to stay updated with the latest news and trends in the cryptocurrency market when considering long-term investments. “Investing in XRP is risky and may not be suitable for most investors due to the high price volatility and the difficulty in predicting future trends in the cryptocurrency market,” Drozdz says.
Ripple still holds more than half of the total XRP supply, although a large portion of the company’s XRP holdings is locked in escrow and can only be accessed periodically. XRP Ledger is a secure and decentralised Layer 1 blockchain that is designed for the efficient tokenisation and exchange of crypto-native and real-world assets. Instead, XRPL relies on a consensus algorithm, and XRPL’s integrity is maintained by a group of trusted nodes. Any transaction needs to be verified by at triomarkets review 2020 least 80% of the nodes on the network to be included in the Ledger. Anyone can become a validator, and there are more than 100 nodes operated by universities, exchanges, businesses and individuals.