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Ripple Price Prediction 2024: What Now for XRP as SEC Case Reaches End

Last Updated 1 hour ago
Peter Henn
Last Updated 1 hour ago

Key Takeaways

  • There is speculation that Ripple’s XRP could be the next coin to get its own ETF, despite an ongoing court case.
  • Ripple is one of the oldest cryptos around, having come onto the open market in 2014. 
  • Price forecasts for the ripple coin vary.
  • One Ripple price prediction says it can reach $1.53 next year.

Ripple’s XRP cryptocurrency has been in the news  after New York judge Analisa Torres ruled  that the crypto was not a security, so long as it was being sold on a crypto exchange. 

The judge’s ruling, which was made on July 13, 2023, put an end to nearly three years of legal wrangling as the United States Securities and Exchange Commission only partially succeeded in having it dubbed a security.

Judge Torres did find that XRP was a security if its parent company, Ripple Labs, was selling it. That, however, did not stop it from getting relisted by exchanges.

The SEC appealed the judge’s ruling, but this was thrown out in October.

The case could, potentially, affect the SEC’s proceedings against the Binance and Coinbase exchanges.

However, the SEC is still bringing charges against Ripple’s management. The regulator asked  the court to order the company to provide details of audits, sales of XRP to people not working for Ripple, and proceeds from sales of XRP after the lawsuit was filed in 2020.

Ripple was able capitalize on a buoyant market in the last two months of 2023, but has seen a downturn in 2024 so far.

November’s news that the network had upgraded its Ripple Payments platform, together the previous week’s announcements that Georgia’s central bank was to partner with Ripple in its bid to create its digital currency and its acceptance by the Dubai International Finance centre helped spark interest.

SEC tries to get cryptos judged as securities again

After the SEC approved 11 spot Bitcoin exchange-traded funds (ETFs) in January,  speculation mounted over the next crypto to get an ETF. XRP was among the potential coins speculated as being next in line.

One other potentially interesting development came after Ripple CEO Brad Garlinghouse implied that US banks were set to adopt  XRP.

Ripple vs SEC Recent Updates

As the legal battle with the US Securities and Exchange Commission (SEC) nears its conclusion, Ripple (XRP) has taken steps to safeguard certain documents by filing a motion for their sealing and requesting redactions.

Citing concerns for privacy and confidentiality, Ripple aims to shield itself from potential harm that could arise if these documents were to be publicly disclosed.

According  to Ripple’s filing, the company seeks to seal specific documents related to the SEC’s motion for judgment and remedies. They are specifically requesting “narrowly tailored redactions” for the Remedies Motion briefing and certain accompanying exhibits.

Additionally, Ripple is urging for the complete sealing of information deemed “highly sensitive and confidential.” This move underscores the company’s commitment to protecting its interests amidst the legal proceedings.”

On May 16, 2024, XRP was trading at around $0.5169.

Ripple did not respond to a request for comment.

But what is Ripple  (XRP)? How does Ripple work? What is XRP used for? Let’s see what we can find out and also take a look at some of the Ripple price predictions that were being made as of May 16, 2024. 

Ripple Coin Price Prediction

Let’s examine some of the Ripple price predictions made on May 16. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, meaning they can change over time.

2024 2025 2030
Prediction #1 $1.00 $1.53 $3.29
Prediction #2 $0.7378 $1.10 $7.24
Prediction #3 $1.13 $1.33 $3.87

Firstly, CoinCodex  made a short-term Ripple price prediction for 2024 that suggested XRP would reach $0.648816 by May 21 before increasing to $0.627252 by June 15. The site’s technical analysis was bearish, with six indicators sending bullish signals compared to 22 making negative ones. 

Ripple Price Prediction for 2024

CaptainAltCoin  said XRP would drop to $1.00 by December. PricePrediction.net  said Ripple would be worth $0.7378 in 2024. DigitalCoinPrice  said the coin would stand at $1.13 this year.

Ripple Price Prediction for 2025

Moving on, DigitalCoinPrice said Ripple would reach $1.33 in 2025, while CaptainAltCoin thought it would be worth $1.53 then. PricePrediction.net had XRP stand at $1.10 next year.

Ripple Price Prediction for 2030

Looking at a more long-term Ripple price prediction, PricePrediction.net said it would be worth $7.24 in 2030. DigitalCoinPrice said it would trade at $3.87 then. Meanwhile, CaptainAltCoin’s XRP price prediction said it would stand at $3.29 by the start of the next decade.

Google Gemini Price Prediction for Ripple (as of May 16)

Google’s Gemini AI platform gave the following price prediction for Ripple on May 16. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected price: $0.61
  • Factors to Consider:
    • These are predictions, not guarantees. The market can be volatile, and unexpected events can significantly impact the price.
    • The SEC lawsuit against Ripple is still ongoing. Its resolution could significantly affect the price in either direction.

Medium Term (Next six months)

  • Expected price: $2
  • Factors to Consider:
    • Market conditions: The overall cryptocurrency market significantly impacts XRP’s price. If the market thrives, XRP will likely rise alongside it.
    • Regulations: Legal developments surrounding Ripple’s ongoing lawsuit with the SEC could affect investor sentiment and price.
    • Adoption: Increased adoption of Ripple’s technology for cross-border payments could boost XRP’s value.

Long Term (Next five years)

  • Expected price: $2.23
  • Factors to Consider:
    • Market adoption: How widely Ripple is used by banks and financial institutions for cross-border payments.
    • Regulation: The regulatory landscape surrounding cryptocurrency.
    • Overall crypto market performance: The health of the cryptocurrency market as a whole.
    • Supply and demand: The total amount of XRP in circulation and the demand for it from investors and users.

Advantages and Disadvantages of Ripple

Blockchain analytics company Messari recently released its quarterly report on Ripple . In it, they highlighted that it had responded well to the legal rulings and outlined some key advantages and disadvantages of the platform.

They found that in the fourth quarter of 2023, XRP had

  • 30,000 average daily active addresses, down from 66,000 year-on-year and down from 44,000 quarter-on-quarter.
  • 1.4 million daily transactions, steady year-on-year but up from 1.1 million quarter-on-quarter basis.
  • An average market cap of $33.7 billion, up from $27.8 billion both year-on-year and quarter-on-quarter
  • Quarterly revenue of $191,000, up from $59,000 year-on-year and up from $145,000 quarter-on-quarter.

Advantages of Ripple

In its report, Messari said Ripple

  • Works well with NFTs, with the ability to create the tokens built into the core protocol.
  • Is a key player in the drive for governments to create their own Central Bank Digital Currencies (CBDCs).
  • Has been able to develop its ecosystem.

Disadvantages of Ripple

Messari’s quarterly report also said Ripple

  • Did not support smart contracts, computer programs that automatically execute once certain conditions are met. Smart contracts are a mainstay of such blockchains as Ethereum (ETH).
  • Had fewer active addresses.
  • Had seen a decline in average daily payment values.

Ripple price history

Now, let’s examine some of the highlights and lowlights of the Ripple price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Ripple price prediction.

In terms of the Ripple price history, the coin started trading at around $0.005 in 2014, before it reached an all-time high of $3.84 on 4 January 2018, as the world of cryptocurrency was caught up in a significant bubble.

The coin dropped to below $1 in March of that year but was able to break above the dollar during the bull run of early 2021. By early 2022, though, it was back below the dollar and even spent a large chunk of the year below $0.50 as the crypto market suffered a series of crashes.

Ripple in 2023 and 2024

Ripple price history
Ripple in 2023 and 2024. | Credit: CoinMarketCap

There were some encouraging signs in 2023, though. On 1 June, XRP was worth about $0.504. Over the following six weeks or so, following the news that the SEC was suing Binance and Coinbase, Ripple struggled. It fell to $0.4593 on 16 June. The court’s ruling saw it recover to $0.8875 on July 13. After that, it back down, and, on September 11 it was worth $0.4671.

The coin recovered somewhat and, following the rejection of the SEC’s appeal, it cashed in on a blossoming market. By November 6, it was worth $0.7299. It dropped slightly over the following days to trade at $0.59 on November 17. XRP closed the year at $0.6149. Ripple dropped in the new year and, on January 25, 2024, it was worth about $0.5135. A buoyant market saw it rise in March but it slowed later, being worth about $0.5169 on March 12.

Ripple Historical Price Data

Period Ripple Price
May 16, 2024 $0.5169
May 9, 2024 $0.5191
April 16, 2024 $0.4932
February 16, 2024 $0.5628
May 16, 2023 $0.4486
Launch price (August 11, 2013) $0.005875
All-time high (January 6, 2018) $3.84
All-time low (August 11, 2013) $0.005875

Ripple Price Analysis

Ripple Price Analysis
XRP could break past $1, but will it? | Credit: Nikola Lazic/TradingView

Since reaching a peak at $0.73 on March 11, XRP’s price has been falling, bottoming out at $0.42 on April 13 after breaking below its ascending baseline support. It has since stabilized, averaging around $0.50.

Technical indicators on the daily chart, including the RSI and MACD, suggest the downtrend might have concluded on April 13. However, a definitive upward movement would require a breakout above the current descending resistance.

On April 22, XRP attempted to breach this resistance, peaking at $0.57 before going down. The price’s stability around $0.50 following this could indicate bullish sentiment. This is because a significant downturn would probably happen if the prevailing downtrend were still active.

A successful climb above the descending resistance could mark the beginning of a bullish phase for XRP, possibly taking it over $1.

Is Ripple a good investment?

It is hard to say with any certainty right now.

With a market cap of around $37.8 billion at the time of writing, it is the sixth largest crypto by that metric. Unless it suffers the sort of crash that affected the LUNA cryptocurrency last year, it looks like it will be at the higher end of the crypto charts for some time.

As ever, though, the crucial thing before investing in any crypto is to do your research and never invest more money than you can afford to lose.

Will Ripple go up or down?

No one can say with any certainty. Remember that price predictions are very often wrong and that prices can, and do, go down as well as up. 

Should I invest in Ripple?

Before you decide whether or not to invest in XRP, you will need to do your research, not only on Ripple but on other coins and tokens related to international money payments, such as Stellar Lumens (XLM). You should also remember that prices can go down as well as up, and never invest more money than you can afford to lose.

Who are the Founders of Ripple?

Ripple was founded by Jed McCaleb  and Chris Larsen. McCaleb is a software developer and former student at the University of California. Before founding Ripple in 2012, he helped set up the now-defunct Mt Gox exchange and has gone on to found the Stellar (XLM) cryptocurrency. Larsen, meanwhile, has an MBA from Stanford and has been a prominent investor and privacy advocate. Larsen is currently chairman at Ripple, whose CEO is Brad Garlinghouse.

Who owns the most Ripple (XRP)?

The wallet with the most XRP is linked to Ripple itself.

The richest XRP Wallet Addresses

As of May 16, 2024, the addresses with the most XRP were

  • rB3WNZc45gxzW31zxfXdkx8HusAhoqscPn. This wallet had 5,000,000,220 XRP, or 5.00% of the supply.
  • r9UUEXn3cx2seufBkDa8F86usfjWM6HiYp. This wallet had 5,000,000,220 XRP, or 5.00% of the supply.
  • r9NpyVfLfUG8hatuCCHKzosyDtKnBdsEN3. This wallet had 5,000,000,204 XRP, or 5.00% of the supply.
  • rGKHDyj4L6pc7DzRB6LWCR4YfZfzXj2Bdh. This wallet had 5,000,000,201 XRP, or 5.00% of the supply.
  • rHGfmgv54kpc3QCZGRXEQKUhLPndbasbQr. This wallet had 5,000,000,200 XRP or 5.00% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 100,000,000,000
Circulating supply (on May 16, 2024) 55,359,176,420 (55.36% of maximum supply)
Holder distribution Top 10 holders own 47% of maximum supply, as of May 16, 2024

From the Whitepaper

Ripple’s whitepaper  is a technical document that aims to explain what the platform is and what XRP does.

It says that many crypto platforms suffer from being slow because every computer, or node, on the network, has to work at the same time as all the others.

It says: “We present a novel consensus algorithm that circumvents this requirement by utilizing collectively trusted subnetworks within the larger network.

We show that the “trust” required of these subnetworks is minimal and can be further reduced with principled choice of the member nodes.

In addition, we show that minimal connectivity is required to maintain agreement throughout the whole network. The result is a
low-latency consensus algorithm that still maintains robustness in the face of Byzantine failures. We present this algorithm in its embodiment in the Ripple Protocol.”

Ripple (XRP) explained

In 2012 , Ripple Labs, then called NewCoin, created the Ripple payment protocol. The Ripple, or XRP, cryptocurrency powers it.

The idea was to set up a system that allows people to transfer money internationally quickly and simply. While it has not, as some crypto enthusiasts predicted, replaced the Swift/BIC international money transfer system, it has proven to be popular, and it is one of the largest cryptos by market cap.

XRP pays for transactions on the Ripple platform. People can also buy, sell, and trade it on crypto exchanges. 

How Ripple Works

XRP is something a little different from a lot of other cryptos. With most crypto coins, such as, for instance, Bitcoin (BTC), people can validate transactions and secure the network regardless of whether or not they have the approval of the people behind the blockchain. Ripple only allows people who have been approved to do this.

Compared to other blockchain networks, XRP is a lot more centralized. On the other hand, it is, at least in theory, more secure than other platforms.

Something else that makes Ripple – the organization, rather than the crypto – stand out from its competitors is that it is a registered, for-profit company. This contrasts it with a lot of other blockchain organizations, which operate on a not-for-profit basis. 

XRP is not mineable. Instead, every single one of the 100 billion XRPs that will ever exist already does exist. They are released onto the open market every month. As of March 12, 2024, there were about 54.7 billion XRP in circulation.

At that time, there was a total supply of 99,987,824,103 XRP. This implied that just over 12 million XRP had been burned, or removed from the market. Since Ripple does not burn XRP, it is pretty safe to assume that the coin holders had, at some point, burned their crypto. 

Ripple Attention Tracker

Ripple (XRP) Google search volume
Ripple (XRP) Google search volume. | Credit: Google

Here is a chart for Ripple (XRP) Google search volume for the past 90 days. This represents how many times the term “Ripple (XRP)” has been Googled over the previous 90 days. 

FAQs

How many Ripple are there?

On May 16, 2024, 2024, there were 55,359,176,420 XRP in circulation, out of a total supply of 99,987,633,657.

Will Ripple reach $10?

It might do, but not for some time. PricePrediction.net thinks XRP can get there in 2031 while DigitalCoinPrice says it can hit double figures by 2030.

Remember that Ripple’s highest ever price is $3.84, which it reached in January 2018.

What is Ripple used for?

The XRP cryptocurrency helps power the Ripple network. People can also buy, sell, and trade XRP on exchanges.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about this information’s completeness, reliability, and accuracy. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.