Is $10 Possible for $XRP Given Ripple's New Stablecoin Announcement?

There was no discernible uptick in the price of #XRP (XRP) after reports that Ripple Labs was planning to release a dollar-pegged stablecoin.

Last seen at $0.587, XRP is the Ripple Labs-issued coin for the XRP Ledger, which debuted in 2012.

As a result, it is down almost 7% for the week and more than 20% from its 2024 highs recorded in March.

The move into the $150 billion USD stablecoin market is not an indication that Ripple is abandoning its plans to expand its XRP-powered on-demand liquidity offering, according to CEO Brad Garlinghouse. According to Garlinghouse, a Ripple stablecoin would be more of a supplementary offering.

Regardless, the news doesn't seem to have fazed XRP investors too much.

The fight between #Ripple and the SEC over whether or not XRP is a security remains the cryptocurrency's central focus.

This year, momentum has leveled down after Ripple's few judicial victories in 2023, which gave XRP a temporary lift.

For technical grounds and other longer-term considerations, however, price forecasts continue to be positive.

Forecasting the Future Value of XRP: Is $10 Possible?

A pennant structure may have emerged in the previous four years, according to a long-term analysis of the XRP price.

A pennant structure may have emerged in the previous four years, according to a long-term analysis of the XRP price.

If prices fall below $0.30 again, it may set off a decline that would bring us back to our 2022 lows. However, the likelihood of a price increase is higher in a favorable market scenario.

The XRP price might swiftly retest its $2 high from 2021 if the pennant structure breaks north. That may result in four times the gain for XRP.

Getting a token price of $10 in the midst of the present bull market is, while not impossible, quite unlikely.

A 17x gain, bringing XRP's market value beyond $5.5 trillion, would be necessary to achieve that. Presently, the market valuation of Bitcoin is less than four times that amount.