- XRP’s falling volatility hinted at a potential breakout, similar to its past surges
- Experts have shared mixed forecasts for the altcoin in 2024
XRP, the seventh-largest crypto by market capitalization, has seen a significant decline in volatility lately. In doing so, it has fallen below levels last seen back in 2017.
In fact, according to crypto analyst Mikybull Crypto, this decrease in volatility could indicate a potential breakout, similar to the price surges seen in 2017 and 2020. Needless to say, the possibility of an impending rally has drawn considerable attention from market watchers.
Source: X
Experts offer mixed projections for XRP in 2024
A recent survey conducted by Finder gathered insights from fintech experts regarding XRP’s price outlook for 2024. While opinions varied, the consensus suggested that XRP may close the year below $1.
Sathvik Vishwanath, CEO of Unocoin Technologies, emerged as the most bullish among the panel. Vishwanath believes that XRP could hit $1.50 by the end of 2024, representing a potential 162% return on investment from its press time price of $0.57.
He attributes this optimism to XRP’s unique value in facilitating cross-border payments and Ripple’s strategic partnerships with key financial institutions.
However, Vishwanath also pointed out the regulatory uncertainties surrounding XRP, which could impact its future valuation. Despite the recent conclusion of the lawsuit against XRP, these concerns persist, potentially influencing the crypto’s growth trajectory.
Mitesh Shah, Founder of Omnia Markets, shared a more conservative estimate. He predicted XRP would reach $0.75 by year-end. Shah’s projection is based on factors including the momentum from Ripple’s positive developments, the increasing regulatory clarity, and the supportive environment of the current bull market.
This outlook represents a 31% hike from the altcoin’s current price, indicating cautious optimism about XRP’s near-term prospects.
Long-term predictions suggest significant growth by 2030
Looking further ahead, market researcher Shubham Munde offered an optimistic long-term forecast for XRP. According to him, the crypto could climb to $6.45 by 2030. Munde believes XRP’s relatively low entry point, compared to other top cryptocurrencies, makes it an attractive option for new investors.
Additionally, he highlighted XRP’s utility in the payments market as a key driver for future growth.
Finally, Paul Levy, a senior lecturer at Brighton University, also anticipates significant growth for XRP by 2030. Levy predicts the crypto could hit $6.10, supported by the anticipated benefits of the upcoming Bitcoin halving.
Both experts share the view that XRP’s utility and current pricing position it well for long-term gains. In fact, Levy’s target represents an over 1,031% growth from its press time level.
What does the derivatives market say?
Recent data from Coinglass indicated heightened activity in XRP’s market. In fact, XRP’s trading volume has surged by 62.56%, hitting $2.09 billion. However, Open Interest — A key indicator of the total number of outstanding derivative contracts — declined by 7.37%, with figures of $630.60 million.
In the Options market, XRP has seen an even greater increase in activity. Options volume grew by 93.87%, rising to $2.14k, while Options Open Interest appreciated by 24.06%, reaching $971.85k.
This uptick in Options trading means that investors are positioning themselves for potential future price movements – A sign of growing interest in the crypto’s next market phase.
