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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jun 27, 2024 07:03 UTC
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XRP Price Set to Breakout? Analyst Predicts $2 Target
XRP's value has dropped due to legal issues and competition from newer cryptocurrencies.
The XRP community is less positive compared to other crypto projects.
Ripple is optimistic about the future with new developments and a potential price increase.
Once a top dog in the crypto world, Ripple’s XRP has been quietly losing ground. Bogged down by legal battles, its market cap has shrunk to $25.9 billion, pushing it out of the elite tier of digital assets. The rise of Circle’s USDC to the sixth top most valuable digital asset displaced XRP further downwards.
Could XRP be facing extinction, or is there a chance for a comeback?
Competition is Heating Up!
If the Telegram-backed Toncoin continues with the same growth rate in the coming months, XRP may soon be outshone.
The global XRP community has faced diminished esteem compared to other Web3 projects due to intensified legal scrutiny. Despite being older than Ethereum (ETH), Solana (SOL), and BNB, XRP continues to lag behind these newer competitors.
Interestingly, the Ethereum ecosystem is anticipating the listing of spot Ether ETFs following the US SEC’s decision to drop investigations into securities violations. The Solana network could also see its first spot ETFs launched in Canada soon.
Ripple’s Optimism and Future Plans
Despite the challenges, the Ripple team remains optimistic about a brighter future with clearly defined regulations in the United States. Following last year’s ruling that XRP sales on exchanges do not violate securities laws, Ripple has accelerated developments on the XRPL.
Notably, Ripple plans to launch a U.S. dollar stablecoin on the XRPL and Ethereum network later this year. Additionally, Ripple has launched an XRPL EVM sidechain to facilitate multichain Web3 developments.
XRP Price Analysis
After more than six years of macro triangular consolidation, the XRP price is nearing its apex, signaling an inevitable breakout. According to a popular crypto analyst known as Captain Faibik, the XRP price has already bottomed out from the recent Bitcoin-led crypto correction.
As a result, the analyst believes that the XRP price against the US dollar is well primed for a 300 percent rally towards $2 in the near term.
Read Also: Dormant Bitcoin Wallet Awakens After 14 Years, Transfers $3.05M to Binance
What are your thoughts on XRP’s future? Will it reclaim its lost glory, or is it facing an uphill battle?
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