In a significant turn of events, XRP has experienced an astonishing 400% surge in its price during November 2024, elevating it to the position of the third-largest cryptocurrency by market value. Reaching a peak of $2.42 before stabilizing around $2.35, this impressive growth is a result of several positive developments surrounding Ripple and XRP. Discussions of XRP ETFs, the launch of a stablecoin, and potential IPOs suggest a promising future for this digital asset.
Investor Confidence in XRP’s Long-Term Potential
Recent data from Santiment indicates a notable increase in investor interest, with wallets holding between 1 million and 10 million XRP coins acquiring over 679 million tokens within just three weeks. Furthermore, the number of wallets holding XRP has surged to a new record of over 5.5 million. These indicators reflect a growing confidence among significant investors in XRP’s long-term potential, making it an attractive asset for acquisition.
What Experts Are Saying
Dan Tapiero, a renowned investor, has commended XRP’s recent performance, emphasizing that the market had previously underestimated its potential. He attributes the 400% price increase not to mere chance, but to XRP’s robust fundamentals. Tapiero suggests that with its newfound momentum, XRP is poised to be an excellent investment opportunity in the coming months.
Raoul Pal, CEO of Real Vision, has also revised his stance on XRP. Earlier in 2024, Pal had dismissed XRP and Cardano (ADA) as “old cult coins” and advised investors to steer clear. However, witnessing XRP’s extraordinary rally and its growing influence in the market, Pal now acknowledges his earlier misjudgment. In a series of posts, Pal highlighted the evolving market conditions and developments surrounding XRP, dubbing its recent rise as the “Banana Zone,” a playful term denoting a phase of explosive growth. His comments suggest a newfound recognition of XRP as a major player in the crypto space.
Ripple’s Legal Wins Are Key
Tapiero further notes that XRP’s ascent is partly due to overcoming significant regulatory challenges. Ripple’s recent legal victory, where a judge ruled that XRP is not a security akin to stocks, and the subsequent reduction of SEC fines from $2 billion to $125 million, have alleviated legal uncertainties and bolstered investor confidence.
Additionally, the announcement of SEC Chairman Gary Gensler’s impending resignation in January 2025 is anticipated to lead to more favorable regulations for cryptocurrencies. An exciting development on the horizon is the expected approval of Ripple’s stablecoin, RLUSD, pegged to the U.S. dollar, set for December 4.
What Lies Ahead for XRP?
With Bitcoin hovering around the $95,000 mark, the overall cryptocurrency market sentiment remains positive. XRP, currently maintaining strong support levels, continues to attract buyer interest. Should XRP remain above $2, its next target is projected to be $5. Many analysts believe that this could merely be the beginning of a much larger upward trend for XRP.
