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- XRP has a defined path to retest the $1 price mark according to Changelly.
- Regulatory clarity, Bitcoin halving and Bitcoin ETF may also impact XRP’s growth.
A recent research report by crypto trading platform Changelly has shed light on the potential trajectory of XRP, the digital currency closely associated with payment firm, Ripple Labs Inc. in the race to reclaim the $1 threshold. The report delves into historical context, recent market trends, and key indicators, offering insights into what the future might hold for this digital asset.
XRP Price History
The report starts by revisiting the remarkable surge of XRP in late 2017 and early 2018 when it briefly held the position of the second most valuable cryptocurrency after Bitcoin (BTC). During this period, XRP reached an all-time high of $3.84, with a market valuation of over $89.12 billion. However, the subsequent decline in 2018 was more notable than the broader crypto market, leading to a prolonged period of lower valuation.
Changelly noted that the crypto market’s resurgence in early 2021 played a crucial role in XRP’s recovery and stabilization. While XRP has not yet surpassed its previous high of $3.8, the report remains optimistic about the future, citing the potential for astronomical growth similar to the one observed six years ago.
Currently, XRP is down by 3.43% and is trading at $0.5706, with market capitalization pegged at $30.8 billion and a 24-hour trading volume of $1.5 billion.
The report, however, forecasts a more than 20% growth in the short term, predicting a value of $0.695678 by January 6. Additionally, a more bullish gain is projected in the $0.77 zone later in the month. The analysis incorporates key technical indicators and sentiment gauges, with a 27% bullish sentiment against a 73% bearish outlook.
Overall, Changelly’s projections for 2024 are ambitious, anticipating a minimum price of $0.906 and a maximum value of $1.10. Looking further ahead to 2025, the report suggests that XRP could strengthen its position above $1, ranging from $1.28 on the lower end to $1.56 on the upper end.
Factors Contributing to XRP’s Optimistic Outlook
It is worth mentioning that one key contributing factor to XRP price’s potential comeback lies in the outcome of the final trial between Ripple Labs and the US Securities and Exchange Commission (SEC), scheduled for April. The ongoing regulatory uncertainty has been a major hurdle for Ripple’s growth. If legal restrictions are eliminated, XRP may enter a new phase of expansion.
Additionally, a more widespread crypto market surge that may be triggered by events like the BTC halving scheduled for April, could further accelerate XRP’s growth in 2024. Moreover, analysts are closely monitoring market dynamics, including the potential approval of a spot Bitcoin (BTC) Exchange-Traded Fund (ETF) by the SEC.
Despite recent setbacks, analysts like EGRAG CRYPTO remain bullish on XRP price, highlighting its 20X surge in 2021 and projecting the possibility of a 40X or even 50X spike. XRPscan’s on-chain stats also provide a reason for hope, indicating a rising interest in the use of the digital currency.
