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XRP Price Prediction: The Growth Myths That Should Be Debunked

Mark Brennan
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XRP Price Prediction: The Growth Myths That Should Be Debunked

The multiple XRP price prediction scenarios have projected the token to soar to ambitious price heights in the future, but some thresholds might be impossible to reach.

One consensus within the XRP ecosystem is that its price is lower than its true worth, leading to analysts issuing several lofty price targets on the coin. Some of these price targets are as high as $30, as expectations of XRP’s integration in global finance mount.

As these XRP price prediction cases dominate the scene, a recent column on Forbes Advisor detailed how some of these lofty expectations might be too much of an ask for the cryptocurrency. 

Why XRP Can’t Overgrow

Throughout its history, XRP has seen different price fluctuations characterized by visible bullish spikes and elongated periods of drawdowns. Amid this, the coin touched an All-Time High (ATH) of $3.84 on January 4, 2018, setting a peak for a rally that started in 2017.

To lend insights into the multiple XRP price prediction cases, Grzegorz Drozdz, a market analyst at Conotoxia revealed why a $30 price mark is unrealistic for XRP.

He noted that with the coin having a total supply of almost 100 billion, a $30 XRP will imply a $3 trillion market valuation, a figure that is not just double the combined crypto market cap, but will also make it one of the most valuable assets in the world, only behind Gold and Microsoft.

Though insane price jumps are not uncommon in the industry, assets in the Web3 world also conform to the laws of economics. To Drozdz, XRP has both bullish and bearish fundamentals that can both make or mar its growth in the long term.

On the bullish front, he projects the growing popularity of the coin and the possible positive end to the SEC lawsuit that might help uplift the coin. On the bearish end, he believes a likely drawdown in the broader market could depress XRP’s price in the long term.

The XRP ETF Sentiment

One of the major factors fueling the optimism in the XRP ecosystem is the projection that an exchange-traded fund (ETF) will be inbound sometime in 2024 or 2025.

While no company has currently filed an application for this product in the US, Ripple Labs CEO Brad Garlinghouse is not discounting the possibilities of massive influx of alternative ETFs beyond Bitcoin.

Notably, the hype in the XRP ecosystem has not helped reboot the price and market capitalization of the coin both of which are down by 1.85% in 24 hours to $0.5359 and $29,264,535,041. Trading volume is also down by 19.20% to $1,026,443,341.

Banker Faces Heat for Unfulfilled XRP to $500 Forecast

Abdulkarim Abdulwahab
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Banker Faces Heat for Unfulfilled XRP to $500 Forecast

An Operational Specialist from Citi is facing criticism from the crypto community due to her unfulfilled bold prediction that XRP could reach $100 to $500 within seven months.

In a recent post,  X user “Scam Detective” called out Shannon Thorp, an Operational Specialist at Citi, for her daring forecast of XRP attaining a triple-digit value within a seven-month window.

Scam Detective highlighted that there is just about a week left before Thorp’s “near term” four-to-seven timeline concludes. However, XRP, which should be trading between $100 and $500 by now, as the banker suggested, still struggles at around $0.5369.

The commenter posed a sarcastic question to the community, asking whether they believe XRP can miraculously surge by 18,500% within the next few days to fulfill the banker’s prediction.

Furthermore, Scam Detective pointed out the popularity that Shannon Thorp’s post had garnered since making the daring XRP projections. Specifically, the post has been viewed at least 1.8 million times. 

The critic lamented that the fact that Thorp worked for a prominent financial institution “lent credibility to her poor prediction.”

XRP to $500 Forecast

In her analysis, Thorp challenged the relevance of historical trends in predicting XRP’s future price. She argued that chart analysis has historically been unreliable and will continue to be so in predicting XRP’s price. 

Additionally, Thorp contested the perspective of those who forecast XRP’s price based on utility and Ripple partnerships, suggesting that such approaches are also flawed.

Significantly, the foundation of the banker’s $100 to $500 forecast lies in her belief that XRP’s current supply cannot meet the demands of financial institutions for settling cross-border payments if the asset remains at a low price. 

Thorp asserted that since the cross-border payment market is valued in the multi-trillion dollar, XRP needs to have a higher valuation to address these demands effectively.

Interestingly, the banker had mentioned that her $500 projection was even a conservative estimate. Besides, she challenged critics who pointed out deficiencies in her analysis.

Will XRP Surge 93,027%?

At press time, Thorp has not provided an update response on her $500 projection. 

With XRP currently trading at $0.5369, achieving a $500 value within the next seven days would necessitate a staggering 93,027% surge in the asset’s price, a price growth that appears unfeasible.

XRP Ledger Currently Developing Native Lending Protocol

Sam Wisdom Raphael
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XRP Ledger Currently Developing Native Lending Protocol

The XRP Ledger (XRPL) is on the verge of welcoming a financial market protocol, as data confirms the ongoing development of a native lending protocol for the blockchain.

Panos Mekras, co-founder of Anodos Finance, recently called the XRPL community’s attention to the development, citing information from a presentation carried out by Luc Bocahut, Product Director and Solutions Architect at XRPL Commons.

In the presentation, Bocahut spotlighted the XRP Ledger’s history and the constant improvements the network has witnessed since its inception in 2012. These include the support for non-fungible tokens (NFT), which came up in September 2022 following the implementation of the XLS-20 amendment.

The XRPL Commons Product Director further pointed out that the XRP Ledger features a native decentralized exchange (DEX), a token asset control mechanism, features for advanced payments, issued assets, and now, non-fungible tokens.

XRPL Set to Feature DeFi Lending

As the commentary on the network’s development progressed, Bocahut presented a slide highlighting the features that are already up for voting and those undergoing development. One of these features under development is a lend/borrow protocol.

Notably, such a protocol would facilitate the implementation of a lending feature native to the XRPL, allowing users to lend their tokens for yield generation or borrow assets. Decentralized lending is one of the most utilized forms of DeFi, with AAVE and MakerDAO leading the market.

However, decentralized lending typically features the use of smart contracts in which users deposit their tokens. Nonetheless, the XRP Ledger currently does not support smart contracts despite its rival Stellar recently welcoming its first smart contract this week.

The Hooks protocol from the XRPL Labs, which looks to introduce the functionality of this smart contract to the XRPL, has not enjoyed broad acceptance due to perceived risks, according to Ripple’s CTO David Schwartz. This has delayed the launch of smart contracts on the network.

However, data from Bocahut’s slide suggests that the upcoming XRPL lending protocol would work without smart contracts. This entails that the protocol would not have to wait for the implementation of smart contracts before deployment.

Bolstering DeFi Functionality on the XRP Ledger

Panos Mekras emphasized that the launch of a DeFi lending protocol on the XRPL would move in the direction of bolstering DeFi functionality for the network. The native XRPL DEX and the upcoming AMM feature are two protocols that further solidify this move.

Notably, the XRPL is in a constant state of evolution. This evolution comes from pivotal developments that introduce new features to the network. The developments can be facilitated by any of the numerous builders on the blockchain, including XRPL Labs and Ripple.

Once an XRPL builder introduces a development, they must present it to the XRPL community for discussion. Following these discussions, the builder could then propose a PR and put the feature up for voting as an amendment. It gets implemented when the amendment attains 80% validator consensus for two weeks.

As of press time, the lending protocol is still undergoing development, with little details on its nature and the entity behind it. Following its development, the protocol would be subject to public discussion, where useful information on its nature would become public knowledge.

Reddit Now Holds Bitcoin, Ethereum, and Polygon On Its Balance Sheet

Mark Brennan
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Reddit Now Holds Bitcoin, Ethereum, and Polygon On Its Balance Sheet

Ahead of its initial public offering (IPO), Reddit has disclosed its cryptocurrency holdings, with Bitcoin, Ethereum, and Polygon on the company’s books.

Popular social media platform Reddit has been a vocal supporter of the Web3 movement. The platform has integrated NFTs for its communities and occasionally experimented with blockchain-based points rewards programs.

Interestingly, Reddit has now moved deeper into the crypto realm. In its recently filed IPO registration statement with the United States Securities and Exchange Commission (SEC), the company disclosed that it now holds cryptocurrencies on its balance sheet. Precisely, the company spent a portion of its excess cash reserves in acquiring Bitcoin (BTC) and Ether (ETH) for its treasury.

Additionally, the company purchased ETH and Polygon (MATIC) to be used as a form of payment for “certain virtual goods” available on Reddit. Although the company notes that the ETH and MATIC realized from virtual goods are immaterial at this time, it confirmed that it may continue to add BTC and ETH to its treasury as well as continue its experiment with virtual goods.

Why Reddit Chose Only BTC and ETH for Treasury

In its filing, Reddit explained the reason why it had chosen only BTC and ETH for treasury purposes. The company cites current regulatory developments as suggesting that both are “likely not a security” under U.S. laws. 

Reddit also acknowledged that it may add other crypto assets to its balance sheet if future regulatory guidance shows that the cryptocurrency is not a security. Recall that the subject of crypto assets being a security has become a key contention between crypto-related businesses in the U.S. and the SEC. 

Hence, Reddit’s restriction to BTC and ETH appears to be a regulatory caution rather than being unwilling to explore other cryptocurrencies. When the company ended its crypto-based points rewards in November, it also cited regulatory concerns as one reason for sunsetting the program.

Meanwhile, if and when Reddit completes its IPO, it will join the crop of public-traded companies that give investors exposure to Bitcoin and the crypto ecosystem. Long-standing players such as MicroStrategy have soared in value since adopting a Bitcoin standard, a success that Reddit may hope to replicate.

Shiba Inu Payments Now Accepted by Over 1,200 Merchants in 25 Countries After New Integration

Lele Jima
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Shiba Inu Payments Now Accepted by Over 1,200 Merchants in 25 Countries After New Integration

Customers can now use Shiba Inu (SHIB) to pay for goods and services across 1,200 merchants following a partnership between Apcopay and CoinPayments.

According to a recent announcement, Apcopay has successfully integrated CoinPayments into its global payment service platform.

Following the integration, Apcopay customers can now pay for goods and services across more than 1,200 merchants in 25 countries using crypto assets like Shiba Inu.

Commenting on the development, Apcopay’s Chief Commercial Officer Daniel Buttigieg described CoinPayments as a prominent crypto player that accepts multiple digital assets.

Spending SHIB Via CoinPayments

Launched in 2013, CoinPayments offers both crypto payment and storage solutions. The company supports more than 2,300 crypto assets. Despite supporting a wide range of cryptocurrencies, only 175 crypto assets can be used to pay for goods and services.

Interestingly, Shiba Inu is among the few cryptocurrencies that CoinPayments supports for payment purposes. It is worth noting that Shiba Inu payments incur a fee of 1% on the CoinPayments gateway.

Widespread Adoption of Shiba Inu Payments

Apcopay’s collaboration with CoinPayments further expands the widespread adoption of SHIB as a payment method. Since its inception in 2020, SHIB has become one of the leading crypto payment methods among top merchants.

The growing demand for Shiba Inu has prompted top crypto payment providers to roll out support for the canine-themed token. Some payment providers supporting SHIB include Binance, BitPay, and NOWPayments, among others.

In addition, Shiba Inu enthusiasts can conveniently pay for goods and services across different merchants, including Gucci, NewEgg, AMC Theaters, Twitch, and GameStop.

Last year, Binance launched a product dubbed Send Cash to allow Shiba Inu enthusiasts to spend SHIB in nine Latin American countries, including Argentina.

Meanwhile, SHIB is still trading below the $0.00001 psychological level in the hours leading up to press time. SHIB price is down 0.59% over the last 24 hours to $0.00000955. Similarly, the token’s 24-hour trading volume has also plunged 22.5% to $144.74 million.

Here Is When Cardano Can Reach $81.52 to $100.57

Mark Brennan
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Here Is When Cardano Can Reach $81.52 to $100.57

The price of Cardano could go well into the double-digit figure and even hit $100 within the next two decades, according to Changelly and Gemini.

Cardano (ADA) currently hovers at $0.59, having gained over 2600% since 2018, according to CoinMarketCap data. Within that timeline, the cryptocurrency has emerged as one of the largest by market cap, staying within the top ten coins.

Yet, the best is yet to come if some wild predictions are anything to go by. Popular crypto exchange Changelly recently updated its Cardano price predictions, with potential timelines for when ADA will reach the range between $81.52 per coin and $100.57.

Cardano price prediction $8152 to $10057
Image Source: https://changelly.com/

According to Changelly’s predictions, Cardano will continue to see eye-catching growth within the next decade. This growth will propel ADA to enter the double-digit club by March 2031. Changelly expects the cryptocurrency to hit $10.26 at that time. 

However, ADA will take significantly longer to be valued at three digits. Based on the prediction table, Cardano will hit a maximum price range of $100.57 in February 2040, approximately sixteen years from now. Even if that prediction is not met, the report estimates a minimum price of $81.52 by the stated timeline.

The projected price would represent a 16,782% increase from the current price of Cardano, meaning huge returns for holders. Changelly speculates that a combination of mainstream adoption of cryptocurrencies, and especially the Cardano blockchain, will pave the way for the cryptocurrency to reach such high valuations.

Google’s Bard (Gemini) Shares Challenges to Cardano Reaching $100

In addition to Changelly’s prediction, we asked Google’s AI tool Gemini when it believes Cardano can reach $100. The AI chatbot did not present specific timelines. However, it outlines some challenges to Cardano attaining such high figures.

For instance, it mentions that “a major breakthrough in technology, widespread adoption across various industries, and a significant shift in the financial landscape” could potentially propel Cardano toward $100. 

Google Gemini Cardano predictions
Google Gemini Cardano predictions

The AI chatbot also accurately notes that a $100 price would mean a $3.5 trillion market capitalization for ADA. It warns that such a projection may not be attainable in the foreseeable future but cannot be completely ruled out for Cardano.

XRP ETP Trading Starts on Swedish Stock Exchange

Abdulkarim Abdulwahab
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XRP ETP Trading Starts on Swedish Stock Exchange

Prominent European digital asset manager Valour has finally introduced an XRP exchange-traded product (ETP), listing it on the Nordic Growth Market exchange based in Sweden.

Valour announced this development through a press statement on Thursday via its official website. Per the statement, Valour has listed two new crypto-based ETPs on the Nordic Growth Market exchange, featuring XRP and Binance (BNB).

Notably, this development came a few months after Valour, a subsidiary of DeFi Technologies, first disclosed an intention to welcome an XRP ETP.

XRP ETP Commenced Trading

Also, the notification disclosed that the newly listed XRP ETP, Valour Ripple (XRP) SEK, commenced trading on February 21, 2024.

The company highlighted that the Valour Ripple (XRP) SEK ETP (ISIN: CH1161139584) would allow investors to access exposure to XRP easily and securely through their bank or broker.

Furthermore, Valour emphasized that XRP holds a market capitalization of $29.57 billion, securing its position as the sixth-largest cryptocurrency worldwide. The company underscored XRP’s pivotal role in facilitating fast, cost-effective intercontinental money transfers.

Moreover, Valour highlighted XRP’s function as a bridge asset within Ripple’s payment network, enabling smooth currency exchanges on a global scale. 

Given its widespread utility, Valour noted that XRP has emerged as a preferred option for financial establishments seeking efficient alternatives to conventional cross-border payment mechanisms.

In parallel, Valour remarked that BNB wields a market valuation of $54.64 billion, ranking as the fourth most prominent cryptocurrency.

Also, the company highlighted BNB’s role in facilitating trading fee payments on the largest crypto trading platform, Binance, which has spurred considerable growth interest over the years.

Top Executives React

Reacting to this new addition, Olivier Roussy Newton, CEO of DeFi Technologies, remarked:

“Valour has recently added Ripple (XRP) and Binance (BNB) exchange-traded products (ETPs) to its line of investment offerings. This move is a significant development in the company’s mission to provide easy and accessible investment options for digital assets, making it simpler for investors across Europe to invest in these cryptocurrencies.”

Furthermore, the CEO expressed that the endeavor transcends mere product expansion, noting that it signifies a strategic step toward democratizing finance.

Johanna Belitz, who serves as the Head of Nordics at Valour, recently expressed her excitement about the company’s decision to list XRP ETP positions in the Nordics. Belitz believes that this move puts Valour in a unique position to accommodate investors who are interested in navigating the world of cryptocurrencies more conveniently. By adding XRP ETPs to its list of offerings, Valour can proudly claim the title of the most comprehensive provider of crypto ETPs in the Nordics.

Notably, Nordic Growth Markets (NGM) is a prominent stock exchange in the Nordic region, boasting over 30 years of expertise. It facilitates trading over 40,000 instruments, including bonds, equities, and derivatives across Sweden, Finland, Denmark, and Norway.

South Korea Embraces XRP, Making It Second Most Held Asset on Bithumb

Sam Wisdom Raphael
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South Korea Embraces XRP, Making It Second Most Held Asset on Bithumb

XRP is now the second most widely held cryptocurrency among users on the prominent Korean exchange Bithumb, only behind Bitcoin (BTC).

Bulmat, a data analyst at South Korean-based consulting firm DeSpread, disclosed the metric with a spreadsheet shared on X. Data from the spreadsheet shows that Bitcoin is the most widely held crypto asset, with up to 1.45 million Bithumb users holding the token.

Meanwhile, XRP is a close second, boasting a whopping 1.38 million holders from Bithumb. Interestingly, this indicates that Bitcoin only has 70,000 more holders than XRP, which has continued to command massive daily trade volumes on Korean exchanges such as Bithumb.

XRP towers over other rival assets, including Ethereum (ETH), the second-largest cryptocurrency by market cap. Despite recently pushing above the $3,000 mark on the latest market resurgence, Ethereum does not have up to 1 million holders on Bithumb.

Data reveals that the number of Bithumb users holding ETH currently stands at 742,000, making ETH the third most widely held token. Other notable assets among the top 15 coins include Bitcoin Cash (BCH), with 506,000 holders; Tron (TRX), boasting 439,000 holders; and Cardano (ADA), which commands 198,000 holders.

Bithumb Top 15 Assets by Holders DeSpread
Bithumb Top 15 Assets by Holders | DeSpread

Bithumb remains the second-largest crypto exchange in Korea by trade volume, trailing only Upbit. The interest in XRP among its users reflects the impressive demand from the broader South Korean investor community. Per Kaiko, Bithumb recently saw its dominance spike to an ATH of 72% amid an influx of users.

However, despite being the second most widely held asset, XRP is only seventh among the tokens with the largest trade volume on Bithumb over the past 24 hours. The asset currently sees a volume of $43.2 million, representing 3.54% of all volume on the exchange. 

XRP Seventh Largest Trade Volume on Bithumb
Bithumb Top 10 Assets by Volume | CoinMarketCap

XRP a Favorite Among Koreans

XRP’s ability to command up to 1.38 million holders on Bithumb underscores the increasing interest in the token, especially among South Korean investors, who have recently shown a particular affinity for the crypto asset. 

Last August, a study found that XRP was the preferred asset among South Korean investors in their 20s, with most youths opting for the token over BTC and ETH. Moreover, Kaiko revealed in April 2023 that XRP was the top-traded altcoin in Korea, commanding over three times the volume of its closest rival. 

As The Crypto Basic reported, XRP also surpassed Bitcoin in trade volume on Korea’s top exchanges last March. Interestingly, a Messari report from three years ago showed that the interest in XRP is not a recent development, as Korean investors showed a preference for XRP over ETH in 2021. 

Shiba Inu New Milestone, SHEboshi Sells Out Instantly

Lele Jima
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Shiba Inu New Milestone, SHEboshi Sells Out Instantly

Shiba Inu achieved another record-breaking milestone, as its latest NFT collection, SHEboshis, were minted instantly by LEASH holders.

Shiba Inu has continued to showcase the benefits of having one of the most active communities in the crypto industry.

SHEboshis Sell Out Instantly

In an exciting development, Shiba Inu achieved another milestone as its latest NFT collections, SHEboshis, were sold out instantly.

Notably, the SHEboshi NFTs sold out in five minutes after the Shiba Inu ecosystem team commenced the second phase of the minting process.

For context, SHEboshi minting was divided into three phases. Shiboshi holders were given priority in the first phase, as they were allowed to claim some portions of SHEboshi at zero cost.

The second phase commenced today after the Phase 1 minting window elapsed yesterday, prioritizing Doge Killer (LEASH) holders.

Surprisingly, the remaining portion of the 20,000 SHEboshi NFTs sold out within three to five minutes. Famous Shiba Inu marketing specialist Lucie shared the development on the X/Twitter platform. She emphasized that the tokens sold out in five minutes, but LEASH holders had to wait for the transactions to be confirmed on the blockchain. 

Notably, The Crypto Basic also confirmed that SHEboshis have sold out.

Details of SHEboshi Public Sale

The cost for minting a unit of SHEboshi was pegged at 0.05 ETH, excluding gas fees. Interestingly, many users thought the NFT was offered at a giveaway price. Hence, they rushed to mint NFTs, making the collection sold out in minutes.

Notably, there would have been a third phase for the mint if LEASH holders had not completely purchased the remaining SHEboshi NFTs within the 24-hour window.

As reported earlier, the team initially planned a third phase minting process to release the remaining SHEboshis for public consumption. However, the third phase will no longer hold since no SHEboshi NFTs are left for minting.

With SHEboshi sold out, crypto community members, including SHIB holders, can trade the digital collection on OpenSea. At press time, SHEboshis’ floor price index has skyrocketed to 0.15 ETH, up nearly 50% in the past day.

Other Shiba Inu NFT Sales Record Massive Success

Meanwhile, Shiba Inu has always recorded massive success in its public NFT sales. Recall that in 2021, Shiba Inu’s first NFT collection, Shiboshi, sold out in 35 minutes.

Similarly, another limited Shiba Inu NFT collection launched last year in collaboration with Bugatti Group also sold out in a record-breaking 110 seconds.

The speed at which Shiba Inu NFTs are sold out can be attributed to its vibrant community, which has been the backbone of the crypto project since its inception.

XRP Price To $3, $5 and $11: Here is the Projected Timeline

Mark Brennan
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XRP Price To $3, $5 and $11: Here is the Projected Timeline

XRP has the potential to surmount its current growth stagnancy, with longer-term projections setting up lofty targets as high as $11.

Multiple market watchers consider XRP an undervalued asset. Amid the sustained confidence in the asset, many are optimistic it has the potential to soar to $3, $5, and $11 in the long term. Let’s explore the possible time these price targets can be attained.

Projected Timeline for XRP to Hit $3

One of the avenues The Crypto Basic has explored in the past to get this forecast was through the AI chatbot from OpenAI, ChatGPT. After the initial protest, the Jailbreak response from ChatGPT projected that the price of XRP might hit the $3 price market by the end of 2024. 

This forecast is based on a number of factors, ranging from the favorable outcome for Ripple Labs in its yet-to-be-concluded legal battle with the US SEC to The AI chatbot is also optimistic that the approval of spot Bitcoin ETF might shift the sentiments positively in favor of XRP.

Projected Timeline for XRP to Jump to $5

Notably, XRP currently trades for $0.5412. While hitting the $3 price mark from its current price level is an ambitious goal, some proponents are optimistic about XRP touching $5. This price level will mark more than 823% growth from its current price level.

Amid these different takes on the potential of XRP to hit $5, Google Bard presents one of the most conservative outlooks. The ChatGPT rival projected a longer-term target of more than three years for this growth milestone.

Projected timeline for XRP to Top $11

On the most bullish front, some community members have considered the possibility of the coin jumping to $11 in the long term.

While this will imply a more than 1,930% growth in the long term, Changelly’s data shows XRP can hit an average price of $11.25 by November 2031, making the target loosely feasible.

Unpredictable volatility movements characterize the crypto ecosystem, and these unforeseen moves might play a huge role in driving XRP to unimaginable levels.

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