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XRP Set For Major Upswing: Top Analyst Reveals Timing For $10-$20 Price Milestone

XRP, the cryptocurrency associated with Ripple, has been locked in a lengthy period of consolidation, trading between $0.300 and $0.600 for the past seven years. 

Despite a brief surge during the 2021 bull run that saw XRP reach a three-year high of $1.9 in April, the token has since returned to its range, lacking the bullish momentum to overcome upper resistance levels. 

However, some crypto analysts are now predicting a major uptrend for XRP in the coming months, potentially propelling it to new heights.

Analysts Anticipate XRP Breakout

A technical analyst using the pseudonym “U-COPY” on the social media site X (formerly Twitter) suggests that XRP could experience significant movement between May 15 and August. 

U-COPY points out that XRP has been slowly moving up from its previous low at $0.46 and is nearing the end of a long triangle formation, which has been in accumulation since 2018. 

The analyst believes that XRP’s real potential will be revealed in the fully formed bull cycle, with the token possibly experiencing substantial growth by the end of the year.

Supporting this bullish outlook, another analyst, Armando Pantoja, proposes that the crypto bull run could begin in September or October 2025, with XRP potentially reaching a price of $0.75. 

Pantoja further suggests that if former US President Trump wins the election and the Securities and Exchange Commission (SEC) eases its stance on cryptocurrencies, XRP could be propelled to higher levels. 

This change in regulatory dynamics, combined with the ongoing legal battle between Ripple and the SEC, may increase the likelihood of XRP gaining approval for an exchange-traded fund (ETF) similar to Bitcoin. 

Pantoja outlines a price range of $1-2 for an XRP ETF announcement in early 2025. If interest rates are cut multiple times during the same period, XRP could potentially reach $5-10. Ultimately, Pantoja predicts the possibility of XRP hitting $10-$20 by the fourth quarter of 2025 or the first quarter of 2026.

‘Buy the Dip’ Opportunity? 

According to market intelligence platform Santiment, The XRP Ledger (XRPL) has recently witnessed a notable increase in the movement of dormant tokens, signaling a potential shift in market dynamics for the token. 

Coinciding with the opening of May, the company’s Token Age Consumed metric reveals a spike in the transfer of old coins, reminiscent of a similar occurrence in April, just before a significant downturn in the market. During that period, XRP experienced a sharp decline in value, dropping by 16%.

However, in contrast to the previous event, Santiment suggests that there is a “compelling argument” that this current surge in old coin movement might be attributed to the interest of key stakeholders looking to “buy the dip.” 

Furthermore, it is worth noting the growing open interest in exchanges, which has recently reached a three-week high. This uptick in open interest indicates increased active positions in XRP, potentially reflecting growing market participation and heightened trading activity.

Considering these factors together—the surge in dormant token activity, the potential buy-the-dip interest from key stakeholders, and the rising open interest on exchanges—there appears to be a shift in sentiment surrounding XRP. 

XRP

At press time, the seventh-largest cryptocurrency trades at $0.5020, down over 7% in the past week alone and 1% in the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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Ripple Prepares To Shake Up $150B Market With Imminent Launch Of New Stablecoin

In a notable development, blockchain developer Ripple Labs recently announced its plans to launch a stablecoin pegged 1:1 to the US dollar (USD). 

Ripple Enters Booming Stablecoin Market

According to the company’s announcement on Thursday, the stablecoin’s reserves will consist of US dollar deposits, short-term US Treasury bills, and other undisclosed cash equivalents. All of these will be audited by a third-party accounting firm. Ripple plans to publish monthly certifications to ensure transparency.

With the stablecoin market currently valued at around $150 billion, Ripple’s entry is significant. The market is projected to exceed $2.8 trillion by 2028, highlighting the potential for growth and adoption. 

Ripple CEO Brad Garlinghouse emphasized the importance of partnerships with compliant, crypto-native players for success in this space. He highlighted Ripple’s track record in launching new products and acquiring companies across various market cycles. 

Garlinghouse believes that this move is not only a significant step for Ripple but will also positively impact the XRP Ledger (XRPL) community, driving more use cases, liquidity, and opportunities for developers and users.

Institutional And DeFi Adoption Across Multiple Ecosystems

Initially, the stablecoin will be available on the XRP Ledger and Ethereum (ETH) blockchains. Ripple plans to expand its presence to additional blockchains and decentralized finance (DeFi) protocols and applications. 

Monica Long, Ripple President, stated that issuing the stablecoin on XRPL and Ethereum will unlock new opportunities for institutional and DeFi use cases across multiple ecosystems. Long further stated:

The XRP Ledger’s native capabilities, including a decentralized exchange and automated market maker, were built to utilize XRP as the bridge asset. Bringing a trusted stablecoin onto XRPL will drive more adoption and development, contributing to a vibrant ecosystem

Ultimately, Ripple’s stablecoin is expected to launch later this year, pending regulatory approval in the US market. The introduction of this stablecoin is a significant development that has the potential to reshape the stablecoin market while offering new opportunities for institutions, developers, and users alike.

Ripple

Featured image from Shutterstock, chart from TradingView.com 

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Ripple Introduces AMMs To XRPL, But Is This Good Or Bad For XRP Price

Ripple Labs has announced plans to integrate Automated Market Makers (AMMs) into the XRP ledger. The decision has left the XRP community feeling uneasy, as they ponder the potential long-term effects of AMMs on the XRP price. 

AMMs To Be Integrated Into XRP Ledger

Ripple, a global payments network provider has stated its intentions to incorporate AMMs into the XRP Ledger to help improve liquidity. The introduction of AMMs into the XRP Ledger is expected to further develop the Ripple ecosystem by providing enhanced trading efficiency and liquidity. The initiative also aligns with Ripple’s efforts to continue to optimize and innovate its blockchain infrastructure and network. 

Although the announcement has been met with skepticism by the XRP community and the broader crypto space, Ripple has stated its desire to push forward its plans, looking at the bigger picture and potential success of AMMs in the ecosystem. 

Many crypto community members have expressed their concerns about the impacts of AMMs integrated into XRPL. Some members believe that the XRP price may be affected and cause the token to become stable. Other members have welcomed the announcement with enthusiasm, anticipating the positive effects the initiative would have on the Ripple ecosystem. 

An XRP community member and co-founder of Anodos Finance, Panos addressed concerns regarding the potential effect of AMMs on XRP’s price. He stated that AMMs could increase buying pressure and liquidity on XRP while also improving its efficiency and adoption. 

“XRPL AMM will potentially add buying pressure on XRP as a significant number is expected to be locked on the AMM, which will also increase the liquidity of XRP and will attract even more traders and will make XRP more efficient for more use cases,” Panos stated. 

XRP price chart from Tradingview.com (Ripple AMMs XRPL)

Community Probes Impact Of AMMs On XRP Price

Following the announcement of AMMs being introduced into the XRP Ledger, an X (formerly Twitter) influencer, Digital Perspectives PermaBull sparked a series of heated discussions in the XRP community regarding the effects of an AMM on XRP’s value.

The X influencer asked a series of controversial questions to the crypto community. One of the questions was if the introduction of AMMs and regulations established by the Bank for International Settlements (BIS) would end up transforming XRP into a stablecoin in the future. 

“Are we watching XRP become a Stablecoin with the introduction of AMMs and the Prudential Treatment requirements from the BIS?” the X influencer stated. 

He added, “XLS-30D passes and AMMs become an integral part of the XRPL, will it change the Characteristics of XRP and qualify as a Group 1b Asset for BIS and other Banks?”

In response to the growing concerns, XRPL advocate Panos reassured community members who had begun worrying about the potential impacts of AMMs on XRP. Panos affirmed that the fundamental characteristics of XRP would never change even with the inclusion of an AMM. 

“The characteristics of XRP can NEVER change. It will always remain the native coin of the XRP Ledger, a decentralized digital asset that anyone can trade freely. XRP can never become a stablecoin for that reason, it’s technically not possible and makes no sense whatsoever,” Panos stated.

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New XRP Ledger Upgrade Goes Live, What’s New?

An XRP and crypto enthusiast on X (formerly Twitter) has announced the launch of the newest version of the XRP Ledger, highlighting core updates and new functionalities on the upgraded ledger. 

XRP Ledger New Version

XRP enthusiast, Krippenreiter has released the latest details on the newly upgraded XRP ledger on an X post on November 12. The update introduces four distinct changes incorporated into XRPL’s new version as well as four proposed amendments for the ledger. 

“A new major breaking change is on its way to the XRPL ecosystem in the shape of yet another rippled version update. If all goes as planned, this new version will be available to all node operators by November 13, 2023,” Krippenreiter stated. 

The community member described the new API version, APIV2, which offers more functionalities than traditional APIs. The launch of API V2 on XRPL will include the introduction of a DeliverMax feature, added error messages, and removed API methods. 

Krippenreiter also described the XRP ledger’s Transaction Per Second (TPS) performance and stability. He stated that the new upgrades on this functionality were originally proposed by MarkTravis15 on X, and incorporated three changes that may improve the performance of the ledger. 

These changes focus on enhancing the consensus stability, implementing asynchronous writing of batches to NuDB, and introducing periodic intervals when applying transaction batches. 

Another noteworthy upgrade to the XRP Ledger is the introduction of a new RPC method which allows software apps to effectively connect to a specific network in the XRPL ecosystem by asking information from the node. Other changes in the XRP Ledger include bug fixes and refactoring or rewriting of codes to ensure better readability and efficiency. 

Voting Opens For Ledger Amendments

While providing details on updates in the newest version of the XRP Ledger, Krippenreiter highlighted a series of proposed amendments. These amendments, if approved by the community and subsequently implemented, may have a significant positive impact on the XRPL ecosystem. 

The first amendment, originally titled federated side chains, involves bidirectional connectivity to XRPL assets. This proposal aims to open new routes for interoperability in the XRP ecosystem using witness servers like Xahau, CBDCL, and others.

Krippenreiter also described the second amendment which implements a sovereign identity solution on XRPL called decentralized identifiers (DID). A third amendment seeks to address the unexpected behavior of the XRPL payment engine, providing solutions that appropriately fix the problem.

Finally, the last amendment will help clarify how authorized trust lines should be established and permitted. This proposal specifically focuses on situations where the issuer and user enable certain settings on their accounts.

XRP price chart from Tradingview.com (XRP Ledger Ripple)

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XRP Ledger Market Cap Soars On Regulatory Success: 59% YTD Growth Achieved

The XRP Ledger (XRPL), a decentralized public blockchain developed by David Schwartz, CTO of Ripple Labs, has continued to evolve and show growth in the third quarter (Q3) of 2023, as highlighted in a recent report by Messari.

The XRPL, facilitating cross-currency and cross-border payments for over a decade, has witnessed significant milestones, including a surge in market capitalization and advancements in network features.

XRP Ledger Shows Strong Development In Q3

As of Q3 2023, XRP, the native token of the XRPL, has secured its position as the fifth-largest cryptocurrency by market capitalization at an impressive $27.8 billion. 

XRP Ledger

Notably, the token’s market cap experienced remarkable growth, increasing by 59.9% year-to-date (YTD) and recording an 11.9% quarter-over-quarter (QoQ) surge. 

According to Messari, one unique aspect of the XRPL is the deflationary pressure applied to its total supply of 100 billion XRP. Transaction fees on the network are burned, reducing the supply over time. 

Since the inception of the XRP Ledger, approximately 10 million XRP have been burned. However, to counterbalance the burn rate, 1 billion XRP vests to Ripple each month. 

Unspent or undistributed XRP returns to escrow. This process will continue until the remaining ~48 billion XRP becomes liquid, making burned fees the sole factor influencing supply.

Unlike many other cryptocurrency networks, the XRPL does not provide rewards or transaction fees to its validators. Instead, validators are incentivized by supporting network decentralization, similar to full nodes on Ethereum (ETH) or Bitcoin (BTC). 

The Proof-Of-Authority (PoA) consensus algorithm relies on trust between nodes, organized through unique node lists (UNLs). This approach contributed to the network’s resilience and security through 2023.

NFTs Thrive On XRPL With Notable Growth In Q3

In Q2 2023, XRPL experienced declining network activity metrics, including average daily transactions and active addresses. However, Q3 witnessed a resurgence, with average daily transactions reaching 1.06 million and active addresses totaling 44,000. 

In particular, NFT transactions showed significant growth, with average daily NFT transactions increasing 7.3% QoQ to 16,700.

XRP Ledger

NFTs are built into the core protocol and do not require smart contracts for creation or transfers. Standardization of NFTs through XLS-20 2in October 2022 brought benefits such as royalties and anti-spam features. The XRPL ecosystem has grown steadily, with 3 million NFTs minted using the XLS-20 standard.

Overall, the XRP Ledger has demonstrated significant growth and development throughout Q3 2023, driven by market capitalization gains, regulatory victories, and advancements in network features. 

With a strong focus on deflationary dynamics, unique consensus algorithms, and the rise of NFT transactions, the XRPL continues to position itself as a prominent player in the world of cross-currency and cross-border payments, according to Messari. 

XRP Ledger

Conversely, XRP has demonstrated consistent gains across various time frames. Currently, the token is trading at $0.6073, which has not been reached since August 2023, resulting in a modest 0.4% profit within the 24 hours.

Notably, XRP has maintained an upward trend, delivering substantial returns of 10%, 24%, and 16% in the past seven, fourteen, and thirty-day time frames, respectively. Particularly noteworthy is the exceptional performance within the one-year time frame, where XRP has surged by 32%.

Featured image from Shutterstock, chart from TradingView.com 

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Major Milestones Shows XRP Ledger Is Becoming A DeFi Force To Be Reckoned With

After the XRP token recorded an all-time high in daily trading volumes for crypto exchanges in the US, the Ripple ecosystem has achieved a new milestone, successfully hitting over 82 million registered ledgers on its XRP Ledger. 

XRP Ledger Surpasses 82 Million Ledgers

XRP Ledger, a decentralized public blockchain backing the XRP token has gained recognition for its unique consensus algorithm and incorporation of the XLS-20 protocol. The leading cryptographic ledger reported that it had closed approximately 82,035,421 registered ledgers on its blockchain. 

This achievement follows another milestone in August where XRPL successfully locked in 81 million ledgers. The blockchain ledger’s rapid growth has been a significant achievement for the ecosystem, emphasizing XRPL’s commitment to decentralization and focus on speed, scalability, and security. 

A blockchain researcher, Collin Brown announced details of XRPL’s recent achievements in an X (formerly Twitter) post on Thursday, September 21. Brown was enthusiastic about the current development in the XRP ecosystem and even suggested that the XRP blockchain ledger is on its way to becoming an adversary to crypto giants in the space like Bitcoin and Ethereum. 

“With over 82 million ledgers successfully closed, the XRPL continues to make history. The XRPL’s growth in NFTs positions it as a STRONG competitor to Ethereum, paving the way for increased XRP adoption!” Brown said. 

XLS-20 Feature Drive Crypto Adoption And Growth For XRPL

The XRP Ledger has long been celebrated for its advanced scalability and decentralization features. However, with the introduction of the XLS-20 feature in 2022, XRPL has emerged as a force to be reckoned with in the NFT ecosystem. 

The XLS-20 protocol delivers new features to the XRP ledger. According to Brown, XLS-20 is integrated with special features like minting and burning, automated royalties, DEX integration, and traditional NFTs. 

XRPL has also recorded over 1.9 million NFTs minted on the ledger and almost 30,000 user accounts own 1.6 million of the minted NFTs. Additionally, approximately $12.8 million worth of NFT assets have been sold in one-step transactions on the blockchain. 

While XRPL’s foray into the NFT sector has sparked major interest among creators and collectors in the space, the XRPL ecosystem has also reported upcoming upgrades in its layer 2 smart contract platform, Evernode. 

According to reports, the Evernode network will be featuring new upgrades that improve the reliability and sustainability of the platform, while also furthering crypto and NFT adoption and innovation in the space.

XRP price chart from Tradingview.com (XRP Ledger)

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Incoming Milestone Could Be Very Bullish For XRP Price, Here’s Why

Since Judge Analisa Torres’s ruling back in July that programmatic XRP sales do not qualify as securities, the token has been on an upward trajectory in terms of growth. This time around, the XRP Ledger is close to another enormous milestone, which could spell good news for the XRP price going forward.

Accounts On XRP Ledger Near 5 Million Mark

In an interesting turn of events, the number of accounts that are present on the XRP Ledger has been rising rapidly. This has seen the metric barrel toward the 5 million total accounts milestone as it is currently sitting at an impressive 4,781,844 million accounts, according to data from XPR Ledger Services.

The site’s data also shows other impressive metrics about the blockchain such as only 1,116 accounts on the Ledger are carrying a 0 balance. This means that only 0.023% of the entire XRP holder base on the ledger is carrying a 0 balance.

XRP Ledger accounts

Of the 100 billion total XRP supply, 58,682,136,692 (58.6%) are currently sitting in holder accounts, with 41,306,191,412 (41.3%) still held in escrow. This amount held in escrow is released periodically and was designed that way to last until the total XRP supply is exhausted.

Going further, a significant number of XRP tokens are also sitting as reserves (tokens in wallets that cannot be spent). The current Total Account Reserves came in at 47,818,440 and Total Owner Reserves is sitting at 13,608,012.

How Will It Affect The XRP Price?

The rapid rise in the number of accounts on the XRP Ledger points to an increase in interest from crypto investors. In this case, as interest rises, so will demand for the XRP token, which would, in turn, lead to a rise in the XRP price.

Analysts have also been incredibly bullish on the XRP price. In one instance, a Wells Fargo Manager forecasted that the price of the altcoin could rise as high as $500, citing Ripple capturing the cross-border payments sector by 2027.

Another interesting forecast put the XRP price at $10,000, once again, citing Ripple’s rising market share in the payments sector as a driver. A more conservative crypto analyst put the token’s price at $130 after it formed a rare triangle pattern on its chart.

Despite these very bullish predictions, the XRP price continues to struggle at this point. It is still trading well below the $0.5 resistance which has become the important level to beat. At the time of writing, it’s sitting at $0.49, recording meager gains of 0.03% on the daily chart. Although there is a more significant 5.52% gain on the weekly chart.

Ripple XRP price chart from Tradingview.com