The Ripple-backed token XRP has the potential to overcome its current growth stagnation, with long-term forecasts setting a lofty target of $500. The favorable outcome of the legal standoff between Ripple and the US Securities and Exchange Commission (SEC) and general market trends will be paramount in determining whether XRP can achieve this lofty goal.
XRP predicted to exceed $500
Changelly analysts released a report on Tuesday highlighting XRP's historical price trends and growth potential in the coming years.
Analysts provided a technical overview of the XRP price and noted that bearish signs are outweighing bullish signs. Bearish indicators account for about 69%, while bullish sentiment accounts for 31%.
Despite this observation, analysts are assuming a parabolic rise in XRP in the coming decades. “There is a good chance that we will see XRP go to the moon again in the future.” That's what the exchange said. We expect the price of XRP to average $563.32 by 2050. Additionally, the predicted trading range consists of a maximum value of $634.05 and a minimum value of $533.85. Reaching these levels would be a remarkable feat for XRP, which has been in the doldrums for years.
Will XRP break the $1 barrier next year?
Analysts shared detailed predictions for XRP price from 2024 to 2025 in the report, showing that the sixth-largest digital asset could soar to an average value of $0.603 in February 2024. It suggested that the expected minimum and maximum trade values could be $0.537 and $0.669. Each.
Experts believe that XRP could reach an average price of $0.637 by March 2024, with a price range of $0.732 to $0.542. They expect the asset to then decline slightly around April and May, with average values of $0.549 and $0.556, respectively.
The exchange further stated that the XRP price could fluctuate between $0.549 and $0.583 through September, and eventually find a bottom around $0.566. Market experts expect the token's price to rise gradually from $0.638 in October and reach $0.817 by December.
XRP is predicted to return to the $1 price level in 2025, its highest since 2021, with an average price of $1.12. Analysts expect the cross-border payments coin to break above its lifetime peak of $3.40 and trade at an average price of $7.30 by 2030.
According to data from CoinGecko, XRP has gained more than 4.7% in the past day and is currently trading at just over $0.5867. This comes after Bitcoin (BTC), the world's largest and oldest cryptocurrency, surpassed $60,000 for the first time since November 2021.
