XRP price prediction: Will Ripple soar after beating the SEC and the monthly token release?
Despite XRP’s drop alongside other major cryptocurrencies on August 5, forecasts suggest the coin is poised for a swift recovery.
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From July 31 to August 5, XRP’s price fell sharply from about $0.653 to $0.442, before beginning a gradual recovery. As of today, September 3, 2024, Ripple (XRP) has risen to approximately $0.57. The release of 1 billion XRP tokens on September 1 caught the attention of investors. The current circulating supply of XRP is over $56.25 billion tokens.
Right now, XRP holds the 7th spot in the cryptocurrency rankings by market cap, which stands at over $32 billion, according to crypto.news.
What’s next for Ripple? What factors affect the coin, and what is the XRP price prediction for the short and long term?
Price drivers affecting XRP price prediction
What drives XRP’s price? Here are a few factors:
Latest news
On September 1st, Ripple unlocked another 1 billion XRP tokens from its escrow accounts, a transaction worth over $560 million, as reported by Whale Alert. According to Ripple’s CTO, David Schwartz, they’re releasing XRP tokens monthly to help keep the market steady and more manageable.
On September 2, Ripple shared exciting news about adding smart contracts to the XRP Ledger (XRPL) developer ecosystem. Ripple announced that this new smart contracts feature will be available ‘in the coming months’ on the XRPL Ethereum Virtual Machine (EVM) sidechain, and it will also be accessible on the XRPL mainnet.
Ripple vs. SEC
The legal battle between Ripple Labs and the SEC has seen significant developments and is poised for key moments in 2024.
Initiated in Dec. 2020, the SEC accused Ripple of conducting a $1.3 billion unregistered securities offering through the sale of XRP, a digital asset created by Ripple’s founders in 2012.
The core of the dispute lies in whether XRP sales should be classified as securities transactions, which would require registration with the SEC.
A turn in the case came in Jul. 2023, when U.S. District Judge Analisa Torres ruled that retail sales of the XRP token were not securities transactions, although institutional sales did qualify as such, leading to a partial victory for Ripple Labs.
Furthermore, the case has seen Ripple pushing back against the SEC’s allegations, emphasizing the need for regulatory clarity in the crypto industry.
Ripple argued that the SEC’s broad application of securities law to XRP was unfair, especially considering the commission’s previous stance on other cryptocurrencies like Ethereum (ETH), which was deemed decentralized and thus not a security.
Despite Ripple’s partial legal victory, it wasn’t a total win. The ruling found that institutional investors’ purchases of XRP exceeding $700 million were in violation of U.S. regulations. The SEC sought a $2 billion penalty from Ripple, but the company argued for a much smaller fine of $10 million. In the end, on August 7, the court settled on a $125 million fine for Ripple.
Meanwhile, the SEC might decide to appeal the court’s ruling, which could bring even more twists and turns to the story.
Ripple’s stablecoin
On August 9, Ripple kicked off closed beta testing for its new RLUSD stablecoin, which will run on both the XRP Ledger and Ethereum’s mainnet. As of now, RLUSD hasn’t been approved by regulators, so you won’t be able to buy or trade it yet.
Ripple’s technologies adoption
Ripple’s unique technology and its adoption by financial institutions play a crucial role in its price potential. The more Ripple’s technology is adopted for cross-border payments, the higher the likelihood of an increase in its value. This adoption rate is a key component of the XRP price forecast.
XRP coin price prediction: short-term outlook
According to CoinCodex’s XRP crypto price prediction, the coin is anticipated to increase by 20.28%, potentially reaching $0.682 by October 3, 2024.
As of September 3, 2024, the overall sentiment for XRP remains neutral, with 19 technical analysis indicators showing bullish signals and 12 indicating bearish trends.
Changelly forecasts that XRP could reach up to $0.748 in September 2024.
But what lies ahead for Ripple in the long term?
XRP price prediction 2024
DigitalCoinPrice, drawing from insights from investors and market experts, predicts that XRP might surpass its old high of $3.84 and settle between $1.21 and $1.25 by the year’s end.
Wallet Investor projects that by the end of 2024, the coin could achieve a maximum price of $1.011.
According to CoinCodex’s expectations for Ripple, it is forecasted to trade between $0.358 and $0.762 this year. If it reaches the upper end of this range, XRP could see an increase of 33.42%.
Changelly suggests that XRP could reach up to $0.615 in December 2024, but it might also fall to around $0.549.
XRP price prediction 2025
According to DigitalCoinPrice’s XRP price prediction for 2025, XRP’s value could fluctuate between $1.23 and $1.48, with the most likely value stabilizing around $1.4 by year’s end.
Wallet Investor forecasts that by the end of 2025, XRP could potentially trade at $0.945.
According to CoinCodex’s projections, XRP is expected to trade between $0.358 and $1.756 in 2025. If it reaches the upper end of this range, the coin could see an increase of 207.29%.
Based on their analysis of XRP’s historical price trends, Changelly predicts that in 2025 XRP could see a minimum price of approximately $0.43. The highest anticipated price for the coin might reach around $0.562.
XRP price prediction 2030
DigitalCoinPrice’s forecasts and technical analysis expect that XRP’s price could reach a significant high of $3.85 or even $4.2 by the end of 2030.
Changelly suggests that by 2030, XRP could experience an even more substantial leap in value, trading between $5.22 and $6.03.
According to CoinCodex’s XRP price prediction for 2030, the coin’s price could range only from $0.458 to $1.866, indicating a more limited forecast.
Cryptocurrency markets are notoriously volatile, subject to sudden shifts and external influences that can defy even the most well-informed predictions.
Exercise prudence, conduct thorough research, and diversify your portfolios to mitigate risks associated with cryptocurrency investments. Always remember the golden rule of investing: never invest more than you can afford to lose.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
