As a seasoned analyst with years of experience navigating the turbulent waters of the cryptocurrency market, I must say that the current state of XRP is nothing short of intriguing. The recent surge in its price and the bullish predictions from various analysts have certainly caught my attention.
In November, XRP, currently ranked seventh among all cryptocurrencies by market capitalization, has experienced remarkable growth as Ripple’s legal battles with the SEC have yielded favorable results.
After surpassing the $1 mark and currently hovering around $2, a level not seen since the significant surge in 2018, XRP appears ready to reach its $10 goal. The XRP community anticipates substantial growth, with double-digit increases predicted for next year.
How will the XRP price move in 2025?
Ripple’s stablecoin: RLUSD versus USDT
According to FOX Business reports, it appears that the New York Department of Financial Services (NYDFS) is nearing its decision to approve a new digital currency called RLUSD, issued by Ripple. If approved, Ripple may launch this digital currency on December 4th. This is subject to the final approval from NYDFS.
Over the Thanksgiving holiday, Ripple’s XRP experienced a 20% spike in value. This surge follows a significant 200% increase since October, which has helped establish XRP as the fifth most valuable cryptocurrency with a market capitalization of approximately $108 billion.
If approved, Ripple can introduce RLUSD to the general public, signifying a substantial advance into New York’s regulated digital finance sector and bolstering its standing within the stablecoin environment. RLUSD will offer a U.S.-regulated option to Tether’s $130 billion USDT, currently leading the stablecoin market.
Ripple primarily operates based on RippleNet, a globally interconnected blockchain platform, designed for swift and economical cross-border transactions, surpassing the speed and affordability offered by SWIFT.
XRP serves as a means for transactions, however, it’s currently embroiled in a legal dispute with the SEC, who claim that XRP operates as an unregistered security. With the case now under review in appeals court, there are predictions that it could be dismissed by 2025, which might pave the way for a smoother future for XRP.
Ripple is making a strategic shift as more firms, including PayPal, enter the arena, building their own stablecoins to tap into the promising market of this field.
Speaking about it, the recent rise in XRP’s price indicates a substantial change of direction following several years of lackluster performance due to its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC). If Ripple were to enter the market for stablecoins, this could potentially strengthen its growth even more, suggesting increased optimism about its future possibilities.
Ripple v. SEC: Next bull run?
As a crypto investor, I’ve been keeping a close eye on the ongoing legal battle between the SEC and some crypto entities. Recently, the U.S. Court of Appeals for the Second Circuit has given the SEC until January 15 to present its final arguments in this case. Once they do, the court will review the motions to either dismiss the case entirely or move forward with specific parts of it.
In December 2020, the Securities and Exchange Commission (SEC) brought legal action against Ripple, claiming that Ripple’s sale of XRP was an unregistered offering of securities. Contrarily, Ripple argues that XRP falls under the category of digital currency rather than a security.
The importance of this categorization lies in the fact that a decision against Ripple might establish a legal precedent for other digital currencies, possibly transforming the legal landscape across the entire cryptocurrency market.
In response to the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple, the SEC has asked for an extension to file their main argument by the 15th of January, 2025.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 24, 2024
The looming deadline arises after extended discussions and disagreements concerning the legal classification of XRP, as well as the Securities and Exchange Commission’s role in regulating cryptocurrencies. Ripple’s lawyers have contended that the SEC’s stance is unclear and that XRP does not fit the traditional definition of a security.
In a recent interview on Fox Business, Chris Giancarlo, a former head of the Commodity Futures Trading Commission, suggested that the Securities and Exchange Commission (SEC) could decide to dismiss their ongoing legal action against Ripple. When asked about the possibility by reporter Charles Gasparino, Giancarlo expressed his confidence in this prediction, stating that he would wager they would indeed do so. This comes after the SEC filed a notice of appeal and Ripple countered with a cross-appeal in the ongoing court case.
There’s increasing optimism within the cryptocurrency field, as it’s expected that Gary Gensler’s replacement as SEC chair in January might take a more lenient approach towards digital assets.
XRP price history: Major breakout in 2025?
From 2012 to 2018, the value of XRP experienced significant fluctuations. Starting at a price lower than a penny in 2012, it had limited movement until Ripple Labs started forming partnerships with financial organizations from 2014 to 2016. Despite these collaborations, its price remained below a penny during this period.
2017 saw a significant shift for cryptocurrencies, particularly XRP, as it skyrocketed from just $0.006 to over $1.00 by the end of December. This dramatic increase was fueled by increasing curiosity about Ripple’s technology and speculative trading activities. In January 2018, XRP reached its record high of $3.84 during a period of heightened market excitement.
During that particular year, a widespread market collapse caused the price of XRP to drop to approximately $0.60 in February. By the end of the year, it hovered between $0.30 and $0.40. This timeframe highlighted both the progression of XRP and its sensitivity to market movements and speculation.
2021 saw a substantial rise in the value of XRP, however, its progress slowed down noticeably through the year 2022. By November 30, 2024, it was being traded at approximately $1.94 per token.
Contrary to Ethereum’s persistent record-breaking performance, XRP trailed behind. Instead of witnessing significant price surges towards the end of 2020 like many other cryptocurrencies, XRP’s peak prices were seen earlier in 2021.
The primary reason for the delay was the U.S. Securities and Exchange Commission’s lawsuit against Ripple in November 2020, which led to a significant decrease in XRP’s value from approximately $0.70 to $0.20. This event generated apprehension about the token’s future prospects.
Bitcoin versus XRP: Advantages of XRP Ledger (XRPL)
XRPL represents a decentralized, open-source public blockchain that facilitates swift transactions involving XRP, traditional currencies, as well as other digital assets. It invites everyone to develop on this platform.
In the year 2012, Jed McCaleb, together with Arthur Britto and David Schwartz, founded Ripple Labs, with an ambition to develop the XRP Ledger, also known as XRPL.
The goal of this project was to create a strong blockchain technology that could not just handle the digital currency XRP, but also function as a worldwide payment network system.
Ripple Labs sought to address the issues of slow speeds and inefficiencies found in conventional financial systems by developing a decentralized record-keeping system that can quickly process transactions within mere seconds.
This marked a substantial shift away from Bitcoin’s proof-of-work system, since XRP Ledger instead employed an distinctive consensus method called the “XRP Ledger Consensus Protocol” (XRPC).
Ripple Labs unveiled XRPL as a solution to streamline issues within conventional financial systems, opting for the XRP Ledger Consensus Protocol rather than Bitcoin’s proof-of-work mechanism. This protocol guarantees the sequence and legitimacy of transactions without relying on energy-consuming mining processes.
Benefits |
XRP |
Bitcoin |
| Fast | 3-5 seconds to settle | 500 seconds to settle |
| Low-Cost | $0.0002/tx | $0.50/tx |
| Scalable | 1,500 tx per second | 3 tx per second |
In simpler terms, the Ripple Protocol Consensus Algorithm (RPCA) serves as the foundation for XRPL, allowing validators to work together to approve legitimate transactions. This method, unlike Bitcoin’s Proof of Work (PoW), is environmentally friendly and facilitates quicker confirmation of transactions.
In the XRP Ledger, certain nodes known as validators are responsible for verifying transactions to minimize fraud. These nodes keep their own copies of the ledger, which not only ensures that the network remains decentralized but also maintains its overall integrity. This structure facilitates fast and secure transaction processing on the XRPL.
As a crypto investor, I’ve found that the XRP Ledger (XRP) focuses on scalability and swift transaction settlement. It’s impressive how it can handle a large number of transactions per second. What truly sets it apart is its lightning-fast transaction finalization within seconds, making it an ideal choice for various applications that demand rapid and efficient transaction execution.
XRP ETFs on the way?
Discussions about who might replace Gary Gensler as the head of the U.S. Securities and Exchange Commission (SEC) have arisen due to speculation about his resignation, with Dan Gallagher, currently serving as Robinhood’s chief legal officer, being a leading candidate for the position.
During his term, Gensler’s tenure has seen a nuanced interplay between him and the cryptocurrency sector. He’s been simultaneously involved in enforcing regulations and granting significant approvals for financial products that are cryptocurrency-related.
As an analyst, I’d rephrase it as follows: Under Chairman Gensler’s guidance, the Securities and Exchange Commission (SEC) gave a green light to several Bitcoin ETF proposals, a decision that ultimately rested on his decisive vote. In this instance, Commissioners Jaime Lizárraga and Caroline Crenshaw voiced their opposition, while Gensler aligned himself with Mark Uyeda and Hester Peirce, two Republican commissioners who supported the approvals.
1) This bi-partisan action marked a substantial shift in the cryptocurrency regulatory sphere. Additionally, it came as a surprise when Gensler gave the green light to trade Spot Ethereum ETFs, which officially started trading in July 2023.
Moving forward, the Securities and Exchange Commission (SEC) anticipates more proposals regarding Bitcoin ETFs based on emerging cryptocurrencies such as Solana and Ripple (XRP). VanEck recently submitted an application for a Solana ETF in July, making it a pioneer in this area, while other issuers are pursuing approval for a spot XRP ETF.
During a recent appearance on Bloomberg, Ripple CEO Brad Garlinghouse confidently stated that the introduction of an XRP ETF was “just inevitable.”
Ripple IPO
In 2022, Brad Garlinghouse, CEO of Ripple, mentioned that the company might look into going public through an Initial Public Offering (IPO) once their ongoing legal battle with the Securities and Exchange Commission (SEC) is settled. Earlier in 2020, he had expressed a desire for Ripple to transform into a publicly-traded company, hinting that an IPO could occur within a year. However, the SEC lawsuit has caused delays, pushing back their planned public debut.
The CEO of SBI Holdings, Yoshitaka Kitao, advises Ripple to make preparations for a public offering (Initial Public Offering or IPO) when they successfully resolve their ongoing legal disputes with the U.S. Securities and Exchange Commission (SEC).
The SEC recently filed a notice of appeal in its case against Ripple, prolonging the dispute. However, speculation is growing that the SEC may drop its appeal, especially amid potential changes in its leadership.
At present, Ripple seems to be taking a measured approach towards initial public offering (IPO), preferring to address ongoing legal issues first before setting a definite schedule. However, the prospect of an IPO continues to be a part of Ripple’s future plans.
How high can XRP price go?
On November 16th, the value of XRP hit a dollar for the first time since 2021. Moreover, the market capitalization experienced a significant increase of approximately 26.76%, reaching an impressive $57.98 billion. The trading volume also peaked at a substantial $13.13 billion.
As a crypto investor, I’ve noticed an intriguing development with XRP – CryptoQuant has pointed out a significant surge in XRP open interest. In fact, this metric has hit an all-time high (ATH) for XRP Open Interest (OP). This trend might be worth keeping an eye on!
The term ‘Open Interest’ (OI) represents the current count of active futures or options agreements in the market, signifying invested capital within derivative instruments. In the realm of cryptocurrencies, an increasing Open Interest indicates a surge in market activity and could imply optimistic market sentiment if prices go up. Conversely, a decrease in OI might be interpreted as pessimistic market sentiment or waning interest.
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As reported by CryptoQuant, the Open Interest (OI) for XRP has reached unprecedented levels, indicating a surge in investor confidence in the token as it navigates through crucial political and market events. Factors contributing to this rise include:
- Gary Gensler’s SEC Departure: News of SEC Chair Gary Gensler stepping down in 2025 has fueled optimism for a more crypto-friendly regulatory environment, benefiting XRP.
- Political Shifts: Donald Trump’s recent election victory has bolstered market sentiment, with expectations of favorable policies for the cryptocurrency sector driving increased interest in XRP.
- XRP ETF Speculation: Applications for an XRP ETF by major asset managers, combined with speculation that Gensler’s departure could improve approval prospects, have attracted heightened institutional interest in the token.
Over the course of November, XRP’s Daily Relative Strength Index (RSI) consistently stayed above 70, implying that the ongoing upward trend could be overstretched. Typically, following periods when XRP reaches overbought RSI levels, it experiences significant price corrections.
By June 2023, XRP saw its Relative Strength Index (RSI) surpass 85 amid a surge towards $0.82. However, this was followed by a significant drop of approximately 46.5%, pushing the price down to $0.43 within just two months. A similar scenario unfolded in November 2023, with XRP’s RSI climbing above 70, leading to a fall of around 33.6% from $0.65 to $0.43 over the subsequent weeks. This recurring pattern suggests a potential risk of overbought conditions.
According to historical patterns, XRP might strive to reach its 2018 high of approximately $3.41 in the near future. Looking ahead, there’s potential for it to even surpass that and aim for the 4.236 Fibonacci level, which equates to around $13.93. The strong fundamentals supporting XRP also suggest a prolonged bullish trend, complementing this technical forecast.
Crypto expert Egrag Crypto pointed out historical patterns that might lead to substantial increases in the value of XRP. On a two-week price chart, he observed that when the 21 Exponential Moving Average (EMA) crossed above the 55 EMA in 2017, XRP soared by approximately 902.85%, climbing from $0.007 to $0.0646. A similar trend seems to be emerging currently.
According to EGRAG CRYPTO’s prediction, there are two possible scenarios for XRP: a more moderate increase of approximately 468% reaching $4, or a more ambitious growth of 800%, taking it to $5.5. If past trends persist, XRP might be ready for a significant price surge.
According to analyst Armando Pantoja’s latest forecast, the potential price range for XRP could extend from $2 to $2.10. This prediction is based on his observation that XRP has been consistently breaching resistance levels and moving towards the 0.786 Fibonacci retracement level at approximately $1.61.
XRP is breaking through barriers and aiming towards the 0.786 Fibonacci level at approximately $1.61.
The next potential target could be $2 – $2.10, a price last seen on April 21st.
Beyond that, there seems to be a straightforward path towards $8! 🚀📈 #XRP
— Armando Pantoja (@_TallGuyTycoon) November 22, 2024
Pantoja proposed that hitting the price point of $2 might create a smooth trajectory for XRP to potentially escalate up to $8, hinting at a possible prolongation of its uptrend as long as market circumstances stay advantageous.
In the realm of technical analysis, Fibonacci extension levels are often employed as a predictive method. These levels indicate a potential price range for XRP within the current market cycle, and they hint that it might ascend to approximately $18 or even $20.
Despite some analysts’ optimism, others, including well-known commodity trader Peter Brandt, express caution. He forecasts that the value of XRP, the cryptocurrency associated with Ripple, might drop to nothing compared to Bitcoin.
Here’s a post about X that people might save and refer back to for years, reminding me of it frequently.
— Peter Brandt (@PeterLBrandt) October 3, 2024
As an analyst, I’m projecting a bearish trend primarily due to the 11-year head-and-shoulders (H&S) chart configuration that I believe indicates a substantial long-term downward shift.
Currently, Brandt predicts that the price of XRP may experience a substantial increase by 2025. He explains this prediction based on a “large curve” observed in XRP’s technical chart pattern.
It seems likely that the XRP price will reach $10, as indicated by current trends. Additionally, the Bollinger Bands point to a significant increase in price during December and January.
The latest fluctuations in XRP’s pricing might indicate an upcoming period of high volatility, as it has recently experienced the greatest squeeze in its Bollinger Bands – a situation that historically has been followed by substantial price increases.
Currently, the bands (indicators of price movement) have expanded, yet XRP’s price is still below the upper limit and has fallen for three successive days due to recent market turbulence. This trend hints at a period of slowing down or consolidation following previous volatility, which is typically observed before a significant shift occurs.
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2024-12-01 22:22