XRP has been known for its frozen or constant slow performance, as the token has failed to move much from its average value of $0.5. It has been stuck around that average value for months with a few above-average peaks. However, those peaks never lasted long. The last time XRP price surged significantly above the average was in July 2023, when it surged to $0.8206.

The Ripple vs. SEC dispute is the sole reason behind this poor performance and distorted image in the market, but that is going to change now. Analysts have predicted that XRP might target the $5 before the 2024 end.

In this blog, let us discuss the reasons behind the rumors of XRP to achieve $5 soon.

XRP Price To Splurge With Ripple’s Stablecoin Launch

Just a few days ago, Ripple announced their plans to launch a stablecoin backed by the US dollar. The Stablecoin industry has continuously grown over the years while also maintaining stability. This is why it is the perfect opportunity for Ripple to set new heights in the crypto market.

Up to now, Tether has dominated the stablecoin market, which is worth more than $150 billion, and Ripple’s stablecoin will be a great add-on. The token is already known for the successful launch of XRP. Despite the losses, XRP is still among the top 10 most popular cryptocurrencies on CoinmarketCap based on its market capitalization.

We think we’re uniquely positioned to have a competitive entry in that market […] We have our presence both on the institutional side with our payments product, and on the XRP Ledger side, we have some entry into the DeFi section of the space. Those are kind of the two big buckets in which stablecoins are being used today” said David Schwartz, Ripple’s Chief Technology Officer.

This stablecoin won’t only cater to the needs of investors but is also a perfect opportunity to improve the ecosystem of XRP Ledger. It will also help in developing and increasing the demand for Ripple’s native token.

Community Support With XRP

XRP has persistently maintained its position in the crypto market regardless of the issues, which is a clear picture of a support system backing the cryptocurrency. Earlier, an X user claimed that XRP was a worthless crypto, and multiple people came in favor, highlighting the potential of this altcoin.

The supposed system might become even stronger with the launch of this stablecoin. The community has already become active with the mere announcement. The investors are anticipating XRP to surge over this new addition in the network, where a few believe XRP to surge to at least $3, whereas many claim it to be $5.

Final Thoughts

These price predictions for XRP are divided among investors, and a few are skeptical of the possibility of this target. It is because the token hasn’t performed well for years. There are not many updates about the stablecoin, but the stablecoin will be live this year. The Chief technology officer, David said the stablecoin will be launched when the market favors the growth of the token.

Read More What’s Behind The Current Bitcoin Price Surge

The post Reasons Why XRP Price Might Target $5 By 2024 End appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am