XRP Price Growth: Analyst Breaks Down The Movements And Why It’s So

Name	Symbol	Market	Market Cap ($)	Algorithm
Maker	MKRUSD	Crypto	1,023,916,123	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Maker

MKRUSD

Crypto

1,023,916,123

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-40.25	-3.19%	1,223.36	1,223.83	1,224.62

Price Change

Price Change %

Current Price

Bid Price

Offer

-40.25

-3.19%

1,223.36

1,223.83

1,224.62

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1,282.58	1,216.46	1,263.67	1,263.61	801.69 - 4,075.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1,282.58

1,216.46

1,263.67

1,263.61

801.69 - 4,075.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:12:24	0.141361	1,223.40	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:12:24

0.141361

1,223.40

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,521,877.25	1,216.02	MKR	MKREUR	MKRGBP	MKRBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,521,877.25

1,216.02

XRP Price Growth: Analyst Breaks Down The Movements And Why It’s So

15/10/2024 9:00pm

NEWSBTC

The reason behind the stagnant XRP price growth has remained a mystery, with many crypto analysts pointing to legal disputes and market volatility as key factors holding back its momentum. However, even during favorable market conditions and after gaining legal clarity following multiple Ripple Court wins against the United States Securities and Exchange Commission (SEC), XRP has still failed to experience a notable upward surge. As a result, investors have questioned the cryptocurrency’s sluggish price growth, prompting a crypto analyst to provide a detailed explanation of why XRP remains at a low price, barely showing signs of a feasible rally. Why XRP Price Struggles To Gain Momentum On October 13, a crypto analyst and researcher known as ‘Crypto Tank’ took to X (formerly Twitter) to discuss the reasons why the XRP price is not moving. In the lengthy X post, the analyst explained that the XRP price was determined by dividing the volume of XRP actively being used on the ledger by its circulating supply. Related Reading: Over $182 Million Wiped Out As Bitcoin Price Breaks $64,000 And Sends Bears To The Gallows According to Crypto Tank, XRP investors have this misconception that the total XRP in circulation is about 56 billion. However, this figure is misleading as a large portion of XRP’s supply is held in various private wallets by large-scale holders, also called “Whales.” This means that most of XRP’s supply is not actively being used in the market, but is held firmly in these wallets. The analyst revealed that what truly matters for XRP’s price movements is how much of the circulating supply is used to actively engage in transactions on the XRP ledger. Currently, only about 20% of the total XRP supply is actively engaged on the XRP Ledger daily. For XRP to be used to execute transactions, it often needs to be paired with Automated Market Makers (AMMs), which provide liquidity during trades. These liquidity pools are important for XRP to conduct global settlements, as only ample liquidity can facilitate these enormous transactions which extend to trillions of dollars. This need for substantial liquidity in the XRP Ledger is what limits its price movements. Following the analyst’s report, it is clear that XRP’s price struggles are more complicated than mere market volatility. Its ongoing legal dispute with the SEC also adds uncertainty to any potential price increases in the future. Analyst Unveils XRP Road Map To $500 While discussing the reasons why XRP’s price has remained stagnant, Crypto Tank also unveiled a road map for how XRP could reach $500. The analyst explains that if XRP could become widely adopted for global settlements like SWIFT, it could potentially reach this price target. Related Reading: Shiba Inu Price Flashes Historical Bull Flag, Here’s What Happened Last Time He disclosed that an increase in market capitalization or retail investors does not matter, as XRP would only surge to the projected $500 price if it can handle large institutional transactions through deep liquidity pools and AMMs. Featured image created with Dall.E, chart from Tradingview.com

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