XRP is in the top 10 global cryptos in terms of market cap and 24-hour volume, with an uptick of 13.86% and 306.94% at the time of writing this article. Ripple’s native token is listed at $0.6889 to test the resistance of $0.6600 successfully. Sustaining the current value for a long time will likely position XRP for the milestone of $1 by the end of this year, or the middle of next year, 2025.
There is a surge in XRP’s price, and speculation states that XRP ETF could take the floor once its legal dispute with the US SEC is settled in court. While that could take some time, the focus of the article for now is to review its price movement and future outlook.
XRP price surge and speculation
Its price was below $0.6500 three hours ago and is now approaching $0.6200. At present, the price of XRP is rising with a marginal decline to $0.6889. Strong momentum has emerged in the cryptocurrency realm, as Bitcoin has surpassed a significant milestone of $70,000. Additional cryptocurrencies will probably follow the trend.
Analysis of recent price movements
The majority of the rise is credited to the growth of XRP in the Asia-Pacific region. It has its fair share of trouble with the Commission, but an entry into Singapore has crafted a new wave altogether. Its journey from March 6, 2024, to March 11, 2024, was at a level below $0.65. After almost five days, the token took merely 3 hours to rise to $0.68.
Role of large investors
Also known as whales, large investors have recorded a considerable amount of investment in the crypto sphere. The higher the number of investors flooding the market, the higher the demand for the token since the value keeps rising under the umbrella of the demand-supply concept. No signs of market manipulation have been reported. It is only safe to conclude that there is renewed confidence in the crypto market that the token will fetch better profits.
XRP and Automated Market Makers (AMMs)
Advertisement
XRP’s participation in AMM has facilitated the rise of the token. As algorithms carry out their predetermined tasks in accordance with the idea of risk management, it has only made it simpler for traders to explore alternative options.
AMM functionality in the XRP ecosystem
AMM, an acronym for Automated Market Makers, functions by enabling traders to buy and sell tokens on a decentralized crypto exchange platform. They leverage the size of the liquidity pool and remove intermediaries.
Expert’s opinion on XRP participation in AMMs
David Schwartz, the CTO at Ripple Labs, believes that there is a lot of potential for XRP in the years to come. Participation in AMMs could better position the token for adoption on other exchange platforms. Assuming a single DEX delists the token, others could continue offering XRP to their users for trades. Signs are bullish, and the token could bag another increase in the next couple of days.
Competition within the altcoin market
XRP is not the only token that competes for broader adoption. Altcoins have emerged in the market and pose considerable competition. For XRP specifically, it pertains to the likes of Stellar Lumens and Swift.
Emerging alternatives to XRP
At the top are RETIK and BDAG. They have bagged $19 million and $1 million in funding already. XLM is rising at 6.31% as the article is being drafted.
The rise of Blockdag Technology
It is only the first batch that has registered an ROI of 5000x. The new ecosystem aims to offer a safer environment to traders and miners, enabling them to trade with convenience.
Uncertainties and future outlook of XRP
Advertisement
A major challenge comes in the form of a legal battle with the US Securities & Exchange Commission. Financial institutions are willing to adopt the new product, provided it becomes feasible to track. There are risks with XRP investment, with the majority of the segment being hailed for volatility.
Conclusion
XRP’s price movement is bullish at the moment, and its association with AMMs is likely to drive a surge. Sustaining the trend will position Ripple to attain the milestone of $1 by the end of this year, or the middle of the next year.
