Finder, a comparison platform, has updated its XRP price predictions for 2024 and it suggests that the token’s price could potentially rise to $1.05 by the end of 2024. This prediction comes following insight from a panel of fintech experts. Essentially, the surge is coming from the fact that XRP is involved in cross-border payments and well as strategic partnerships.
The xrp price prediction by Finder continues to state that the 2024 might close with XRP at $0.66 and forging ahead, the token is bound to have reached $2.49 by 2023. However, different experts are having varied opinions with most predictions varying between $0.30 to $6.45 by 2030.
What informs the price predictions?
Well, the panel’s predictions do not come out of thin air, or do they? For instance, the founder and CEO of Omnia Markets, Mitesh Shah, has a very optimistic view and even says that the XRP could close in 2024 at the value of $0.75. But how did Shah come up with such a prediction?
Actually, his predictions hail from three factors:
- A resolution from the SEC lawsuit could potentially lead to a regulatory clarity, which in turn could strengthen the independent status of XRP.
- The enthusiasm following Ripple’s legal advancements and stablecoin projects is driving a sustained short-term momentum.
- The current market cycle is showing a bullish trend, which might work well to hold up XRP prices. This is, of course, independent of the current Bitcoin fluctuations.
Additionally, another expert, Shubham Munde from Market Research Future, suggested a long-term growth where the XRP could hit $6.45 in 2030. Well, this is quite a positive prediction based on the widespread adoption of the token by financial institutions. However, there are experts, like John Hawkins from the University of Canberra, who think that the token would potentially dip to $0.30.
The current state of XRP
As of September 10, 2024, the day of this writing, the price of XRP is $0.53 according to Binance. The token has seen a 2% price increase on a daily scale having surpassed $0.54 a few hours ago before settling at the current price.
Currently, there is a vital indicator that suggests a bullish trend in the token price. We know that you are wondering what that is, and the answer is, the supply of XRP on the exchanges. Yes, you read that right. Santiment reports that there approximately 2.58 million XRP tokens that are in trading venues. This is actually the lowest volume that has been recorded in the last seven months.
What this simply means is that there are fewer assets available for immediate sale even as the number of investors who prefer to hold back their stash increase. Because of this, the immediate selling pressure is decreasing, which when you follow demand and supply, indicates an upscale trend in the price of the token.
In addition to that, various analysts are optimistic about the valuation of the asset going up soon. For instance, popular X user/analyst, CRYPTOWZRD, submitted that the daily chart closure for the XRP token was bullish, which means that there is a potential gain that is coming soon.
In fact, there are many more analysts who are predicting good days ahead for the crypto. Analysts like Crypto Bitlord and Mando CT clearly state that XRP is on the right track to huge values. Take, for example, Crypto Bitlord, who claims that XRP is undervalued and should be somewhere around $27. Well, this might be absurd for many, but the analyst must have their reasons. Mando CT, on the other hand, argues that there is a clear bullish divergence and even promises to accumulate as many XRP tokens as possible.
Waiting for the development of the Ripple vs. SEC case
Everyone is looking at the legal battle between Ripple and the US Securities and Exchange Commission, which could potentially trigger huge changes in the price of the XRP. Back in August, Judge Torres ordered Ripple to pay a fine of $125 million for violating some security laws.
Well, this was good news for the company as the amount represented a 94% deduction from the initial amount demanded by the regulator, which was $2 billion. The CEO of Ripple already considers this a victory. However, both parties have until October in order to contend with the ruling.
We’re all waiting to see how the ruling unfolds within the next few months and whether this is going to have any impact on the price of XRP. We just hope that history might repeat itself since history has shown that critical developments surrounding lawsuits usually result in price movements.
Conclusion
It is safe to say that XRP is moving on an upward trajectory following different analyses by experts. All in all, all we can do is sit back and watch as things unfold, if negatively, but hopefully positively.
