Ben Armstrong, better known as “Bitboy” in the cryptocurrency world, has shared an optimistic outlook for XRP, predicting that the cryptocurrency could hit $4.50 by the end of 2024 or early January 2025. Armstrong’s forecast comes when market sentiment around XRP grows increasingly positive, fueled by technical momentum and regulatory shifts.
Also Read: Market Veteran Peter Brandt Labels XRP Chart the “Most Powerful” in Crypto
XRP Surpasses $2 and Eyes New Heights
XRP surpassed $2 following the November 5 elections, levels it last tested in 2018, and it may be recalled that the digital asset’s price reached its highest level six years ago at $2.86. Such gains have recently spurred speculation that XRP’s rally could continue. Armstrong’s prediction that the asset may reach $4.50 can be regarded as a reflection of the bulls rising in the market.
Several factors explain XRP’s bullish optimism including, the growing popularity of Ripple as a service for the settlement of cross-border payments, also, XRP’s robust community support, which is essential for the crypto movement in the market. Armstrong’s prediction that XRP might reach $4.50 aligns with the bullish sentiment building in the market.
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Regulatory Developments Fuel XRP’s Bullish Outlook
However, it is not only positive market signals that have driven up the sentiment for XRP but also legislative changes. One of the main factors for the coin’s possible rally is anticipating the departure of the current SEC chair, Gary Gensler. Apprehensions are that Gensler’s exit in January 2025 could see a change of tune by the SEC on cryptocurrencies, especially the XRP.
President-elect Donald Trump has appointed Paul Atkins to replace Gensler, and Atkins has been particularly supportive of crypto to the extent that his appointment could be expected to solve the ongoing SEC lawsuit against Ripple, the company behind XRP. If the lawsuit is settled, XRP could gain clarity on its regulatory status, which would significantly boost its long-term growth prospects.
XRP Could Reach New All-Time Highs in 2025
Armstrong’s prediction aligns with broader market expectations that XRP could enter a new growth phase. With regulatory hurdles potentially clearing, the cryptocurrency could attract more institutional interest, further driving its value. When writing the news, XRP was exchanging hands at $2.21, marking a 9.03% decline within the last day. Nonetheless, XRP has remained up at 279.03% from last month, a testament to the strong upward momentum seen throughout 2024.
Source: CoinMarketCap
As we approach the end of 2024, many experts are revising their price targets for XRP, suggesting it could soon reach new all-time highs. Armstrong’s prediction of $4.50 highlights the growing consensus that XRP has significant room for growth, with many analysts anticipating it will outperform other cryptocurrencies in the coming months.
Also Read: Analyst Predicts Further XRP Surge After Impressive Rally
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.