Stablecoin

David

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<p>XRP has been known for its frozen or constant slow performance, as the token has failed to move much from its average value of around $0.5. It has been stuck around that average value for months with a few above-average peaks. However, those peaks never lasted long. The last time <a href="https://coingape.com/price/xrp/">XRP price</a> surged significantly above the average was in July 2023, when it surged to $0.8206.</p> 
<p>The <a href="https://coingape.com/ripple-vs-sec-news-settlement-appeal-judge-torres-final-ruling-timeline/">Ripple vs. SEC</a> dispute is the sole reason behind this poor performance and distorted image in the market, but that&nbsp;is going to change now. Analysts have predicted that XRP might target the $5 before the 2024 end.</p> 
<p>In this blog, let us discuss the reasons behind the rumors of XRP to achieve $5 soon.</p> 
<h2 id="xrp-price-to-splurge-with-ripple-s-stablecoin-launch">XRP Price To Splurge With Ripple’s Stablecoin Launch</h2> 
<p>Just a&nbsp;few days ago, <a href="https://coingape.com/ripple-stablecoin-launch-june-hints-cto-david-schwartz/">Ripple</a> announced their plans to launch a stablecoin backed by the US dollar. The <a href="https://coingape.com/glossary/stable-coins/">Stablecoin</a> industry has continuously grown over the years while also maintaining stability.&nbsp;This&nbsp;is why it is the perfect opportunity for Ripple to set new heights in the crypto market.</p> 
<p>Up to now, <a href="https://coingape.com/price/tether/">Tether</a> has dominated the stablecoin market,&nbsp;which is worth more than $150 billion, and Ripple’s stablecoin will be a great add-on. The token is already known for the successful launch of XRP. Despite the losses, XRP is still among the top 10 most popular cryptocurrencies on <a rel="nofollow" href="https://coinmarketcap.com/">CoinmarketCap</a> based on its <a href="https://coingape.com/glossary/market-capitalization/">market capitalization</a>.</p> 
<blockquote>
 <p>We think we’re uniquely positioned&nbsp;to have a competitive entry in that market […] We have our presence both on the institutional side with our payments product, and on the XRP Ledger side, we have some entry into the DeFi section of the space. Those are&nbsp;kind of&nbsp;the two big buckets in which stablecoins are&nbsp;being used&nbsp;today” said David Schwartz, Ripple’s Chief Technology Officer.</p>
</blockquote> 
<p>This stablecoin won’t only cater to the needs of investors but is also a perfect opportunity to improve the ecosystem of <a href="https://coingape.com/xrp-ledger-xrpl-clawback-amendment-goes-live-on-mainnet/">XRP Ledger</a>. It will also help in developing and increasing the demand for Ripple’s native token.</p> 
<h3 id="community-support-with-xrp">Community Support With XRP</h3> 
<p>XRP has persistently maintained its position in the <a href="https://coingape.com/crypto-market-key-events-watch-this-week/">crypto market</a> regardless of the issues, which is a clear picture of a support system backing the cryptocurrency. Earlier, an X user claimed that XRP was a worthless crypto, and&nbsp;multiple people came in favor, highlighting the potential of this <a href="https://coingape.com/markets/6-top-crypto-to-buy-as-the-altcoin-season-beckons-in-may/">altcoin</a>.</p> 
<p>The supposed system might become even stronger with the launch of this stablecoin. The <a href="https://coingape.com/crypto-communities/">community</a> has already become active with the mere announcement. The investors are anticipating XRP to surge over this new addition in the network, where a few believe XRP to surge to at least $3, whereas many claim it to be $5.</p> 
<p>The target of $5 is far from its current value of $0.5413, attained after a week’s hike of 7.46%. More importantly, the trading volume has hiked 151% in the last 24 hours, pushing the value to $1,839,889,212. It also indicates the possibility of having a <a href="https://coingape.com/trending/ripple-xrp-bulls-eye-1-price-prospects-and-resistance/">surge</a> in the upcoming days before the stablecoin launch.</p> 
<h2 id="final-thoughts">Final Thoughts</h2> 
<p>These price predictions for XRP are divided among investors, and a few are skeptical of the possibility of this target. It is because the token hasn’t performed well for years. There are not many updates about the stablecoin, but the stablecoin will be live this year. The Chief technology officer, David said the stablecoin will be launched when the market favors the growth of the token.</p> 
<p>Read More <a href="https://coingape.com/trending/bitcoin-price-whats-behind-the-current-btc-price-surge/">What’s Behind The Current Bitcoin Price Surge</a></p> 
<p>The post <a href="https://coingape.com/trending/reasons-why-xrp-might-target-5-by-year-end/">2 Reasons Why XRP Price Might Target $5 By 2024 End</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

2 Reasons Why XRP Price Might Target $5 By 2024 End

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