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XRP is going through a quite turbulent period in the market. It has lost 5.6% in value in the last 24 hours, trading at $2.06. XRP, which is 46% below its all-time high, is one of the worst performers among the top 10 cryptocurrencies.
However, some signs indicate that the trend may improve. The market capitalization of XRP at its current price is $118 billion, a significant improvement from the $28 billion level on November 1. Analysts point out that there are bullish divergences that could signal a short-term recovery. If XRP can regain its historical market capitalization ratio compared to Bitcoin, a significant increase in value may occur.
HISTORICAL PERFORMANCE OF XRP AND THE RIPPLE CASE
XRP reached its all-time high market capitalization on December 3, 2024, with a price of $2.90, marking the peak of the last seven years. Before this date, XRP's peak market capitalization was $128.5 billion in January 2018, which corresponded to 49.4% of Bitcoin's market capitalization of $260.05 billion.
Over the years, many factors have influenced XRP's price fluctuations. These include the lawsuit filed by the SEC against Ripple in December 2020 and XRP's inability to set a new peak during the 2020/2021 bull season.
As 2024 began, XRP's market capitalization had declined to $33 billion, representing only 3.9% of Bitcoin's market capitalization of $838 billion. Today, XRP represents 6.8% of Bitcoin's market capitalization of $1.93 trillion. While this increase is significant, it is still quite far from the 49.4% ratio in 2018.
HOW DOES XRP GET AFFECTED BY BITCOIN?
Market analysts are evaluating XRP's potential if it can regain the Bitcoin market capitalization ratio from 2018. If XRP reaches 49.4% of Bitcoin's current market capitalization of $1.93 trillion, its market capitalization could rise to $953 billion.
Considering XRP's circulating supply of 57.25 billion tokens, this value corresponds to a price of $16.60 per token. This represents a 621% increase compared to the current price. This projection aligns with the analyses of market expert EGRAG, who identified $16 as one of XRP's key price targets using the Linear Regression method.
Historical trends may paint a promising picture for XRP investors. Analysts believe that XRP has followed a path reflecting its past movements.
THE RIPPLE CASE AND MARKET EXPECTATIONS
The lawsuit filed by the SEC against Ripple continues to be a central issue for XRP. Ripple's legal team argues that the SEC's appeal deadline on January 15, 2025, will not change Judge Analisa Torres' decision that XRP is not a security.
In addition to this optimism, it is anticipated that crypto-friendly leaders like Paul Atkins, who is expected to take over the SEC, may act towards withdrawing the lawsuit or reaching a settlement. Experts predict that such developments could help XRP break new highs.
Note: No statement in this news article constitutes investment advice. Responsibility for trading transactions lies entirely with the investor.
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