Ripple is often dubbed an extraordinary crypto coin. The token has been through multiple legal battles with the US SEC and has emerged stronger after each discussion and debate. While the coin looks forward to adopting an institutional approach, XRP still has a long way to go, considering its low price pace and approach. Will it be able to ascend to newer price highs soon?
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Ripple XRP: Recent Price Analysis
XRP is currently at $0.6213, down 4% in the last 24 hours. The token was up 6% in the previous seven days as Bitcoin prospered to new price peaks, inviting massive funds into the domain.
The cryptocurrency market is trading in bearish realms, as the Federal Reserve recently announced its fresh stance on interest rate cuts. Fed Chair Jerome Powell was recently seen mulling over the possibility of conducting another interest rate cut in November.
The speculation surrounding the aforementioned development has weighed heavily on the market. Bitcoin is currently down 1% in the last 24 hours and has slipped to $63K, pushing altcoins like XRP to trade at lower price levels.
At the same time, XRP’s ex-global head, Dilip Rao, earlier shared that XRP is not meant for retail investors. The token is batting for the long haul and is eyeing initial interest as its main target goal.
“It’s chicken and egg; you have to create a marketplace. And right now we have 152 global exchanges around the world that trade XRP. A lot of it, as you say, is very shallow trading by individuals, and that is not the use case that we are pursuing. What we are pursuing is the use of XRP as a financial asset by sophisticated institutions as a bridging mechanism. In the last quarter, the bulk of XRP sales were institutional. And as this transitions away from retail to institutions, we’ll start to use it for wholesale, for financial usage.“ – Dilip Rao
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The Token’s Price Path To $0.74?
According to CoinCodex, XRP may finally break its age-old consolidation to hit the $0.74 price mark. CC later adds that Ripple was constantly tested under critical price barriers and peaked at $0.62. If the momentum allows, XRP may hit a new price level of $0.74. This could happen by the end of October. It will usher in a new price ATH for the token to sit and bask in.
“The price of XRP is predicted to rise by 19.60% and reach $0.743019 by October 31, 2024. Per our technical indicators, the current sentiment is bullish while the Fear & Greed Index is showing 50 (neutral). XRP recorded 16/30 (53%) green days with 4.80% price volatility over the last 30 days. Based on the XRP forecast, it’s now a good time to buy XRP.”
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