XRP is currently exchanging hands at $0.5048, with a drop of 1.46% in the last 24 hours. It further reflects a drop of 3.97% in the last 7 days and 12.23% in the last 30 days. The token continues to dance around the mark of $0.505 as the article is being drafted. The community has identified inching closer to $0.51 as a priority. That will set the track for the milestone of $0.52.
Breaking barriers at $0.4 will open the doors to a potential fall to $0.25 while testing the low of 2022.
Factors affecting XRP’s future
Once more, malicious actors are at work; however, they have allegedly drained the network of XRP tokens worth $112 million. Although this is not the first instance of malicious actors exploiting a network, an attack on the XRP network indicates that it is also vulnerable to such threats. Meaning, funds are not safe, and the community needs to be careful while interacting with anyone who appears to be from the XRP network.
Whale activities are comparatively high, with uncertainty over actual intentions. They have dumped a minimum of 29 million tokens, and many are now speculating if it means a selling spree or a redistribution spree. Whales with more than a billion XRP tokens have upticked their holdings. However, those with holdings in the range of 100 million and 1 billion have reduced their shares. This has become one of the major red flags for the XRP community.
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It remains to be seen how token holders react to the prevailing scenarios. There is a need to boost purchasing sentiments. Selling pressure has calmed down, and it is time for XRP bulls to help the token regain its ground. Buying has to be in the range of $0.495 and $0.515 to prevent a bearish trend from taking control.
What lies ahead for XRP in 2024?
Moving forward, the XRP community is looking at leveraging the facility of passive income. AMM, Automated Market Maker, has been passed, and it will be integrated into the XRP Ledger effective February 14, 2024. The XLS-30 amendment goes into effect with a consensus of 85.71%. The implementation will be on the mainnet.
That said, there is a need for XRP to fight the mark of $0.4 to retain the ground for future growth. Not just whales, but long-frustrated XRP loyalists will also have to stick to their ground. XRP price prediction estimates that the token can end this year at $2.65 or $2.48, provided all the factors align for an optimistic development in this year, 2024.
A significant rise from ~$0.5 to ~$2 exceeds everyone’s expectations. Expectations are obvious since there is a chance to earn passive income. All they have to do is serve as liquidity providers on the XRP Ledger or XRPL. One fact that cannot be ignored is that LPs—liquidity providers—also carry inherent risks. The XLS-30D amendment has gained support. A minimum of 80% consensus was required for implementation. That mark has been surpassed, and the community is now expecting the price to react to it in the months to come.
Conclusion
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Holders expect, and rather want, XRP to outperform their expectations. However, the token faces challenges in sustaining the fundamental margin required for a future ascent. The crypto ecosystem is currently witnessing a reduction in selling pressure, leaving it to speculators to increase their buying interests. Predictions indicate that the token will be trading at $2 by the end of the year. To accomplish this, it must maintain the $0.5 level.
