XRP News Today: XRP Surges 470% by 2028 as RippleNet Gains Traction

XRP, the cryptocurrency associated with Ripple, has recently shown remarkable strength in the volatile cryptocurrency market. Since surpassing the $0.50 threshold, XRP has maintained an upward trend, establishing above $2 in 2024. For approximately eight months, it has not fallen below $1.90 and is trading within a very narrow range. Analysts interpret this consolidation as a signal of an impending significant leap.

According to the Elliott Wave Theory, a technical analysis tool, XRP might enter a new five-wave upward phase. This could potentially push the price to exceed $30 by mid-2026. Analyst Vincent Code identified a target range between $30 and $50, attributing the rise to several key factors. These include RippleNet’s potential to capture 20-30% of the $1 trillion international money transfer market, over 50 countries evaluating XRP as a digital currency bridge for central banks, and an anticipated general bull run.

Analyst MelarinX highlighted that the price is accumulating energy like a taut bowstring. Renowned Bitcoin advocate Davinci Jeremie has changed his previously cautious outlook, suggesting the price could reach $24 within the year. He attributed this belief to the alleged XRP-favoring pressure from US policymakers.

Currently trading around $2.20, XRP’s narrow price range, combined with converging moving averages, suggests that a significant directional move is imminent. Investors view breaking through $2.32 as confirmation for an upward breakout, while defending $1.90 is seen as crucial for downward protection.

On the fundamental front, increasing RLUSD demand, Ripple’s 2024 agreement with the Saudi Arabian Central Bank, and its pursuit of a banking license in the US support optimism in the altcoin sector. Speculations about a potential spot XRP ETF approval adding $20-50 billion in institutional funding amplify expectations. Analysts agree that a breakout from the current narrowing on the price chart would lead to a notably sharp surge.

The resolution of the SEC lawsuit has been a pivotal moment for XRP. The legal battle, which began in 2020, involved allegations that Ripple, the company behind XRP, and its executives sold XRP as an unregistered security. The lawsuit attracted significant attention and created negative sentiment for XRP. However, with the change in leadership at the SEC and the eventual settlement of the case, the price of XRP surged, clearing the way for other catalysts such as spot-XRP exchange-traded funds (ETFs).

Analysts believe that the technical strengths of XRP's network and its uses can drive further adoption. XRP's ability to facilitate quick, low-cost international transfers gives it a similar proposition to stablecoins. Ripple has also launched its own stablecoin, further enhancing its capabilities. Additionally, XRP has experienced a 50% increase in annual transaction volume, and its partnership with large traditional financial institutions gives it a competitive edge in adoption.

Another catalyst for XRP's growth is Ripple's move into asset tokenization. This process involves using digital assets on a blockchain to represent ownership of physical property or other digital assets. Tokenization is seen as useful for the ownership of U.S. Treasury bills and stablecoins. While there are spot XRP ETFs abroad, none currently exist in the U.S. However, the SEC is expected to approve exchange-traded funds for XRP by the end of the year, which could unlock another $4 billion to $8 billion of inflows and legitimize XRP for institutional and retail investors.

Analysts predict that these catalysts could drive XRP to $5.50 this year and $12.50 by 2028, representing about 470% upside from current levels. However, investors should take these price targets with caution, as cryptocurrencies are more volatile than traditional assets and are more difficult to value. Despite the volatility, Ripple has the potential to make significant progress in building out its business, which could lead to further adoption of XRP.