XRP, a native cryptocurrency of the Ripple network, has had an abysmal run for more than half a decade. Despite being a native currency of one of the oldest blockchain networks and finding itself in the top 10 crypto assets, XRP has been underperforming long since hitting an all-time high in January 2018 when its value just reached above $3.
Ahead of the much-anticipated post-halving 2024 rally and bull run, market analysts are speculating whether XRP will finally see the much-needed push or it will turn into another dead crypto asset lost in the abyss forever.
XRP’s blockchain network ‘Ripple’ was launched as an XRP ledger in 2012 and even today, it has the lowest transaction cost than most of its contemporary blockchain networks. Despite being termed time and again as a dead asset, XRP keeps rising as a phoenix in headlines with the recent news of its feud with the SEC and the potential upcoming IPO.
We will now examine how far the XRP price could soar in the near future as altcoins are anticipating another bullish run post-Bitcoin Halving 2024.
History of XRP
The blockchain network was first launched as XRP Ledger in June 2012, it later changed a few names (NewCoin and OpenCoin) and became Ripple in 2015.
It is even older than Ethereum but its existence in the crypto space is often neglected due to a lack of use cases other than sending transactions or any significant developments. However, XRP has always found a place in the top 10 crypto assets besides BTC, ETH, and other leading crypto assets.
XRP Price Analysis For 2024
According to data from Coinmarketcap, XRP has gained 16% since the past year, which is far behind an average surge of 120% of top 10 crypto assets. The all-time high for XRP price is $3.8 which it recorded back in January 2018.
However, while every major cryptocurrency retested its all-time high in the past cycle of 2020 and 2021, XRP did not even break 50% of the previous high. In the past cycle peak, XRP roughly touched $1.96 in April 2021 and since then it has never seen the same level.
If we calculate the potential spike using the diminishing gain, XRP’s 2021 bull run top was 258% away from its all-time high of 2018, hence in this cycle, the probable price we get is around $0.57, which it is currently trading.
It will be all in vain to say that XRP will reclaim its all-time high in the 2024-2025 run but if it manages to raise the IPO successfully, the price breakout could be massive.
Is XRP Dead?
According to its explorer data, there are over 5 million XRP holders on Ripple and it generates approximately $16 billion monthly trading volume across all the markets. Considering this massive activity around XRP, it would be unreasonable to say that XRP is a dead cryptocurrency.
Although major market dynamics are taking a strong stance against Ripple, XRP – as a top-positioned crypto asset – does not seem to be losing its relevance anytime soon.
There are also concerns about the factors mentioned earlier like the security case with the SEC and the utility issues. The next few months are inevitably going to change the current market dynamics in the cryptocurrency ecosystem.
All major assets including XRP are going to be impacted by the massive attention the industry will receive following Bitcoin halving and Altseason. As one of the oldest cryptocurrencies, if XRP fails to reach any higher level while coinciding with the spikes in major crypto assets, it will surely be considered an upset without any doubt. This upcoming cycle will decide the fate of XRP and hopefully, it will come back stronger.
Also read: Ripple Fights Back Against SEC’s Proposed $2b Fine
FAQs
Is XRP a dead crypto asset?
XRP could not be labeled as a ‘Dead crypto asset’ because it is still among the top 10 crypto assets with 4.6% of the total market cap.
Can XRP price break all-time high in 2024?
The all-time high for XRP price is $3.1 which was recorded in 2018. In the past cycle, XRP failed to break the previous high so market analysts are unsure if it will break the ATH in 2024.
