- XRP reached a new 2024 high, surpassing Solana and USDT to become the third-largest cryptocurrency.
- Analysts forecast its potential climb to $4.8, with strong investor confidence driving its rally.
- Ripple’s innovations, including the RLUSD stablecoin and ETF prospects, fuel optimism for continued growth.
Ripple’s XRP has electrified the cryptocurrency market, soaring to a new 2024 high amid growing optimism over crypto-friendly policies under the incoming U.S. administration. On December 1, XRP surpassed Solana in market capitalization and subsequently overtook Tether’s USDT, solidifying its position as the third-largest cryptocurrency by market cap.
Data from TradingView shows the cryptocurrency peaked at $2.5 on December 2 and later settled at $2.29, riding on a massive 364% rally in November. Analysts now forecast a potential climb to $4.8 or beyond, signaling robust investor confidence.
Analysts Predict Continued Rally for XRP
Javon, a prominent analyst, noted in a December 2 update that the cryptocurrency has hit his predicted $2.47 target. He suggested that breaking and holding above this threshold could propel the token toward $4.804, hinting at sustained upward momentum.
Meanwhile, Dark Defender, another well-known analyst, took a more measured approach. He highlighted Fibonacci levels, identifying $4.11 and $5.85 as key targets if it maintains its support at $2.13 and $1.88. This blend of optimism and caution underscores the growing attention on XRP as a dominant player in the altcoin space.
The token’s recent 75% weekly gain has further distinguished it from competitors like Ethereum, reigniting calls for a spot exchange-traded fund (ETF). Such a product could bring increased institutional interest and market stability, further strengthening its position.
Ripple’s Expanding Projects Fuel XRP’s Growth
Three major firms—Bitwise, Canary, and 21Shares—have already filed applications for a spot XRP ETF. Nate Geraci, President of ETH Store, anticipates additional filings as interest in XRP-based investment products surges. Pro-XRP advocate Jeremy Hogan also weighed in, predicting that a spot ETF could materialize by mid-2025. This optimism coincides with Ripple’s ongoing innovations, including its RLUSD stablecoin project, which could be a game-changer for cross-border payments.
Fox Business recently reported that the New York Department of Financial Services (NYDFS) might approve Ripple’s RLUSD stablecoin, with a potential launch as early as December 4. Ripple has stated that the stablecoin will complement XRP in its payment solutions, likely fueling the token’s continued price growth.
As Ripple breaks barriers and pioneers new projects, XRP appears well-positioned for its next milestone, with $4.8 becoming an increasingly attainable target. This remarkable journey reflects both the community’s trust in Ripple’s vision and the market’s recognition of its transformative potential.
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