Ripple’s cross-border token became one of the best performers in the cryptocurrency market on a monthly scale at one point, but can it go even higher?
At one point, XRP’s price tag had skyrocketed by over 400% and neared $3 on a few occasions. While the community anticipated a surge past that level and a new all-time high of over $3.4, the asset retraced and evenNow, though, XRP stands around $2.5, with a market cap of just over $140 billion. In order to tap the coveted $1 billion mark in market cap, its price would have to go up to around $17.5 per token.
“Ripple has positioned XRP as a bridge currency for cross-border payments. If financial institutions globally adopt Ripple’s solutions, it could drive demand for XRP. Further utilization of the native cross-border token, as well as the upcoming stablecoin RLUSD, could also impact the former’s price movements and send it higher, said the two chatbots.ChatGPT and Perplexity also outlined a few challenges that XRP could face on the way up. Competition from other projects, including other, more established stablecoins, such as USDT and USDC, is among those.