XRP remains one of the most closely watched cryptocurrencies in the market as investors monitor the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).
While XRP has generally followed the overall cryptocurrency market trends, the legal case has put it in a unique position, and investors are interested in how the outcome will affect the asset. The case is projected to conclude this year, making it particularly intriguing to observe XRP’s reaction.
XRP price 2023
Meanwhile, CoinCodex, a crypto tracking platform that employs a self-learning machine algorithm, values XRP at $0.58 on December 31, 2023, indicating a 20% increase from the price of $0.48 on July 2.
The self-learning machine algorithm tool also compared XRP against other important technological innovations and trends is one way of predicting where the asset’s value could head over the long term. In this line, the platform offered potential price growth scenarios for XRP based on the trajectories of the internet, mobile technologies, and large tech companies such as Google (NASDAQ: GOOGL) and Facebook (NASDAQ: META).
XRP price 2024 – 2025
If XRP follows the trajectory of the internet, it could trade at $0.62 in 2024 and potentially reach $0.80 by 2025, up 66% from the current valuation. If it mimics the growth of Google, it could be valued at $0.91 in 2024 and potentially hit $1.42 in 2025, a growth of almost 200%.
Alternatively, if XRP mirrors the trajectory of Meta, it could potentially reach $1.83 by 2024 and $4.08 by 2025. Finally, for mobile growth, XRP could be valued at $0.61 by 2024 and $0.78 by 2025 if it took a similar path.
XRP price drivers
Indeed, the outcome of the SEC case remains a significant driver for the value of XRP. Analysts have argued that a favorable ruling for the blockchain firm could act as a bullish indicator for the token, while an unfavorable outcome could have the opposite effect.
An example of this can be seen in the recovery of XRP after the release of the Hinman documents, as the increasing uncertainty surrounding how these papers could aid the payment giant in its lawsuit against the SEC weighed on the asset.
Apart from the legal challenges in the US, Ripple is relying on key partnerships related to its payment technology as a factor that could drive the valuation of XRP. For instance, CEO Brad Garlinghouse has mentioned that the company is experiencing interest from other parts of the world, with recent announcements of its expansion into Dubai.
Despite the legal obstacles, XRP has emerged as the third most-traded cryptocurrency in terms of trading volume and market depth in Q2 2023, trailing behind Bitcoin (BTC) and Ethereum (ETH).
XRP price analysis
In recent weeks, XRP has faced overwhelming bearish sentiment as the cryptocurrency has struggled to regain the $0.50 resistance level. At the time of writing, XRP is trading at $0.48, experiencing a modest daily gain of approximately 2%. However, on the weekly chart, XRP has witnessed a decline of nearly 3%.
According to technical analysis data obtained from TradingView, the one-day indicators present a neutral outlook with a rating of 10. The moving averages and oscillators also align with this neutral sentiment, scoring 1 and 9, respectively.
In general, XRP’s growth will also likely mirror the overall market movement away from the legal dispute.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
