As a researcher with experience in the crypto industry, I have closely followed XRP‘s journey over the past decade. While it has maintained a position among the top 10 cryptocurrencies by market capitalization, its reputation and price performance have taken a hit during the prolonged crypto winter. With the current XRP price hovering around $0.47, many investors are wondering if it can recover and potentially enter the top 5 list this year.
For over a decade, XRP has held a significant role in the cryptocurrency sector, currently ranking 7th among its peers in terms of market capitalization. Despite this established position, XRP’s standing in the market has taken a hit during the prolonged six-year crypto winter, resulting in a less than favorable reputation. Although numerous price predictions and analyst assessments have suggested potential surges, the XRP value has remained largely stagnant at an average of $0.5, with only occasional exceptions.
In recent times, the situation regarding XRP has deteriorated with the cryptocurrency’s price falling to $0.47 due to the overall downward trend in the crypto market. The question then arises: Will XRP bounce back? Is it possible for it to secure a spot among the top 5 cryptocurrencies this year? Let us explore this topic further in this blog post.
XRP Price Journey & Challenges Affecting It
As a crypto investor, I’d express it this way: Ripple, the innovative blockchain platform, gave birth to XRP back in 2013. For nearly five years, XRP’s value remained relatively unexplored territory. But with continuous development and strategic partnerships, Ripple managed to boost the demand for XRP. Consequently, the price of XRP reached its peak of $3.31 on January 4, 2018 – a record-breaking milestone that still stands as the highest mark in its history.
During the same time period, XRP experienced a significant price downturn, dropping as low as $0.30 and continuing to decline for the next three years. In 2020, this trend intensified, with the price reaching a record low of $0.11 due in large part to the COVID-19 pandemic’s global impact that slowed down the entire planet.
Despite the unfortunate turn of events, things did not improve for Ripple when the Securities Exchange Commission (SEC) initiated a lawsuit against the company in December 2020. The SEC labeled XRP as a security, which carries significant implications. Unlike cryptocurrencies classified as commodities, securities are subject to more stringent regulations.
As an analyst, I’ve observed that the ongoing lawsuit against XRP has been the primary driver of its price fluctuations. Although the case is still unfolding, it has significantly impacted the token’s value. Despite this, there was a brief resurgence in April 2021, pushing the price up to $2.00. However, by June 2022, the XRP price had plummeted to $0.29 – marking the last substantial rally before then. Occasional minor price surges have occurred since then.
What’s Restricting The Comeback of XRP?
The ongoing Ripple versus SEC lawsuit has prevented XRP from escaping its prolonged price slump. Despite advancements within the network, XRP’s value remains stagnant.
XRP rivals hold leading positions in the crypto market, comprised of Bitcoin, Ethereum, Solana, and Binance Coin. These blockchain platforms boast superior features such as Decentralized Applications (DApps) and Smart Contracts, which significantly increase the value of their native tokens. Over time, they have established themselves as lucrative investments by maintaining their status among the top cryptocurrencies.
As a researcher studying the cryptocurrency market, I must acknowledge the significant challenge XRP faces in keeping pace with the influx of new layer 2 blockchains and emerging cryptocurrencies. The competition in this rapidly evolving space is intense.
Will XRP Price Recover To Push It In Top 5 In 2024?
As an analyst, I would put it this way: The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) poses a significant challenge. A favorable outcome could potentially improve the market perception of XRP. However, given the current state of proceedings, such an outcome appears to be uncertain for the time being.
As a researcher investigating the potential of XRP as an investment in the cryptocurrency market, I cannot overlook the significance of market conditions in shaping its trajectory. Currently, the market is neutral, which has kept XRP’s growth in check. However, during the March rally, the price of XRP surged up to $0.7. If we witness similar or more favorable conditions once again, XRP could potentially reach $0.7 or even exceed that and touch $1 this year.
If XRP manages to reach a price of $1, its market capitalization would expand to approximately $55.7 billion due to its circulating supply of 55,688,327,582 XRP tokens. This would represent a significant increase over its current market cap of around $26.4 billion. With this growth, XRP could surpass the market capitalization of USDC, currently the sixth largest cryptocurrency.
As a crypto investor, I’m keeping an eye on XRP‘s progression towards breaking into the top 5 cryptocurrencies by market capitalization. To achieve this rank, XRP needs to surpass a market cap of $65 billion – the current standing of Solana (SOL). Consequently, the XRP price must climb above $1.16, or even beyond that figure, considering Solana’s own market cap fluctuations.
Currently, reaching the $1 threshold for XRP‘s price appears unlikely. Some experts project a rise in the range of $0.7 to $0.9 by 2024. Yet, an unexpected market surge could bring this about ahead of schedule, but that isn’t expected until next year.
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2024-06-29 20:14