Ripple (XRP) Price Analysis: Will it Reach $1 on This Bull Run?
During the first week of March, XRP finally surpassed a $0.6 resistance point, charting a new course toward a long-awaited $1 valuation. Now, Ripple deals with a brand new resistance located at $0.65, moving in slower increments than expected but showing tremendous promise considering the ongoing bull run and the upcoming Bitcoin halving event.
But should you invest in Ripple amidst the excitement of the general crypto market? Let’s discuss this in the following XRP price analysis.
Ripple’s Origins and Standing in the Crypto Industry
Ripple (XRP) is a well-established blockchain network and virtual currency in the crypto community. Ripple was one of the first altcoins developed in the market, offering a viable alternative to Bitcoin’s dominant blockchain technology.
Ripple’s initial idea was to create a truly decentralized exchange system that worked without intermediaries and centralized monitoring. As a result, the Ripple blockchain was the first decentralized exchange protocol launched in the world.
The creative team behind Ripple had a vision to develop a payment platform that improves virtually every aspect of the conventional SWIFT system. SWIFT is a payment ecosystem of fiat currencies on an international level, used by banks to transfer individual and business transactions across different countries.
Due to the sheer quantity of intermediaries and necessary protocols, SWIFT payments take anywhere between five to twelve business days and often incur considerable payment charges.
Ripple’s mission was to create the first crypto network supported by a native coin that would act as a thorough alternative to SWIFT payments. However, XRP has so far failed to reach this hefty goal.
XRP’s Long and Bumpy History Explained
As mentioned above, XRP was first launched in 2012, making the coin one of the oldest ICOs in the industry. Thanks to its innovative core idea and practical utility, XRP swiftly became a popular altcoin in the crypto circles. In its initial years, Ripple secured numerous partnerships and developed its brand considerably.
As of 2017, Ripple was considered the third most important crypto network in the entire market, falling behind only the flagship Bitcoin and Ethereum platforms.
In the 2017-2018 period, Ripple benefitted from the global crypto bull run, reaching an unprecedented valuation of $3.83. Unfortunately, the 2017 bull run valuation still remains the highlight for Ripple, as it failed to emulate the same level of success during a subsequent bull run in 2021.
However, XRP suffered just like the rest of the market during the 2022 crypto winter, going below the $1 valuation and failing to climb back up for more than two years.
Despite its impressive debut in 2012, Ripple failed to capture the crypto market share in a meaningful way, struggling to gain any significant momentum during the crypto globalization stage.
Despite its valuation troubles, Ripple’s market capitalization is strong, firmly placing it among the leading altcoins in 2024 thanks to the platform’s low-cost gas fees and accessible payment system.
XRP Price Analysis After Lawsuit
To fulfill its ultimate goal of becoming a primary international payment platform, Ripple had to endure tough times by raising money. While their funding efforts were successful, Ripple was challenged by the SEC in a court battle due to legal concerns.
The lawsuit started in 2020 on the grounds that Ripple’s $1.3 billion funding was conducted without adhering to SEC’s laws and regulations.
After a long and complex court battle, Ripple finally emerged as a clear-cut winner. The court hearings neared the conclusion that Ripple’s transaction was lawful in every critical aspect.
If ruled in Ripple’s favor, the conclusion of this challenging court case could significantly aid the XRP future price. During the four years of this ongoing hearing, the XRP price history chart suffered heavy losses, unable to capitalize on the 2021 bull run. However, XRP might come out on top during the upcoming Bitcoin halving if their lawsuit is in the past by the time the bull run is in full swing.
Currently, the support and resistance levels for XRP are changing rapidly, marking new higher highs and higher lows every single week. However, the road toward $1 valuation is still a long one and it might not be achievable in a short time frame, even with the assistance of Bitcoin’s halving event.
How to Use ChatGPT in XRP Price Prediction
With the release of GPTs by OpenAI and their established language model ChatGPT, traders have received a variety of helpful tools to analyse the crypto price charts. It is possible and even encouraged to use ChatGPT for crypto trading, as this tool and other AI solutions can aid investors in conducting research, analysing trends and deriving data-driven insights from mountains of online data.
Currently, even the ChatGPT model has the same thoughts on XRP price prediction for the next bull run. Ripple’s success is predicated on the final court verdict and the coin’s ability to gain momentum at key points of the bull run.
However, the 2024 bull run promises to be a chaotic one, so it is recommended to keep an eye on the recent developments and to utilize ChatGPT and its plugins to optimize the research process for your own benefit.
