- XRP rallied by over 119% in a week toward a new three-year high of $1.25.
- Its upcoming milestones, particularly in institutional adoption, have the potential to push the token’s price beyond $2.
XRP has finally breached the $1 barrier during the weekend. With its ongoing momentum, the token doesn’t appear to be turning back anytime soon. It’s also possible that it may have already established a strong foothold above a dollar.
The opening of this workweek saw XRP rally past 13% as it climbed between a $1.04 low and a $1.18 high in the past 24 hours. This came amid a one-week leap of its values by nearly 120% from a $0.57 low to a $1.25 high.
The crypto asset’s price action has been quite a feat after it went under a dollar three years ago. Besides the negative effects of the long crypto winter, FUD (Fear, Uncertainty, Doubt) arising from regulatory hurdles and lawsuits further held the token’s price down in the ensuing years.
However, with Ripple’s efforts toward XRP’s broader institutional adoption, the expectation of a crypto-friendly regime under President-elect Donald Trump, and Bitcoin’s (BTC) rush to a chain of all-time highs past the 2024 US election, the once the second-largest crypto in market cap is now looking at a silver lining.
Future Institutional Milestones for XRP
Recently, a video featuring an interview with David Schwartz, Ripple’s Chief Technology Officer, surfaced on social media. The video shows him reiterating the digital asset’s potential to become a “settlement system of high value” once it significantly picks up in adoption and the fog of war in its battle against the US Securities and Exchange Commission settles down. His remarks circulated following Ripple’s very promising Q3 report this month.
Ripple and the XRP community are overly bullish on the approval of spot XRP exchange-traded funds (ETFs) in the US amid an unchallenged court ruling that the token is not a security. Trump’s crypto-friendly administration also adds up to the anticipation.
Another major milestone coming to XRP is the upcoming issuance of the Ripple USD from both the XRP Ledger (XRPL) and Ethereum (ETH) chains. Several analysts view the new stablecoin as a key ingredient to Ripple’s ambition to rival SWIFT in the global financial settlement system.
In addition, Societe Generale-FORGE (SG-FORGE) just announced that it will deploy a euro-based stablecoin next year. The company revealed that it will utilize the XRPL for its new Markets in Crypto-Assets (MICA) regulation-compliant digital asset.
SG-FORGE cited scalability, speed, security, and low-cost transaction capabilities as primary reasons for its adoption of XRP’s underlying technology.
Is the Token Gearing Up to $2?
XRP’s launch toward the $2 could be an understatement. This is considering the token and its underlying technology’s potential to shape the future financial landscape, especially in cross-border payments.
Fundamentally speaking, if XRP maintains momentum in this bull cycle, coupled with a possible conclusion to its legal hurdles, a new all-time high from the $3.84 it achieved seven years ago could be right around the corner.
