In the aftermath of Ripple’s latest legal triumph against the US Securities and Exchange Commission (SEC), which saw the official dismissal of longstanding charges, the crypto world is abuzz with anticipation.
As we enter the final period of 2023, Finbold sought insights from financial and crypto experts regarding XRP’s (XRP) price outlook for 2024.
The analysts’ opinions, gathered by Finbold on October 24, were marked by a diverse range of forecasts for the crypto token’s potential price trajectory. These predictions spanned from bullish optimism to more cautious, tepid outlooks, reflecting the intricate interplay of various influencing factors.
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Dom Farnell, co-founder of The Investors Centre
One of the finance experts who shared his predictions on XRP’s 2024 predictions was Dom Farnell, a co-founder of The Investors Centre.
The crypto specialist said XRP remains “one of the most exciting altcoins on the market,” adding that it is “a matter of time before we see a new all-time high (ATH) for this token.”
“XRP is in what I like to call a holding phase, we saw a very exciting climb to over $0.80 in mid-July for it now to have corrected itself back down to roughly $0.55.”
– said Farnell in his response to Finbold.
Looking ahead, Farnell said he does not see “much movement for XRP in the coming months,” and instead predicted the cryptocurrency to continue trading between $0.5 and $0.6.
The expert noted that XRP’s “die-hard supporters” will keep the token’s price propped up, however, there will not be much new investment coming in either as investors “will immediately be put off by upcoming court cases, and also the relatively high position it holds in the market cap rankings.”
Gillian Dewar, CFO of Crediful
Meanwhile, Gillian Dewar, Chief Financial Officer (CFO) of personal finance site Crediful believes XRP’s price course in the coming months mainly depends on on whether major institutions adopt the currency for global transactions and if the market starts a bull run, “which would effectively raise XRP rates.”
“On the conservative end, we may see increases in XRP into the $0.60 range, but that number could rise up to $1.00+ if these factors play out right.”
– Dewar added.
Laurens Yarpei, founder of ReallyNeedCash
Laurens Yarpei, financial expert and founder of the personal finance website reallyneedcash.com believes the final outcome of the SEC-Ripple dispute is the single biggest factor that will impact the XRP’s price.
In the meantime, other factors that are capable of influencing the crypto asset’s trajectory are developments related to institutional adoption of the token, and the overall state of the broader cryptocurrency market.
“Given all of these factors, it is difficult to predict the exact price of XRP at the start of 2024. However, some financial experts believe that XRP could reach a price of $1.50 to $2.00 by the start of 2024.”
– noted Yarpei.
XRP price analysis
At the time of publication, XRP was sitting at $0.58, up more than 9.6% in the past 24 hours.
The cryptocurrency gained more than 18% over the past seven days and around 14% on the month, propelled by the positive market developments, including Bitcoin’s (BTC) latest pump.
XRP’s newest upturn created a unique opportunity for Ripple to move an additional 70 million tokens ($38.5 million) prior to what could turn into another major sell-off. If that happens, XRP could come under fresh pressure from the bears and possibly lose some of its latest gains.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
