Despite optimism from the community and prominent analysts, XRP has faced a tumultuous year. Despite impressive growth within the cryptocurrency market, XRP’s price has dipped by around 14% in 2024.
This underperformance has sparked debate among analysts, with some attributing the decline to price suppression tactics and others pointing towards a broader market correction.
A common explanation for XRP’s sluggish price movement centers on price suppression. Some argue that Ripple, the company behind XRP, is manipulating the market by periodically selling large quantities of tokens, thereby driving the price down.
However, Ripple’s Chief Technology Officer (CTO) David Schwartz has consistently refuted these claims, emphasizing that XRP sales play a vital role in funding the ongoing development and operations.
Can XRP Repeat History?
Despite the current bearish sentiment, several analysts remain optimistic about XRP’s prospects. They point to XRP’s historical price surge in 2017, where the token witnessed a staggering increase of over 48,000%. This dramatic rise, following a period of underperformance, fuels hope for a similar breakout in the coming years.
Market analysts have proposed a range of potential price targets for XRP, reflecting the inherent uncertainty within the cryptocurrency market. Crypto analyst EGRAG has predicted a climb to $27 multiple times. However, other analysts have higher targets, with some setting an ambitious $100 target for the digital asset.
The Path to $100
$100 is significantly higher than XRP’s current price, but multiple analysts have set timelines for XRP to reach this price. Changelly analysts, for example, anticipate XRP hitting $100 by April 2040, with a projected average price of $104.62 and a maximum price as high as $121.18. This forecast suggests a continued upward trajectory for XRP.
Changelly’s analysts believe XRP can also reach the $200 and $300 targets in the same year, with a maximum price of $222.57 in August 2040 and a maximum price of $323.95 in December 2040.
Telegaon, a crypto prediction platform, presents a more conservative outlook compared to Changelly. Their analysis suggests XRP might only reach $100 by 2050, with a maximum price of $105.27, lagging behind Changelly’s prediction by a significant margin.
CoinCodex, a market analysis platform, stands out with a notably bearish forecast for XRP. They predict that XRP will continue its underperformance throughout the current and subsequent cycles, with a maximum price prediction of $2.45 in 2029 and $1.7 in 2030.
However, there are more bullish predictions for XRP, as a prominent analyst recently predicted a rocket rally by Summer, and many others believe a massive rally is imminent.
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