XRP Price Prediction, will XRP’s price hit $1.08?
XRP’s price at the same time last week was $0.61. It has moved by 3.52 % in the past week and is currently at $0.61. Infact, in the past 24 hours, XRP has pumped by 1.99 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and XRP could hit $0.61 in 2024.
The total circulating supply of XRP as of writing this article was $53,816,975,568 and the marketcap of XRP remains at $33,011,369,357
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Ripple (XRP): An overview
Ripple (XRP) is a digital payment protocol that operates on an open-source, peer-to-peer (P2P) decentralized platform. It allows seamless transfers of any form of money, whether fiat or crypto. Ripple seeks to streamline cross-border bank transfers, offering a faster alternative to traditional methods.
Essentially, it aims to make global transactions as straightforward and cost-effective as sending an email.
XRP is the inherent digital currency of the Ripple system, operating on the XRP Ledger (XRPL). Within the Ripple framework, it acts as a digital representation for transferring value across the network.
Unlike many other digital currencies, XRP was pre-mined and has a cap of 100 billion. The distribution of its entire supply is as follows:
- 80 billion XRP was initially allocated to Ripple Labs, the overseeing company.
- 20 billion XRP was distributed among Ripple's co-founders and the primary team.
As of September 2023, 53.2 billion XRP are circulating in the market.
Let’s take a look at its role in the Ripple ecosystem.
Bridge currency: XRP can act as a bridge between two fiat currencies, ensuring that liquidity is always available without the need for parties to hold large reserves of any particular currency. This facilitates smooth and efficient cross-border transactions.
Anti-spam mechanism: The small amount of XRP that's burned as the transaction cost acts as a deterrent against spamming the network. By attaching a minor cost to transactions, malicious actors are dissuaded from overloading the system.
Settlement: Transactions using XRP can settle in just a few seconds, making it much faster than many traditional banking systems or even other cryptocurrencies. This rapid settlement time is one of the features that makes XRP attractive to financial institutions.
How does Ripple work?
Here are the two main components of the Ripple ecosystem:
XRPL functions as an open-source, decentralized blockchain responsible for executing and validating transactions within the network. It uses the XRPL consensus protocol:
- Consensus, not mining: Unlike Bitcoin's (BTC) Proof of Work (PoW), XRPL achieves consensus without competitive computational work, allowing for faster and less energy-consuming transactions.
- Validators: These are nodes that validate and propose transactions for the ledger. They ensure the network's decentralization and that any entity can run a validator.
- Unique node list (UNL): A list of trusted validators chosen by each server on the network. A transaction is validated when there's at least 80% agreement among the validators in a server's UNL.
- Consensus rounds: Validators propose versions of the next ledger. If a supermajority agrees on a transaction set, it's validated. This typically occurs in seconds.
- Fork prevention: The consensus mechanism ensures the network doesn't split into multiple chains. Disagreements are resolved in subsequent consensus rounds.
- Safety and security: Prioritizing safety, the protocol can stall the network during disruptions but won't validate incorrect transactions.
Listed below are the numbers:
- Transactions settle on the XRPL in 3-5 seconds.
- XRP transaction fees average $0.0002 per transaction.
- XRPL technology can handle 3,400 transactions per second.
- There have been 80 million closed ledgers since 2012.
- XRPL is 61,000 times more energy-efficient than PoW blockchains.
- It has a global network of over 100 validators.
RippleNet is essentially a network of institutional payment providers, such as banks and other financial organizations. These entities utilize RippleNet to offer a frictionless experience to send money globally.
An essential component of RippleNet is On-demand liquidity (ODL). Traditional cross-border transfers often require banks to have "nostro" accounts in the recipient country, pre-funded with the local currency. ODL negates this need.
When a financial institution wants to make a cross-border transfer, they can use ODL to convert their currency to XRP and then immediately convert that XRP to the destination currency. This two-step conversion happens almost instantly, making the transfer process much faster.
The transaction process
Here's a breakdown of how a transaction on the Ripple network is completed:
Gateway setup and participation: Within the Ripple network, gateways act as the intermediary link between two parties wanting to make a transaction. A gateway acts as a middleman for credit, facilitating the receipt and transmission of currencies to public addresses on the Ripple network.
When you deposit money into a gateway's account, you receive an IOU (I Owe You), which can be sent, received, traded, or redeemed. The gateway will handle fiat deposits and withdrawals, ensuring the IOUs it issues are backed by real assets.
Establishing trustlines: Before you can receive an IOU from a gateway, you have to set up a trustline. This indicates how much you are willing to trust the gateway with IOUs (essentially, IOU credit limits).
Trustlines are critical for ensuring the security of the Ripple system. They ensure that IOUs are only issued by parties that users have explicitly trusted.
Initiating a transaction: A user who wishes to send a payment using Ripple will create a transaction specifying the amount, the recipient, and possibly the currency they wish the recipient to receive. Ripple's protocol will then begin pathfinding.
Pathfinding: One of Ripple's unique features is its ability to find the most efficient path for a transaction. When making a transaction, the protocol searches for the shortest and quickest path between the sender and the receiver, even if it involves multiple currencies and intermediaries. This ensures that transactions are not only fast but also efficient in terms of costs.
Transaction settlement: Once the best path is found, the transaction is executed. If IOUs are involved, they will be transferred between parties accordingly. If conversion is required, it will be carried out through market-making activities within the Ripple network.
The evolution of Ripple
Ripple’s history and evolution can be traced back to the early days of the cryptocurrency movement. Here's an overview:
Pre-Ripple era: Conception and early days (2004-2012)
Before Ripple and XRP, there was a system called Ripplepay, introduced by Ryan Fugger in 2004. Ripplepay was a forerunner to Ripple. It was designed as a decentralized platform, but the idea of a consistent cryptocurrency like XRP wasn't part of this early system. Fugger sold the business to Jed McCaleb.
The birth of Ripple (2012-2015)
In 2012, McCaleb invited Chris Larsen to co-found OpenCoin. They aimed to develop a new digital payment protocol based on a concept by Ryan Fugger.
Following this, XRPL and XRP were introduced in 2012 as the digital currency for the Ripple payment protocol. In 2013, OpenCoin changed its name to Ripple Labs, Inc. This was later changed to just Ripple in 2015.
XRPL Foundation (2020)
The XRPL Foundation was founded in September as an independent, nonprofit entity. Its mission is to boost the development and widespread adoption of the decentralized XRPL.
Major blockchain entities like Coil, Ripple, and Gatehub provided initial donations exceeding $6.5 million to fund the foundation’s endeavors, showcasing their commitment to nurturing the XRPL’s ecosystem.
The SEC-Ripple saga
On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. The lawsuit stated that Ripple had raised $1.3 billion through the sale of XRPs being unregistered securities.
To sum it all up, the SEC argument implied that XRP should be considered a security rather than a cryptocurrency and hence would come under their ambit to charge tax on the sale as a security.
After almost two years in court, Ripple secured a partial victory against the SEC. On July 13, 2023, U.S. District Judge Analisa Torres ruled that Ripple's sale of XRP on public exchanges did not breach federal securities regulations.
Judge Torres also determined that the $728.9 million in XRP transactions conducted by the company with hedge funds and other institutional clients were unregistered securities sales, granting the SEC a partial win.
However, in early September, the SEC officially challenged the ruling, suggesting that the battle is not yet over.
XRP Price Analysis
The analysis of XRP’s weekly chart from September 2022 to September 2023 paints an intricate picture of the battle between the bullish and bearish traders. Over the past year, the XRP market experienced a series of ebbs and flows. At the time of writing, XRP was trading at $0.5006.
XRP Weekly Chart
The initial phase saw a bounce-back from the rock-bottom support of $0.31. The price attempted to rise, reaching as high as $0.54 while trying to keep steady at the $0.42 support level until November 2022.
However, this attempt was stifled by a strong bearish influence, which rendered $0.42 as an insurmountable resistance and pushed the price back to its lowest support. This lasted until March 2023.
Post this, a renewed bullish fervor was witnessed as the price chart depicted a pattern of higher highs and higher lows. However, the previously established $0.54 level acted as a strong resistance until July 2023.
Breaking this trend, XRP experienced a significant surge, propelling it to reach its peak resistance at $0.74. Yet, this uptrend was not long-lived, as bears intervened once more, causing the price to retreat and reinstating $0.54 as a notable resistance.
Throughout the year, trading volume remained relatively stable. However, notable volume surges were evident, particularly in correlation with the instances of price hikes. These surges signified that significant market interest was present during the bullish activities.
For the vast majority of this period, the Bollinger Bands remained contracted, indicating a period of lower volatility and limited price movement. The scenario started changing in July 2023, when the bands began expanding, suggesting a surge in volatility.
The market sentiment was reflected in the price's oscillation, which initially soared above the middle 20-week moving average (MA) after the first price hike. However, from November 2022 to March 2023, and then once again in August 2023, the price dipped below this MA, indicating periods of bearish pressure.
Throughout this period, the Relative Strength Index (RSI) saw major ups and downs. Starting in the lower spectrum, it climbed to 55.91, dipped, and then made a second push to 50.22 by January 2023.
The bullish momentum heightened in April 2023 when RSI reached 64.76, culminating in its peak at 74.33 in July 2023 — a signal that the asset might have been overbought. However, by August 2023, the RSI dipped below the neutral 50-mark again, with its standing value at 47.87, indicating a shift back to a slightly bearish territory.
Should you consider buying XRP?
Based on the combined interpretations of the volume, Bollinger Bands, and RSI, as of the end of September 2023, XRP seems to be in cautious territory. Given that the RSI is slightly below the 50 mark and the price is currently trading within a probable buying range of $0.3 to $0.4, traders looking to buy might consider this as a potential accumulation zone.
However, they should be vigilant, taking into account the recent bearish signs and always setting stop losses to mitigate potential downside risks. The signal, therefore, tilts towards a cautious “buy.”
XRP Price Prediction
XRP has had an eventful 2021. To simplify the latest XRP price prediction, we have divided up the prediction by short term XRP price prediction and long term XRP price prediction. As of writing this article, XRP had a trading volume of 928,974,601. XRP has gone up by 11.02% in the past 30 days.
According to our analysis in the short term, XRP price prediction for January 2024 shows the average price of XRP at 0.51 and the highest possible price for January 2024 would be $0.54.
Further, according to our analysis in the long term, XRP price prediction for May 2024 shows the average price of XRP at 0.54 and the highest possible price for May 2024 would be $0.58.
XRP's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|30 November 2023||$0.64||$0.59||$0.68|
|1 December 2023||$0.63||$0.59||$0.68|
|2 December 2023||$0.64||$0.59||$0.68|
|3 December 2023||$0.64||$0.6||$0.69|
|8 December 2023||$0.69||$0.64||$0.73|
|13 December 2023||$0.73||$0.68||$0.79|
|23 December 2023||$0.84||$0.78||$0.89|
XRP price prediction 30 November 2023: XRP's price for 30 November 2023 according to our analysis should range between $0.59 to $0.68 and the average price of XRP should be around $0.64.
XRP price prediction 1 December 2023: XRP's price for 1 December 2023 according to our analysis should range between $0.59 to $0.68 and the average price of XRP should be around $0.63.
XRP price prediction 2 December 2023: XRP's price for 2 December 2023 according to our analysis should range between $0.59 to $0.68 and the average price of XRP should be around $0.64.
XRP price prediction 3 December 2023: XRP's price for 3 December 2023 according to our analysis should range between $0.6 to $0.69 and the average price of XRP should be around $0.64.
XRP price prediction 8 December 2023: XRP's price for 8 December 2023 according to our analysis should range between $0.64 to $0.73 and the average price of XRP should be around $0.69.
XRP price prediction 13 December 2023: XRP's price for 13 December 2023 according to our analysis should range between $0.68 to $0.79 and the average price of XRP should be around $0.73.
XRP price prediction 23 December 2023: XRP's price for 23 December 2023 according to our analysis should range between $0.78 to $0.89 and the average price of XRP should be around $0.84.
XRP's Long Term Price Prediction
XRP’s long term Price Prediction below is a look at XRP’s future prospect with regards to price. XRP was last seen at $0.61, with a market cap of $33,011,369,357 and trading volumes of $928,974,601. XRP’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
XRP price prediction 2023: XRP's price for 2023 according to our analysis should range between $0.71 to $1.08 and the average price of XRP should be around $0.89.
XRP price prediction 2024: XRP's price for 2024 according to our analysis should range between $0.4 to $0.61 and the average price of XRP should be around $0.51.
XRP price prediction 2025: XRP's price for 2025 according to our analysis should range between $0.49 to $0.74 and the average price of XRP should be around $0.62.
XRP price prediction 2026: XRP's price for 2026 according to our analysis should range between $0.6 to $0.91 and the average price of XRP should be around $0.75.
XRP price prediction 2027: XRP's price for 2027 according to our analysis should range between $0.74 to $1.11 and the average price of XRP should be around $0.92.
XRP price prediction 2028: XRP's price for 2028 according to our analysis should range between $0.9 to $1.35 and the average price of XRP should be around $1.13.
XRP price prediction 2029: XRP's price for 2029 according to our analysis should range between $1.10 to $1.65 and the average price of XRP should be around $1.37.
XRP price prediction 2030: XRP's price for 2030 according to our analysis should range between $1.34 to $2.01 and the average price of XRP should be around $1.67.
XRP price prediction 2031: XRP's price for 2031 according to our analysis should range between $1.63 to $2.44 and the average price of XRP should be around $2.04.
XRP price prediction 2032: XRP's price for 2032 according to our analysis should range between $1.98 to $2.97 and the average price of XRP should be around $2.48.
XRP price prediction 2033: XRP's price for 2033 according to our analysis should range between $2.41 to $3.62 and the average price of XRP should be around $3.02.
Top Coins Price Predictions
A Historical look at XRP, XRP’s price
FAQs about XRP
XRP’s current price is $0.61 and witnessed a 1.99% increase in the past 24 hours. XRP/BTC pair saw a -0.89% decrease in the past 24 hours
Investing in XRP, XRP will purely depend on your personal risk appetite. As you can see over the past 24 hours XRP’s price has witnessed a 1.99% increase and over the past 30 days XRP has increase by 11.02%. So it all depends on if this investment will hit your trading goals.
According to our latest XRP Price prediction for 2023, XRP should vary between $1.08 and $0.71. Please keep in mind that the crypto market is very volatile and this XRP price prediction does not account for extreme wild swings in price.
As per the XRP price prediction 2023 model above, XRP’s price for November 2023 should range between $0.71 to $1.08 with the average price for November being $0.89
According to the XRP Price Prediction model above, XRP’s price in 2024 would be $0.51. This price would however would range from $0.61 and $0.4.
According to the XRP Price Prediction model above, XRP’s price in 2025 would be $0.62. This price would however would range from $0.74 and $0.49.
According to the XRP Price Prediction model above, XRP’s price in 2026 would be $0.75. This price would however would range from $0.91 and $0.6.
According to the XRP Price Prediction model above, XRP’s price in 2027 would be $0.92. This price would however would range from $1.11 and $0.74.
According to the XRP Price Prediction model above, XRP’s price in 2028 would be $1.13. This price would however would range from $1.35 and $0.9.
According to the XRP Price Prediction model above, XRP’s price in 2029 would be $1.37. This price would however would range from $1.65 and $1.10.
According to the XRP Price Prediction model above, XRP’s price in 2030 would be $1.67. This price would however would range from $2.01 and $1.34.
According to the XRP Price Prediction model above, XRP’s price in 2031 would be $2.04. This price would however would range from $2.44 and $1.63.
According to the XRP Price Prediction model above, XRP’s price in 2032 would be $2.48. This price would however would range from $2.97 and $1.98.
According to the XRP Price Prediction model above, XRP’s price in 2033 would be $3.02. This price would however would range from $3.62 and $2.41.
The highest price for XRP was recorded in 7 January 2018 during which XRP hit an All Time High of $3.40
The price of 1 XRP according to current market rate is $0.61