In an impressive turn of events, XRP experienced a remarkable 400% surge in November 2024, positioning itself as the third-largest cryptocurrency by market capitalization. This surge propelled XRP’s price to a peak of $2.42 before settling around $2.35. The ascent is attributed to a slew of positive developments surrounding Ripple and XRP, including discussions of XRP ETFs, the launch of stablecoins, and potential IPOs. With these advancements, XRP’s future appears promising.
Rising Investor Confidence
According to recent data from Santiment, there has been a substantial increase in XRP holdings among major investors. In a span of merely three weeks, wallets holding between 1 million and 10 million XRP coins accumulated over 679 million tokens. This surge in holdings has also led to a new record of over 5.5 million wallets holding XRP. Such trends underscore the growing confidence among significant investors in XRP’s long-term potential, marking it as a favorable investment opportunity.
What Experts Are Saying
Dan Tapiero, a renowned investor, has lauded XRP’s recent performance, emphasizing that the market had previously underestimated its potential. He argues that the 400% surge is not merely a stroke of luck but an indication of XRP’s robust fundamentals. Tapiero believes that XRP’s valuation has often been overlooked, and as it gains momentum, it presents a compelling buying opportunity.
Raoul Pal, CEO of Real Vision, has also shifted his stance on XRP. Earlier in 2024, Pal had dismissed XRP and Cardano (ADA) as “old cult coins” and advised investors to avoid them. However, in light of XRP’s impressive rally and growing market presence, Pal has acknowledged his earlier misjudgment. In a series of social media posts, Pal highlighted the evolving market conditions and developments around XRP, referring to its recent rise as the “Banana Zone,” a term he coined to describe a phase of explosive growth. Pal’s revised perspective reflects XRP’s ascent as a major player in the cryptocurrency landscape.
Ripple’s Legal Wins Are Key
Tapiero further emphasized the significance of Ripple’s recent legal victories, which have played a crucial role in XRP’s ascent. A pivotal court ruling determined that XRP is not classified as a security, leading to a substantial reduction in the SEC’s fine from $2 billion to $125 million. These legal triumphs have alleviated regulatory uncertainties and bolstered investor confidence in XRP.
Adding to the optimism, SEC Chairman Gary Gensler’s impending resignation in January 2025 is anticipated to pave the way for more favorable cryptocurrency regulations. The anticipated approval of Ripple’s stablecoin, RLUSD, pegged to the U.S. dollar, on December 4, is another factor fueling the bullish sentiment surrounding XRP.
What Lies Ahead for XRP?
With Bitcoin trading around $95,000, the overall cryptocurrency market is exhibiting positive momentum. Presently, XRP is maintaining its position above crucial support levels, indicating sustained buyer interest. If XRP remains above $2, the next target is projected to be $5, with many experts suggesting that this could mark the beginning of an even more substantial rally.
FAQs
Is XRP a good investment in 2024?
XRP is gaining traction, attracting strong investor interest, benefiting from legal victories, and receiving bullish forecasts, making it an enticing investment option.
What is XRP’s price target after reaching $2?
Experts predict that if XRP maintains its support above $2, it could reach $5, indicating significant potential for further growth.
How did Ripple’s legal win impact XRP’s price?
Ripple’s legal victory eliminated regulatory uncertainties, enhancing investor confidence and contributing to XRP’s recent price surge.
