Ripple native token XRP is trading at $0.51. This is a jump of 6.40% (approximately) in the last 24 hours. However, the 50-SMA and 200-SMA reflect that there could be a possible uptrend in the coming days as a result of the SEC’s recent dismissal of the charges against Ripple. Needless to say, this is merely a prediction, with confirmed spots going live only as the trend progresses.
The short-term moving average and long-term moving average are attempting to strike a balance, but the former has crossed the latter. The market cap of the token has risen by 5.86% to touch the mark of $27,376,574,522, with the 24-hour volume inching by a huge margin of 121.54%. The value is now $1,667,053,445. These figures are true as of the time of drafting this article.
Having said that, there is a positive estimate for XRP to end this year. It could reach a bit closer to the $1 mark. Going beyond that will depend on a number of factors—internal and external—and the following years could demonstrate that.
Ripple continues to grow, no matter the projections. For instance, the ecosystem has recently entered into a partnership with the likes of American Express, Santander, SBI Holdings, and MoneyGram. This has strengthened its position in the industry, especially when it comes to accelerating cross-border transactions. The rising demand for Ripple’s payment, liquidity hub, and central bank digital currency (CBDC) services has prompted the company to expand its employment efforts beyond the United States.
Interestingly, all the partnerships have unique characteristics. The one with American Express gives the company a chance to access the technology of Ripple to provide traceable and instant cross-border payments. A partnership with Santander gave the leading European bank a chance to integrate the technology of Ripple into its international payment system.
Similarly, the partnership between Ripple and MoneyGram has enabled the latter to facilitate its global remittances at a reduced cost.
This gives XRP a little window for the reason that the SEC vs. Ripple lawsuit has temporarily put a dent in the charts. While the SEC has withdrawn the allegations, Ripple will take time to outgrow the current speculation of a fall and get back on track.
The price of XRP can be expected to go through high volatility. This is not new in the cryptosphere. Yet knowing that concrete factor—the XRP lawsuit update—gives an armrest to the community about what could really affect the price. There is a jump, and that has come from the conclusion that the case has been drawn off the paper by the Commission.
The Ripple network’s native token, XRP, had a banner month in September, with numerous successes including record-breaking increases in daily on-chain transaction volumes, 24-hour token circulation, and development efforts.
Whale activity for XRP has increased mostly in terms of accumulation. Large wallets now collectively hold $7.89 billion. This is an increase from $7.16 billion on a YoY basis. Token holding is between 100k and 100m. The broader margin gives an idea that the accumulation could have tremendously risen in recent times.
Activity on Ripple is steady, with over 30.3 million XRP transferred. These were worth $15.2 million at the time of the execution of the transaction. Additionally, 50 million XRP at $24.9 million have been transferred. This signals active network activity.
The token value has definitely jumped, and so has the network activity. Active addresses and the number of transactions could be somewhat stagnant considering the worth of every transaction is pretty huge. Meaning, fewer transactions could be taking place, but their worth is higher than before.
Possible trend for XRP in Q4 2023
XRP could move up, according to short-term and long-term moving averages. This is not a surprise, as volatility has been a big factor in the crypto market since its inception. Despite moving averages demonstrating otherwise, XRP could move straight or take a jump.
This comes in the wake of the size of individual transactions and more partnerships by Ripple. There is a global adoption of the network, which will only be fueled by the fact that the SEC has taken a back seat.
Key factors to watch out for
These factors will directly affect the price valuation of Ripple’s native token. The majority of them have occurred, some will occur in the future, and the rest may be speculation.
- The overall market sentiment for cryptocurrency is in the middle of identifying opportunities. Spot Bitcoin ETF approval is on the line, and if that goes through, then there will be a structured way to invest in digital assets.
- The SEC vs. Ripple lawsuit has come to a point where the Commission only has a chance of securing a partial win. The executives of Ripple—Brad Garilinghouse and Chris Larsen—are not facing charges anymore, but there is always a possibility of the SEC finding another way to circle them.
XRP is eyeing mass adoption among financial institutions now. It has cleared the verdict of not being security despite being offered on an exchange. Other tokens could follow the trend following this verdict.
New trends and developments in XRP
Ripple has already moved on, with new trends in sight. A lot of them have to do with joining hands with authorized or regulated ventures to boost the crypto industry.
- Ripple is in talks with central banks across the world to launch CBDC, or Central Bank Digital Currency. There is a rising scope in the segment. Only 35 countries were reported to explore CBDC in 2020. That number now stands at 64, with most of them in the final phase.
- The community at Ripple is growing and constantly engaging with the network. An increase in whale activity is only the tip of the iceberg. Others are accessing the seamless cross-border transaction every day.
Given the stance toward accelerating the CBDC’s launch, partnerships with financial institutions are inevitable.
You can visit CryptoNewsZ’s dedicated, detailed analysis of XRP price prediction for upcoming years.
XRP may be a wise investment. It has a well-established community and platform, two things that set it apart from many other cryptocurrency ventures. Overall, it is right to assume that the fundamental principles of Ripple’s XRP are stronger. There is a rise in activity and the number of partnerships. The SEC dropping charges against the executives gives it a clear window to outgrow current speculation.