XRP, the cryptocurrency from Ripple Labs, experienced a good run from $0.25 to $0.75 in September. Will the digital asset cross the $1 figure by the end of this year?
XRP Rally in September
The digital asset fetched reasonably good returns last month while the overall cryptocurrency market remained bearish. XRP retuned a gain of 55% against the fiat pairing and 73% against the BTC pairing. In the backdrop of Ethereum dropping 44% during the same time frame, these gains look pretty good.
Traders and investors are betting big on XRP, given the consistent flow of positive developments from the blockchain firm. Will the momentum sustain going forward?
Mixed Outlook by Analysts
Market observers are divided on their views.
Nigel Green, founder and CEO of financial consultancy deVere Group, believes that XRP will hit $1 this year. Green attributes this prediction to the momentum and the practical usefulness surrounding the virtual currency.
Marouane Garçon, managing director of crypto-to-crypto derivatives platform Amulet, tends to agree with Green’s assessment. He notes that the price of the cryptocurrency had moved up to $0.75 even before the release of xRapid.
If Ripple’s partners start utilizing XRP during their day to day operations before the end of the year then I think $1 is a modest price point. From here on out it depends on developments and usage. They’ve made promises that some of their partners will use XRP and once people see that happening they will have gained unwavering confidence, and that will certainly be reflected in the price.
Chris Kline, co-founder and COO of Bitcoin IRA, shares a similar opinion. Kline believes that factors driving XRP’s price include the launch of xRapid and Ripple for Good, a social responsibility initiative. He stated:
I agree with Nigel Green’s assessment that the XRP token will reach $1 by the end of this year.
[XRP prices could rally if] Google’s and Facebook’s recent reversals on crypto advertising bans [bring about a] year-end value surge.
Some analysts are a bit more reserved in their forecasts. Joe DiPasquale, CEO of BitBull Capital, believes that the cryptocurrency “is more likely to trade around the $0.80 to $0.90 range for an extended period of time unless another major announcement is made before the New Year.”
Mati Greenspan, an analyst with eToro, believes that the crypto-asset’s chances of hitting $1 this year as “a distinct possibility within a range of possible outcomes.”
XRP had hit an all-time high of $3.92 earlier in January before dropping to a price of $0.25 in August. Currently, it is the third largest cryptocurrency by market capitalization.
Do you think XRP will hit $1 by December this year or earlier? Let us know in the comments below.
Images courtesy of Shutterstock.