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Is a $1,000 XRP Price Possible? Here’s What Experts Say
Published
3 months agoon
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adminThe XRP community has gone into a frenzy about a possible XRP price following a tweet by the digital currency platform Uphold that hinted at nothing but “XRP just hit $1,000. What are you tweeting?”
This unsurprisingly drove excitement but also raised eyebrows in skeptical crypto circles where such predictions do not go without heated debate.
XRP Price Surge: Can it Hit $1,000 as Predicted?
At the time of writing, XRP price was jumping above the $0.60 level. That said, the digital asset seems to display strong momentum as it stands 3.6% in gains week-over-week and up 11% month-over-month. Still, XRP remains 84% off of its ATH and lags most major crypto assets year to date.
However, it all began last year, in November when one of the most popular financial blogs, WallStreetBulls, chipped in with its own audacious prediction.
It confidently said:
“XRP reaching $1,000 was no more an unreachable dream and it could well happen within a few months if not weeks. #XRP #CryptoRevolution.”
Also, a recent commentary from Crypto Tank, a noted personality in the XRP community, once again brought to light the probability of XRP going up to $1,000. Crypto Tank said critics may undervalue the significant utility of XRP, especially in the global financial systems.
Skeptics Call Out “Gaslighting” as Price Prediction Sparks Debate
Clearly, not everyone is as confident about the potential of XRP.
Vocal skeptic JO rebutted:
“You really think it will jump from a $33 billion to a $100 trillion market cap overnight? That’s 20 times Apple’s value and 90 times Bitcoin’s. Stop the gaslighting! Let’s get it to $1, or maybe $5-$6.”
Therein lies perhaps the greatest doubting factor in the crypto space: how did such a great leap in XRP price even occur? This would indicate that the market cap surges past $100 trillion to $1,000, which would easily overshoot some of the world’s biggest companies and leading cryptocurrencies.
Just for comparison, Apple’s current market capitalization is sitting at approximately $3.30 trillion, with Bitcoin, the largest cryptocurrency, sitting at approximately $500 billion. That shows just how much more XRP would have to go to reach a value of $1,000 and points out its significant challenges.
What Could Spur $1000 Growth?
Although $1,000 might be considered ambitious for some when it comes to XRP price, several aspects could push for such growth. Digital currencies have shown that their prices can surge to extreme highs due to good sentiments, changes in technology, or even institutional investments, just like Bitcoin did with Microstrategy.
Such a valuation could be reached only in the case of more than just the right market conditions coming into play; it would likely take a change in how financial systems work around the world. XRP would need to be even more deeply integrated into cross-border transactions and banking infrastructure than it currently is. Just recently, Ripple-partner SBI Holdings announced its participation in Project Agora, a joint initiative led by the Bank for International Settlements (BIS) and seven central banks. This development has gone well within the XRP community, in part due to speculation of its potential integration or alignment into a unified ledger initiative in cross-border payments.
From the tweet to the follow-up post by WallStreetBulls, there is increased confidence in XRP eventually changing the game in finance. At the same time, as JO has mentioned, even a $1 or $5 target will be worth an achievement for any XRP holder.
Therefore, understanding how XRP can achieve unparalleled valuations calls for a critical look into the current global financial systems and their possible benefits from the adoption of XRP.
The Meaning of SWIFT in the Whole Story
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication and forms a basic backbone for cross-border transactions, processing an average daily messaging volume of $5-$7 trillion. SWIFT only handles the messaging portion, and actual settlements take place through separate systems, such as TARGET2 in the EU and FEDWIRE in the United States.
Yet, its current structure leaves a lot to be desired in terms of speed and costs, where messaging fees for transactions range from $20 to $50, and settlements may take days.
Also, just recently, Crypto Tank, one of the many analysts in the crypto sphere has commented on the trajectory of the XRP price, stating he sees XRP reaching $100 in valuation if it captures 10% of the daily transaction volume from SWIFT.
By contrast, the addition of RippleNet could enable an entire transaction-to-settlement process to be completed in seconds at a fraction of that cost, thus saving banks hundreds of billions of dollars in fees annually.
Would Selling Your XRP Be Retarded?
While this movement of the XRP price has been frustrating for holders of the asset, according to Crypto trader analyst Alex Cobb, the asset is very well positioned for a macro breakout this cycle. He says this is a bad investment decision for those selling XRP now, calling it “retarded.” Cobb mentioned several key indicators that signal the bullish sentiments of XRP, like the latest breakout of the crypto above a long-standing resistance level on the monthly chart. Just recently, crypto analyst Tony Edward agreed with Cobb and said that the XRP bull run could begin soon.
Cobb, on the other hand, also points to the fact that the XRP/BTC has bounced off its historical low in July, a sign of strong recovery against Bitcoin as evidenced by several weeks of positive closes. He adds, “The market dominance of XRP bounces back, and has risen 1.10% in the week and 11.9% in the last month.”.
He even points out that a trendline that has been constraining the XRP price for almost seven years has been broken, and the asset is now free to rise. Besides this, he says speculation of a possible XRP ETF will increase demand and drive prices higher. Finally, he mentions the recent resolution of the SEC case against Ripple, which many XRP enthusiasts have felt was the main thing holding the asset’s growth back. With these drivers set in motion, Cobb thinks XRP is ready for a strong uptrend.
Realistic Path to $1000
The possible XRP price is very much intertwined with its use case: enabling high-value transactions on the XRP. It needs to appreciate in value to assume such volume on the blockchain it accommodates. Currently, the circulating supply of XRP stands at approximately 56 billion tokens. This figure is believed to be misleading because Ripple has maintained about 39 billion tokens in escrow; many more are held by retail investors, whales, and financial institutions.
The supply that may be actually used for transactions could be well below what’s reported, since not much XRP is needed to be used in a liquidity pool. If 10 billion XRP were dedicated to being used for liquidity, having a price of about US$100 per token would accomplish a US$1 trillion liquidity pool. This figure will increase even more as more and more financial organizations start working with XRP, and by then, XRP can easily reach the so-feared $1,000 price.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Moonpay In Talks To Acquire Coinbase Commerce Rival Helio
Published
3 hours agoon
December 23, 2024By
adminMultinational financial technology firm Moonpay is reportedly in talks to buy Helio as it looks to bolster its crypto service offerings. According to a scoop shared by Fox Business journalist Eleanor Terrett, the Helio deal is worth about $150 million. If successful, this will mark the largest acquisition made by the Miami-based firm since its inception.
Moonpay and Helio as the Power Duo
While much detail has not emerged regarding the terms of the deal, many in the ecosystem are already weighing the potential. Notably, Helio will enable Moonpay to compete directly with Coinbase Commerce as a self-service crypto payments outfit.
Helio enables content creators and ecommerce merchants to get paid for their products and services using crypto. Among the available products includes Solana Pay, the payments engine powering the DexScreener platform. As Terrett highlighted, the Solana Pay outfit is also integrated into Shopify.
🚨SCOOP: @FoxBusiness has learned that #crypto payment services provider @moonpay is in talks to acquire @helio_pay for an estimated $150 million. This would be MoonPay’s largest acquisition to date.
Helio is a Coinbase Commerce alternative providing a self-service crypto…
— Eleanor Terrett (@EleanorTerrett) December 23, 2024
Moonpay occupies a unique role in the crypto ecosystem. It currently powers a lot of crypto payments services with an extensive partnerships record. As reported by Coingape in October, it landed a Venmo partnership to enable crypto access to 60 million users worldwide.
With crypto adoption growing, the need for more merchant integrations have grown considerably. Moonpay is among the infrastructure firms benefitting from these growth and Helio might help amplify this.
Growing Corporate Investments in Crypto
Since the victory of Donald Trump as president-elect last month, the corporate alignment has increased. Suddenly, companies are beginning to revamp their investment strategies in a bid to benefit from the potential incoming pro-crypto administration.
From Justin Sun investing $30 million into World Liberty Financial to Tether’s latest $775 million investment in Rumble, firms are largely diversifying their portfolios.
While M&A activities beyond the potential Moonpay deal might appear too formal, the presence of Bitcoin and Ethereum-based ETF products is removing entry barriers for firms.
BlackRock invests in IBIT, setting a precedent for state pension funds to also join the trend. Asset management firms are doubling down on other crypto ETF products to grant firms more access to gain exposure to the crypto industry.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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5 Tokens Ready For A 20X After Solana ETF Approval
Published
7 hours agoon
December 23, 2024By
adminThe US Securities and Exchange Commission (SEC) looks likely to approve a Solana exchange-traded fund (ETF) under Donald Trump’s administration. With this Solana ETF approval looking imminent, there are tokens that are ready to enjoy a 5x price increase once this happens.
5 Tokens That Could 20x After A Solana ETF
Bloomberg analysts recently suggested that a Solana ETF could launch at some point next year, although the exact timing remains uncertain due to some complex legal issues. Ahead of this potential launch, these are 5 tokens that could witness a significant price increase after the SEC approves a Solana ETF.
Jupiter (JUP)
Jupiter (JUP) is one of the tokens that is ready for a 20x price increase after a Solana ETF approval. The JUP price is in a good position to benefit from such bullish development, considering its status as one of the top Solana coins.
As such, the DeFi token will likely witness a parabolic surge on the back of an ETF approval. Crypto analyst Altcoin Scholar predicted that JUP could rally to $10 or higher in this bull run.
NebulaStride Token (NST)
NebulaStride Token (NST) is in a good position to witness a significant price increase after a Solana ETF approval. This ETF approval provides a bullish outlook for the crypto and NST, as a newer token, could enjoy one of the most gains.
As a newer token, NST could even record more than a 20x price increase since it has more room to run to the upside than these older coins. the token’s fundamentals also provides a bullish outlook for its as NebulaStride is revolutionizing the finance space.
Render (RENDER)
Render (RENDER) is another top Solana coin that is ready for a 20x price increase after a SOL ETF approval. The token already boasts a bullish outlook based on its ties to the artificial intelligence (AI) narrative.
Meanwhile, from a technical analysis perspective, crypto analysts have suggested that RENDER is well primed for a parabolic surge. In an X post, crypto analyst Exotrader predicted that the AI coin couuld rally to as high as $24 as long as it holds the $6.9 support level on the weekly close.
Bonk (BONK)
Bonk (BONK) has become more than just a meme coin in the Solana ecosystem. The top meme coin has gained several use cases and even boasts an exchange-traded product (ETP).
Meanwhile, it is worth mentioning the upcoming BONK token burn with 1 trillions coins set to be burnt. With this 1 trillion token burn on the horizon, the meme coin eyes a $0.11 price target.
XRP
XRP looks like an obvious play if the SEC were to approve a Solana ETF, especially if this approval comes before the one for an XRP ETF. In a scanario where a SOL ETF gets approved an XRP ETF, XRP will likely witness a 20x price increase as traders anticipate the XRP ETF next.
Moreover, crypto analysts have already provided a bullish outlook for the XRP price. One of these analysts is Dark Defender who predicted that XRP could rally to as high as $18 in this market cycle.
Conclusion
A Solana ETF approval is undoubtedly bullish for JUP, NST, RENDER, BONK, and XRP. These coins, most especially NST, are ready to enjoy a 20x price increase once these SEC approves the SOL ETF.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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BTC Risks Falling To $20K If This Happens
Published
10 hours agoon
December 23, 2024By
adminBitcoin News: A recent report from The Kobeissi Letter hints at a potential BTC crash to $20,000 in the coming few weeks. The report cited Bitcoin’s relation with the global monetary supply, saying that if the crypto continues to move in tandem, it could witness a massive dip ahead. Besides, it also comes amid highly volatile trading noted in the broader crypto market, with the flagship crypto falling below the $100K mark recently.
Bitcoin News: Why BTC Can Crash To $20K?
In the latest Bitcoin news, the crypto could face a significant correction, potentially dropping to $20,000 in the coming weeks, The Kobeissi Letter said. The report highlights Bitcoin’s historical tendency to mirror global money supply trends, suggesting a steep decline might be on the horizon. The analysis revealed a close relationship between Bitcoin prices and global monetary supply, with BTC often reacting with a 10-week lag.
As global money supply peaked at $108.5 trillion in October, Bitcoin hit an all-time high of $108,000 recently. However, a subsequent $4.1 trillion drop in money supply to $104.4 trillion, its lowest since August, raises concerns about Bitcoin’s near-term trajectory.
Meanwhile, The Kobeissi Letter raised concerns over the potential crash ahead. They noted, “If the relationship still holds, this suggests that Bitcoin prices could fall as much as $20,000 over the next few weeks.” Notably, this prediction comes amid heightened market volatility, with BTC recently slipping below the psychological $100K mark. Such movements have amplified fears of a broader selloff in the crypto market, which has already faced pressure from global economic uncertainties.
What’s Next For BTC Amid Bearish Sentiment?
The latest positive Bitcoin news and strong rally this year showcased its resilience but this potential correction could pause its bullish momentum. Traders and investors are now closely monitoring macroeconomic factors, including shifts in monetary supply, which could significantly impact BTC’s performance. However, the question remains whether Bitcoin will defy this predicted trend or align with historical patterns.
If the BTC crash occurs, it would mark a critical juncture for the cryptocurrency market, testing Bitcoin’s role as a safe haven in uncertain times. For context, Robert Kiyosaki has recently hinted towards a looming economic depression, while urging investors to buy Bitcoin amid the economic turmoil.
However, popular crypto market expert Rekt Capital also said that the crypto “has confirmed a Bearish Engulfing Candlestick formation”, highlighting the bearish momentum in the market.
In a separate post, the analyst said that BTC has lost its weekly support and its 5-week technical uptrend is over. Considering that, the expert warned about a potential multi-week correction for the crypto ahead.
However, despite that, the institutional interest remained strong for the crypto. For context, Matador has recently revealed its plan to buy $4.5 million in BTC this month. On the other hand, MicroStrategy also continued its buying trend, indicating strong market interest.
Meanwhile, BTC price today was down more than 1% to $94,430, while its one-day trading volume jumped nearly 34% to $54.39 billion. Notably, the crypto has touched a high of $97,217 over the last 24 hours. In addition, a recent Bitcoin price analysis highlights three potential reasons that could help in ending the bearish momentum ahead.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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