What is XRP?
XRP is a crypto token that aims to change how we transfer money by providing a more open financial infrastructure that reduces costs. XRP is ideal for cross-border transactions as they are instant, low-cost, and trustless. Unlike other cryptos, which do not need a central entity for their operation, XRP is operated by a company called Ripple. Ripple aims to be an advanced version of the SWIFT system and is already being adopted by many financial institutions. XRP is the native token of Ripple, and there is no mining process to mint new XRP tokens.
Recently, the value of XRP skyrocketed and gained the most among the largest cryptos after a U.S. judge ruled that a questionable XRP sale did not constitute investment contracts. It climbed to as high as $0.94 before settling at around $0.82, its highest value since March last year.
How Much is XRP Worth?
The price of XRP is $0.7155 at the time of writing.
XRP Technical Indicators
At its initial launch, 100 billion XRP tokens were created, and this token supply has remained unchanged since then. Being classified as a pre-mined crypto, the entire maximum token supply was not released all at once, with only a limited amount made available on crypto exchanges for trading purposes. The underlying blockchain employs 55 smart contracts, each responsible for releasing one billion tokens monthly over a span of 55 months. Consequently, the circulating supply of XRP increases each month, currently standing at 52.54 billion tokens. Notably, it is essential for investors to be aware that more than 60% of the total supply is held by the top 100 crypto wallets, while the Ripple company holds 6.5 billion XRP tokens. These factors have raised concerns about the decentralization of XRP tokens.
As of the time of writing, the total XRP token supply has reduced to 99,988,621,362. The reason behind this reduction lies in the erasure of the fee incurred for each XRP transaction once the transaction is successfully processed.
|Price at the time of writing||$0.7|
|All time low||$0.002802|
|All time high||$3.84|
Ripple Lawsuit With The SEC
The SEC accused Ripple and its executives of conducting a $1.3 billion unregistered securities offering by selling XRP tokens. The SEC has taken over 100 crypto-related enforcement actions, claiming these crypto tokens are securities, but many cases have ended in settlements. Ripple did not violate federal securities law by selling XRP on exchanges, a U.S. judge ruled last Thursday, a monumental victory for the crypto industry that skyrocketed the price of XRP. The U.S. District Judge also gave the SEC a partial win, as the judge found the sale of $728.9 million of XRP tokens to hedge funds and other buyers to be unregistered sales of securities. With a partial win against the SEC, the confidence of crypto investors soared, and so did the price of XRP, almost reaching the $1 mark.
XRP Price Prediction 2023
After reaching a high of $0.94, the price of XRP might continue to rally in 2023 as crypto investors have taken the lawsuit win positively. This growing confidence also improves the market sentiment surrounding XRP. The value of XRP touched $0.94 after the verdict, and the price has settled to around $0.74 at the time of writing. There is a high possibility that the price of XRP will cross $1 by the end of 2023.
XRP Price Prediction 2024
The value of XRP will continue to surge in 2024 due to factors like increasing adoption, global recognition, and the SEC’s case victory. XRP is projected to receive more institutional investments and significant user adoption, which can propel its value to more than $2 in 2024. On the other hand, a global economic slowdown or delays in sentencing hearings can reduce its price to $1.60. The average price prediction for XRP for 2024 is around $1.9.
XRP Price Prediction 2025
XRP can capitalize on its gains in the cross-border transaction market in 2025, as the Remittances market is growing every year. The XRP network is projected to grow exponentially in 2025 due to its fast transactions and low fees. The highest projected price of XRP for 2025 is $3.39, but a global macro crisis can bring it down to $2.47, making an average price prediction of $2.9.
Is XRP a Good Investment?
Currently, XRP is seen as a good investment after its victory against the SEC last week. However, it is essential to do thorough research before investing in XRP. Crypto investors must be prepared to make losses and never invest more than they can afford. Bear markets even affect the top market caps of cryptos, so do your due diligence before investing.
Read more: Crypto Trading Strategies
Should I Invest In XRP?
There are no guarantees that a crypto investment is safe or suitable for making profits. Many financial institutions have adopted or shown an interest in using XRP for cross-border payments and remittances. XRP’s victory against the SEC will result in more adoption and recognition of XRP. Many crypto exchanges will allow the trading of XRP, which will increase its value significantly. Again, it is vital to do research on XRP and the crypto market before investing. This article should not be taken as investment advice.
Read more: Bitcoin Price Prediction
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FAQs on XRP Price Prediction
What is the current price of XRP?
The current price of XRP is $0.7155 at the time of writing.
Will the price of XRP increase in the future?
XRP was charged by the SEC in 2020 for failing to register its security features. This legal battle was ongoing for three years, and finally, the verdict was announced in XRP’s favor last week. This verdict will motivate investors to adopt this crypto, which can increase its value in the future.
Why did the price of XRP surge in the past?
XRP, like other cryptos, is considered highly volatile, and its price tends to fluctuate in response to the events of the crypto market. It touched an all-time high of $3.84 in 2018, and last week its price soared to $0.94 after a U.S. judge ruled its case against the SEC in its favor.
What factors can influence the price of XRP?
XRP is highly volatile, and its price fluctuates based on crypto market events, but the win over the SEC can prove to be the biggest factor that will influence its price.
How is XRP price prediction done?
XRP price prediction is done by careful analysis of technical factors, fundamental factors, and optimistic analysis of future global macroeconomic factors. Kindly note that this research is based on internal research and investors should do their own thorough due diligence before deicing to trade crypto assets. This article should not be taken as investment advice.