XRP, the sixth largest cryptocurrency in the world, could benefit from the decline in Bitcoin's dominance.
According to Ryan Lee, chief analyst at Bitget Research, based on the current market structure, the price of XRP could rise to $2.57 by the end of 2024.
The analyst said:
We anticipate that XRP could reach around $2.57 in [December 2024]. Notably, the price trend of XRP could be influenced by Bitcoin's halving event. Historically, XRP has shown significant growth approximately 228 days after Bitcoin's halving.
Lee added that the next developments of the potential XRP ETF will be the main price catalyst for this cryptocurrency.
Asset management firm 21Shares is the latest company to file for an XRP ETF registration with the U.S. Securities and Exchange Commission (SEC) on November 1, as the third company to submit an XRP ETF application.
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