In a recent analysis, prominent cryptocurrency commentator The Modern Investor (@ModernInvest), has projected a substantial price increase for XRP, suggesting that failure to reach $20 during the current bull market would be weird.
XRP, currently trading at $0.5299, has shown resilience in the face of recent market pressures. Despite experiencing a significant downturn that dragged its value below $0.6 again earlier this week, the asset has printed a notable recovery, rising from around $0.5.
The digital asset’s decline came after the SEC filed a notice of appeal, resuming the infamous XRP lawsuit that many believed was over.
Factors Supporting Bullish Outlook
The Modern Investor’s optimistic price prediction is based on several key factors within the ecosystem. A prominent factor is the digital asset’s deflationary model, where each transaction burns a small amount of tokens.
As of now, approximately 12.88 million tokens have been removed from the maximum supply of 100 billion. This mechanism is expected to support price growth as the available supply decreases over time.
Another major factor that could drive XRP’s growth is the launch of RLUSD, Ripple’s upcoming stablecoin. The anticipated launch of Ripple’s RLUSD stablecoin in Q4 2024 is expected to increase transaction volume on the network, potentially accelerating the token burn rate. Initially, RLUSD will be available on the XRP Ledger (XRPL) and Ethereum.
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Ripple has accelerated RLUSD minting, and the company recently minted millions of tokens. This is significant as experts see it as a sign that RLUSD’s launch is around the corner.
The recently launched Grayscale XRP Trust has also shown promising growth, with its net asset value increasing by over 11% in its first week. Bitwise has also filed an application with the SEC for an XRP ETF, adding to the optimism, as this could further boost demand and support price growth if approved.
Finally, increased adoption is an important factor. The Modern Investor revealed that retail investors and crypto whales have been observed accumulating XRP, suggesting broader market confidence in the asset’s potential.
Can XRP Reach $20?
A rise to $20 is an astonishing 3,674.3% increase from XRP’s current price. Although this seems like an unreachable surge, the digital asset has performed much better in the past, and some experts have set even higher targets for it during the current cycle.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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