XRP has been in the limelight after the asset marked its highest weekly close of 2024, trading above $0.64. This achievement is significant for XRP price. It had been unable to break the $0.60 level in the last few months.
XRP’s price trends have accelerated after a general uptrend in the cryptocurrency market. This resurgence has led to debates over its future as the year draws to a close.
XRP’s Weekly Close at $0.64 Sets New 2024 High
XRP price has been on the rise over the weekend, hitting a high of $0.6622. At the time of writing this, it was trading at $0.6518. This marks a 6% increase in 24 hours which has taken the token to its highest weekly close for the year.
Specifically, this price level was last observed in March 2024. This means that XRP price has reached its highest level in six months.
The coin has now beaten Circle’s USDC in terms of market capitalization. XRP’s the current valuation is at $36.8 Billion.
The cryptocurrency has shown remarkable buying pressure and experts think this may not be the end of the rally. Although the overall market has corrected slightly, XRP has kept most of the gains it made. It means that the bulls are still in charge.
The broader crypto market, most notably Bitcoin surging towards $70,000. This also provided the required boost to XRP which ranks among the best performing altcoins.
Ripple Advances Stablecoin Initiative Amid Bullish XRP Sentiment
Besides the price increase, Ripple has been focusing on its stablecoin business. In the latest development, the company has created an additional 350,000 units of the RLUSD stablecoin into the market through two transactions. The stablecoin issuance that was conducted within Ripple’s private beta testing should help to enhance the liquidity. It’ll also help with smooth interoperability between RLUSD and other blockchains.
This development is in line with Ripple’s strategy of increasing its digital asset portfolio and enhance its utility.
The RLUSD stablecoin is intended for secure and fast transfers on the XRP Ledger (XRPL). This makes Ripple a significant participant in the progressive development of the blockchain-based financial system.
Therefore, the testing phase is considered crucial in Ripple’s future objectives of having RLUSD run efficiently and in a compliant manner. This could be especially beneficial to the XRPL as the global adoption of stablecoin technology continues to grow. Especially with the interest that central banks have shown in digital currencies.
SEC Appeal Deadline Looms Over XRP’s Bullish Momentum
Despite the positive sentiment around XRP price’s recent performance, the upcoming U.S. Securities and Exchange Commission (SEC) appeal in the Ripple case could affect the token’s price trajectory.
The SEC’s deadline to file an appeal is set for October 6, 2024, and there are speculations that the agency may challenge the July 2023 summary judgment that ruled XRP is not a security.
While an appeal by the SEC could introduce uncertainty and potentially disrupt the rally, legal analysts believe the appeal process could be prolonged.
According to legal expert Fred Rispoli, any final decision on the appeal may not be reached until 2026. However, XRP price could still be affected in the short term, depending on how the market reacts to the potential legal developments.
Could XRP Price Reach $1,000?
With XRP price still on the rise, the talks about the future price of the digital asset have been reignited. Based on the current trend and some market analysts as well as XRP enthusiasts, the token may still surge to even much higher price levels as high as $1000.
This potential depends on the usefulness of the token in processing several financial operations and the acceptance of this token by large financial companies.
Ripple’s use of XRP in cross-border payments through RippleNet makes it well placed for massive adoption in the future should more institutions take an interest in it.
If even a few percent of global trade volume was to be settled with XRP, the need for liquidity would push up the price.
However, this would only be possible if the community embraces the use of the native token and supports a large and liquid XRP Ledger.
