Ripple (XRP), a digital currency designed to facilitate real-time, low-cost international transactions, has been in the public eye for quite some time now. Ripple Lab, owners of the XRP token, and its executives have been battling multiple U.S. SEC charges brought against them for nearly four years. As the middle of Q3 is upon us, it is wise to know whether investing in XRP before it hits the $1 mark is a risk worth taking or not. Let’s unpack this together.
XRP’s Current Standing
As of writing, CMC data shows Ripple (XRP) is priced at $0.603, as it tests support. Despite facing a lawsuit from the Securities and Exchange Commission (SEC), XRP has managed to maintain its place in CoinMarketCap’s top ten. This resilience has caught the attention of many potential investors. The market conditions change all the time, but according to the 1-week rating, the buy trend is prevailing, while the 1-month rating shows a strong buy signal, per data from TradingView.
1-day technical analysis signal, Source: TradingView
In contrast, our platform puts XRP price currently at $0.592 and is expected to rise by 6.26% to $0.606 by August 6, 2024. However, our technical indicators suggest it’s a good time to sell, in contrast to TradingView. Although XRP has had a strong month, with 70% of the last 30 days showing gains, the price has tanked moderately, with a volatility rate of 33.20%. In the past 24 hours, XRP has continued to rise, upping by 8.31% from yesterday’s lows. The current market value is sitting comfortably at $33.12 billion, with 55.91 billion coins circulating out of a total possible supply of 100 billion.
Source: TradingView
Price Predictions for 2024-2025
A couple of sources, as expected, have thrown around their XRP price prediction for 2024 going into the coming year. Coinfomania market analysis forecasts that XRP’s price will likely reach a high of $1.37 in 2025 but could also bottom to a low of $0.637. The average value is expected to be around $1.22. Other sources echo similar values. DigitalCoinPrice pins XRP’s price prediction for 2024 to stand at $1.27. This marks a notable increase from its current valuation. Looking further into the future, they paint a gradual rise, forecasting Ripple’s price prediction for 2025 to reach $1.47.
Cryptonews also shares a similar sentiment, predicting that XRP could reach $1.07 by 2025. This represents a potential return on investment (ROI) of 76.86%.
Somewhat contrariwise, InvestingHaven predicts that XRP could realistically aim for price targets between $2 and $4 in the current bull cycle. At the same time, the foremost coin prediction platform, Changelly, expects that at the end of summer 2024, the XRP price will be around $0.730, a far cry from other projections. In August 2024, it concludes that XRP price may drop to a minimum of $0.641.
Is Now the Best Time to Buy XRP?
Investing in XRP is not without its risks. The ongoing legal battle with the SEC is concerning. The SEC views XRP as a security, which has led to regulatory issues. Until these issues are resolved, XRP may struggle to gain traction with investors.
So, is buying XRP before it hits $1 worth the risk? The answer largely depends on your risk appetite. If you’re a risk-taker who believes in the prospects of Ripple’s technology, investing in XRP could be a worthwhile venture. But, if you’re risk-averse, it might be best to wait until the legal issues settle.
