As of right now, XRP is trading at $0.5048, down 1.46% from the previous day. It also shows a decrease of 12.23% over the last 30 days and 3.97% over the previous 7 days. While the article is being written, the token keeps moving around the $0.505 mark. One of the community’s top priorities is to get closer to $0.51. That will put the project on course for the $0.52 milestone.
Breaking through at $0.4 will allow for a possible decline to $0.25 while testing the 2022 low.
Future-related factors impacting XRP
Malicious actors are operating once more, but this time they seem to have depleted the network of $112 million worth of XRP coins. An attack on the XRP network suggests that, despite not being the first example of malevolent individuals taking advantage of a network, it is also susceptible to these kinds of attacks. In other words, money is not safe, and people should use caution when communicating with anyone who seems to be connected to the XRP network.
Whale activity is relatively high, however it’s unclear what their true objectives are. At least 29 million tokens have been spilled, and many people are already guessing as to whether this is a selling or redistribution frenzy. Whales that possess over one billion XRP coins have increased the size of their holdings. Those who own between 100 million and one billion shares, however, have sold off their holdings. For the XRP community, this has emerged as one of the main red signals.
It is yet to be seen how token owners respond to the current circumstances. Increasing purchasing sentiment is necessary. The selling pressure has subsided, and now is the moment for XRP supporters to support the token’s comeback.
What does 2024 hold for XRP?
The XRP community is considering using the passive income feature going forward. With the passage of AMM, or Automated Market Maker, the XRP Ledger will incorporate it on February 14, 2024. The XLS-30 amendment is ratified with 85.71% of the vote. The mainnet will be used for the implementation.
Having said that, in order to hold onto its position for future growth, XRP must battle the $0.4 level. Whales aside, long-suffering XRP devotees will also need to stand their ground. According to XRP price prediction predictions, if all the conditions are met for a positive outcome in this year, 2024, the coin may conclude this year at $2.65 or $2.48.
Everyone’s expectations are exceeded by a notable increase from about $0.5 to about $2. Since there’s a possibility to generate passive income, expectations are clear. All they need to do is act as suppliers of liquidity on the XRP Ledger (XRPL). It is imperative to acknowledge that liquidity providers, or LPs, inherently bear some risks. The modification to XLS-30D has garnered backing. For implementation, 80% consensus was needed at the very least. Since that threshold has been exceeded, the community is now anticipating a response from the price in the upcoming months.
In summary
Holders anticipate and even hope that XRP will do better than they anticipate. However, maintaining the basic margin needed for a future rise will be difficult for the token. There is currently less selling pressure in the cryptocurrency ecosystem, which means that speculators are in a better position to boost their buying interests. By year’s end, predictions suggest that the token will trade at $2. This can only be achieved if it stays at the $0.5 level.
