According to RootData, the market capitalization of XRP has surpassed $140.5 billion, exceeding USDT ($134.209 billion) and becoming the third-largest cryptocurrency by market cap, returning to the level before the SEC/Ripple lawsuit.
The current price of the XPR Network (XPR) is US$0.001463, with a 24-hour trading volume of US$2,387,000. The price has increased by 8.55% in the past 24 hours and 18.78% in the past 7 days. The circulating supply is 26.95 billion XPR, and the market capitalization of the XPR Network is US$39,391,415.
How much more upside potential does XPR have?
According to the latest analysis, the cryptocurrency XRP (XRP) shows significant upside potential towards the end of 2024 and the beginning of 2025. The key points are derived from several technical indicators, including the critical components of the ichimoku cloud, particularly the changes in the chikou span and the kumo cloud.
Technical Indicator Analysis:
Chikou Span: This indicator reflects the past price movement of XRP, and it is currently in line with a key support level, which has sparked market expectations of a potential price breakout.
Kumo Cloud: It is expected to thin out in early January 2025, which means the market may be more susceptible to volatility, potentially driving significant price fluctuations.
Price Trend and Expectations:
The XRP price is expected to fluctuate between $0.46 and $0.65 for most of 2024, occasionally breaking above $0.70. If the current consolidation pattern persists, along with the support from the technical indicators, XRP may experience a significant upswing towards the end of 2024 or the beginning of 2025.
Analysts predict that if XRP maintains its position around the current levels, the technical indicators such as the chikou span and the thinning kumo cloud may point to a more favorable environment for price appreciation in early 2025.
Market Conditions:
This potential rebound largely depends on the continuation of the current market conditions and the absence of disruptive events in the cryptocurrency sector.
In summary, XRP shows upside potential towards the end of 2024 and the beginning of 2025, but the specific extent of the increase will depend on the further development of market sentiment and technical indicators.
Off-Chain Strategies: The Driving Force Behind XRP's Surge
Although the departure of SEC Chairman Gary Gensler has provided some incentive for the token market, the surge in XRP has exceeded market expectations, which inevitably leads to the speculation about Ripple's past extensive cooperation with various countries and enterprises off-chain, which may be the key factor driving the continuous rise of XRP.
Recently, there have been reports that the New York Department of Financial Services (NYDFS) has indicated that it will approve Ripple's new stablecoin product, RLUSD, for launch. If true, this news will further promote the legalization process of XRP and provide the public with more legal digital asset options.
Ripple's expansion pace in 2023 is not to be underestimated. At the end of May, the company acquired the Swiss digital asset custodian Metaco for $250 million, and then completed the acquisition of the New York digital asset custodian Standard Custody & Trust Company in June. These two acquisitions highlight the importance and growing prevalence of digital assets, not only including stablecoins and central bank digital currencies (CBDCs), but also extending to tokenized physical assets such as stocks, bonds, commodities, and real estate.
Furthermore, Ripple's influence in the digital currency field is also expanding. In May 2023, the company announced the launch of a CBDC platform for central banks and institutional users. This platform aims to solve various use cases, including private transactions, wholesale or issuance of stablecoins, etc. The leader of the country of Palau, with which Ripple is cooperating, has given it a very high evaluation.
Additionally, the Japanese financial giant SBI Group has also started using the XRP Ledger blockchain supply chain solution, becoming the first company in Japan to adopt this technology. This not only provides more application scenarios for Ripple's enterprise solutions, but also further promotes the market acceptance of XRP.
Overall, through its extensive off-chain collaborations and international influence, Ripple has laid a solid foundation for the rise of XRP. Combined with the resolution of the SEC lawsuit and the active participation of institutions, the upward trend of XRP will become more apparent. In the future, more established high-market-cap digital currencies may also see new growth opportunities.
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