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April 12, 2024

Navigating The Headlines On Ripple: XRP Headed for a Big Change?

In Brief

Amidst Ripple’s recent volatility, including whale activity and regulatory challenges, XRP remains stable at $0.61, with speculation rife about its future price trajectory amidst CEO predictions, legal battles, and the impending launch of Ripple’s stablecoin.

Recently, XRP has experienced a fair deal of volatility. The digital asset’s value has gone down by 0.49% on the last day, and it is now worth $0.61. Even with this slight drop, the coin has stayed above $0.61, showing that it is a stable buying option in the risky crypto field.

But, with so many recent things happening in and around Ripple, it’s not crazy to think that the coin will see a significant price shift in the near future.

Here are just some of the headlines:

  • The CEO of Ripple has predicted that the value of all cryptocurrencies could double by 2024, touching the $5 trillion mark.
  • Bill Morgan, a lawyer for Ripple, said that the SEC’s case against the company doesn’t make sense and that there is no proof that can be used in court. 
  • Ripple plans to spread its wings by launching its very own stablecoin.

XRP Withstanding the Whale Pressures

Bullish trend lines have supported XRP’s price even as bearish forces tried to drive it below $0.60. It’s currently settled at $0.61, but with an ascending trendline, the general positive price movement will stay strong.

Recently, there has been a lot of action in the crypto world from big buyers, or “whales,” especially with the XRP coin.

Alarmingly, Whale Alert reports that over 42 million XRP were moved in two huge transactions today, April 10.

Bitstamp received 24.04 million XRP, with a value of $14.87 million, in the first transfer. It was then followed by a second payment of 18.57 million XRP, worth $11.49 million, from Bitso, a well-known platform in Mexico.

The $5 Trillion Crypto Market

The company’s chief executive, Brad Garlinghouse, CEO of Ripple, stated in an interview that the crypto industry could be worth more than $5T by 2024.

The CEO stated, “At the same time, the demand is increasing, and supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”

He says that the launch of ETFs and the Bitcoin halving later this month are undoubtedly the most important things that will drive demand. In particular, he thinks that ETFs would allow institutional money to enter the market, which will result in long-term development.

Bitcoin ETFs were a huge hit when they first came out at the beginning of this year, beating many records along the way. 

As for the Bitcoin halving, retail and institutional buyers will be able to use the ETFs for the first time at this event. These funds allow users to get exposure to Bitcoin without buying the actual cryptocurrency.

Positive Regulatory Changes

The SEC has recently sued Ripple, claiming that it illegally marketed the XRP coin. However, Ripple rejects the allegations. Bill Morgan, a legal representative for Ripple, pointed out contradictions in the regulator’s case and the facts presented in the summary judgment briefs. He states that there’s no acceptable evidence to prove that the XRP price was significantly affected by sales with larger discounts. 

Despite that, Garlinghouse is hopeful that the cryptocurrency sector may see additional growth as a result of favourable regulatory developments in the United States.

He believes that a possible shift toward more positive regulations in the US is another thing that will propel the crypto industry forward. With elections happening this year, crypto supporters are hoping that the next government will make policies that are better for the industry.

The Ripple Stablecoin

Crypto investors were taken aback when Ripple revealed its plans to launch a stablecoin in 2024, joining the $154.7 bn stablecoin industry. 

To guarantee credibility and transparency, the upcoming stablecoin will be pegged entirely to the US dollar, federal treasuries, and other liquid assets.

In addition to operating on Ethereum (ETH) and XRP Ledger (XRPL), the coin will be featured on other chains and DeFi platforms in the future. Many in the Ripple community are hoping that this change will lead to greater possibilities, liquidity, and use cases.

Concerning the event, Garlinghouse said that the debut of this stablecoin is a “natural step” for the organisation because it ties traditional banking to cryptocurrency.

XRP On a Trajectory to $5?

Ripple’s stablecoin will have many perks, such as setting compliance as 1st priority, gaining value on decentralised platforms (DEX), and being compatible with multiple chains. Using its many years of experience with blockchain business services, the company wants to add both XRP and the upcoming stablecoin to its payment platform. This will improve the user experience and be the first large-scale corporate application for the asset.

The stablecoin sector is expected to be worth more than $2.8 trillion by 2028. Ripple’s entry into this space will put XRP in an excellent position for extremely bullish scenarios as the community looks forward to the highly desired $5 mark. But the future indeed remains to be seen.

Last Chance to Buy XRP?

At the same time, Mikybull, a crypto expert, suggested in a statement that now is the last chance to buy XRP. 

Mikybull expressed his opinion a month ago after giving many updates on his prediction for XRP. In this strong season, he predicts XRP will go up by more than 850% to $6. According to Mikybull, this claim comes from looking at how XRP broke out of its famous recent symmetrical triangle trend. 

Wall Street expert Linda Jones recently highlighted the industry’s good fortune in having XRP open for accumulation at cheap price points.

On the podcast, she said she is sure that buying XRP at its current price is an excellent chance for buyers because she thinks the value of the asset will only go up in the future.

Jones is optimistic about XRP because of Ripple’s project and does not base her judgment on pure technical analysis. She said that around 400 banking institutions have talked to Ripple about using XRP for trades that take place across borders.

The Current Price Line

With so many factors affecting the XRP price at any moment, it’s not easy or safe to make long-term predictions. The only certainty is in the short-term movements.

As of the time of writing, the coin features a market cap of about $33.79 billion, putting it number six among all assets. The coin reached its highest point in the last 48 hours, hitting a high point of around $0.636, but then took a slight dip to solidify its place at $0.62.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Viktoriia Palchik
Viktoriia Palchik

Viktoriia is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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