XRP Price Could Hit $5 If Ripple Captures 50% of Global Remittance Market

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As a seasoned researcher who has navigated the crypto markets since their inception, I have witnessed firsthand the unpredictable yet fascinating nature of this space. The current bullish pattern in XRP is reminiscent of a rocket about to take flight, with the potential for a 40% breakout if market conditions remain favorable.

As a crypto investor, I’ve been closely watching the bullish continuation pattern in XRP‘s price action on the daily chart. If the market conditions stay favorable, this setup promises a potential 40% breakout. The recent announcement by the Federal Open Market Committee (FOMC) about a 50 basis point cut on the interest rate sparked a 5% surge in XRP.

Growing Remittance Market Could Moon XRP Price to $5

XRP is created to simplify swift and affordable cross-border transactions, a crucial aspect given the vast international remittance market projected to expand to $16.59 trillion by 2028, according to Statista. Notably, digital remittances lead the way in global digital payments, with digital commerce trailing closely behind, while mobile POS payments bring up the rear.

XRP Price Could Hit $5 If Ripple Captures 50% of Global Remittance Market

100 billion XRP have been created in total, but just 56 billion of these coins are currently circulating. Given that the market XRP aims to enter is worth $16 trillion, each coin would theoretically be valued at approximately $160 if all were in circulation. However, it’s important to note that not all coins are accessible for trading right now, as only 56.4 billion XRP are currently circulating.

If Ripple decides not to put the held XRP tokens into circulation, their value could potentially increase to $283. In February, Ripple’s Chief Technology Officer explained that Ripple has the capacity to destroy or ‘retire’ approximately 40 billion XRP by keeping the related accounts inactive, a process referred to as ‘backholding’.

If we consider “burning the escrow” as a process where no XRP from the escrow is allowed to enter circulation, Ripple could accomplish this action independently by routing the escrow’s cancellation into an inaccessible or unusable account, effectively removing those XRP from circulation.
— David “JoelKatz” Schwartz (@JoelKatz) February 19, 2024

A price surge to $283 per XRP would constitute a 48,900% increase from the current prices. Still, speculation that XRP could become a reserve asset, similar to how Gold is a reserve for the US Dollar, spells even higher prices for the coin.

SEC vs Ripple Appeal Window Narrows Down

As a researcher, I’m noting that we have merely 17 days left until October 6, which marks the end of the U.S. Securities and Exchange Commission’s (SEC) appeal period regarding the settlement with Ripple. Initially, Ripple was ordered to pay $125 million as part of the lawsuit settlement. However, they have requested that these funds be held in abeyance until after the potential appeal process has concluded.

If the Securities and Exchange Commission (SEC) does not take action against XRP, experts predict that its value could rise to around $0.85 or potentially as high as $5, mirroring the market’s previous reactions to similar rulings.

In an interview on CNBC, SEC Chair Gary Gensler emphasized the need to protect investors. 

Regardless of setbacks against Ripple, Gensler’s remarks suggest that the Securities and Exchange Commission (SEC) continues to prioritize regulating the digital asset sector through legal actions. This approach aligns with the ongoing cryptocurrency legislation debate in the U.S. Congress, where it is anticipated that significant political divisions will emerge – notably, Democratic opposition to specific crypto regulatory measures.

Currently, the newly introduced Grayscale XRP trust is accessible for qualified accredited investors (large-scale investors).

As a researcher, I’m excited to share that Grayscale’s private placements are now open for eligible accredited investors. Here’s the list of available tokens: Avalanche ($AVAX), Grayscale Bitcoin Trust ($GBTC), Grayscale Basic Attention Token ($BCHG), Taurion ($TAO), Genesis Leveraged & Inverse Bitcoin Strategy Etfs ($GLNK), Decentraland ($MANA), Filecoin ($FILG), Livepeer ($LTCN), Maker ($MKR), GLI Finance ($GLIF), Near Protocol ($NEAR), Grayscale Solana Trust ($GSOL), Stacks ($STX), Grayscale Horizen Trust ($GXLM), Sui ($SUI), Ripple ($XRP), Zcash ($ZCSH). I encourage you to explore these opportunities.
Learn more and see important disclosures:
— Grayscale (@Grayscale) September 17, 2024

The following factors have sparked a positive outlook towards XRP, leading to its steady upward trend since the beginning of July.

The Ripple price has increased by 1.1% over the last 24 hours and is trading at $0.5859.

Can XRP Price Reach $5?

The price of XRP has consistently followed an upward sloping trendline, which means it’s forming a sequence of progressively higher bottoms. This pattern implies a potential continuous growth trend over the immediate to medium future.

0.64 serves as a significant resistance point, marking the highest price within the latest price range. So far, the price has been holding steady below this level, but if it breaks through, we could see an increase up to 0.85, representing a potential profit of approximately 40% from the current price. Despite the recent price consolidation, there’s a strong upward momentum suggested by the rising trendline.

XRP Price Could Hit $5 If Ripple Captures 50% of Global Remittance Market

Should the value of XRP not sustain above $0.56, it might dip down to $0.52, then possibly $0.50, and potentially even to $0.42. However, a long-term goal remains at $5.00, with the possibility of further growth if the trend persists and the market maintains a positive outlook.

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2024-09-19 13:10