Ripple (XRP) Coin: Causes of Increase and Latest Price Prediction

Bittime - In 2024, XRP has finally managed to break out of its prolonged price consolidation, making it one of the biggest winners in the ongoing cryptocurrency market rally.

XRP Price Increase Through 2024

To give you an idea of ​​this price spike,

Overall, the price of XRP remained relatively stable throughout most of 2024, fluctuating between $0.50 and $0.60. 

XRP’s 3x rally in November

However, in early November, the token underwent significant changes, and its value tripled by the end of the month to around $1.50.

In the most recent trading session, the asset has surpassed the $2 mark, trading at $2.45 at the time of writing, reflecting a year-to-date surge of 342%. The $3 level remains psychological resistance in the short term.

Despite this new momentum, XRP is still trading below its record high of $3.40, while some market participants question the authenticity of the current bull run.

Factors Driving XRP Performance

Like other digital assets, XRP got a boost from the euphoria surrounding the election of Donald Trump and hopes of implementing pro-cryptocurrency policies. 

This momentum was led by Bitcoin (BTC), which surpassed the historic $100,000 mark.

However, some specific factors related to XRP also contributed to the spike in the price of this coin. 

Factor Robinhood Relists XRP on November 13

In particular, renewed optimism emerged after Robinhood (NASDAQ: HOOD) returned XRP to the trading list on November 13.

The platform had previously delisted XRP in 2020 following a legal battle between Ripple and the Securities and Exchange Commission (SEC), in which the regulator accused the blockchain company of selling unregistered securities.

Factor Ripple XRP Wins Legal Ruling in August

At the same time, the partial legal victory achieved by Ripple in August revived interest in XRP, as the chances of the token being reclassified as a security diminished.

Read too What Is an XRP ETF? Completely examine prices, benefits and availability on the global stage

Factor Resignation of Gary Gensler as SEC Chairman

Further momentum emerged after SEC Head Chief Gary Gensler announced his plans to step down in January. 

Interestingly, for the cryptocurrency community, Gensler's role at the SEC, especially in the Ripple case, became a symbol of the regulator's alleged stifling of the sector.

Factor Existence of XRP ETF Speculation Approved

With Gensler's exit, there has been speculation that an XRP ETF might get approval. 

This anticipation comes after Trump nominated pro-crypto Paul Atkins as the next SEC chairman, if approved by lawmakers. 

Several spot XRP ETFs from entities such as WisdomTree, Bitwise, and 21Shares are already awaiting feedback from the SEC.

Factor News of the Release of Ripple's XRP Stablecoin RLUSD

Adding to XRP's momentum, Ripple may soon launch its stablecoin, RLUSD, which could be approved by the New York State Department of Financial Services (NYDFS) later this year. 

Dollar-tied RLUSD, issued through Ripple-acquired Standard Custody & Trust Company, has reportedly been beta tested with tens of millions worth of minting.

“I'm still hopeful we'll launch before the end of the year. This stablecoin was launched through a New York state trust and is regulated by the NYDFS. We are looking forward to ironing out all launch issues, but we will get there,” said David Schwartz, CTO of Ripple.

Read too Ripple RLUSD: Stablecoin Launch Postponed, XRP Drops to 4th Position

What's Next for XRP?

Overall, the aforementioned factors will likely help XRP maintain its bullish sentiment while targeting the $3 mark.

XRP price to IDR Latest via Market Bittime

XRP Price Prediction By Ali Martinez: Can It Reach $8?

From a technical perspective, prominent cryptocurrency trading analyst Ali Martinez noted on December 8 that the next conservative target for XRP is at least $8.

Source: TradingView/Ali_charts

Martinez analysis shows that XRP has broken out of a multi-year symmetrical triangle pattern, signaling potential further upside. 

Read too How to Buy XRP (XRP)

This continuation pattern, formed by approaching trendlines with lower peaks and higher valleys, usually signals a period of accumulation before a breakout.

The breakout indicates a bullish shift, with the chart showing two key price targets: a conservative $8.40 and an optimistic $48.12. 

If XRP reaches its target of nearly $50, its market capitalization could reach nearly $2.8 trillion, potentially making it the top cryptocurrency if Bitcoin experiences minimal upside.

However, a possible continuation of XRP's rally may face the threat of an overbought impact, which may signal a short-term correction or consolidation.

FAQs

Who Owns XRP?

XRP is owned by Ripple Labs, a technology company that develops blockchain-based payment solutions. 

Although Ripple Labs owns most of the XRP supply, these tokens are also distributed to users and investors in the market.

How Much Will XRP Be Worth in 2025?

XRP price predictions for 2025 vary depending on market analysis and external factors. 

Some analysts are optimistic that XRP could reach between $3 to $8, depending on regulatory developments and adoption of blockchain technology. 

However, cryptocurrency prices are highly volatile and difficult to predict accurately.

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Reference

Paul L, This is how XRP has performed in 2024 so far, Accessed December 9, 2024

Author: IN