Being a crypto market adherent for some time, I find the present XRP situation quite captivating. The XRP is currently trading at about $0.52 and there is a lot of buzz about where it could head from here. Some analysts are tossing around some huge figures and predicting that XRP may shoot up to $5.85, $18.22, or even $100. Personally, I find these extreme goals rather implausible though it’s interesting how people make such audacious predictions.
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The Ripple lawsuit against the U.S Securities Exchange Commission (SEC) has had great effects on XRP prices. This case commenced in December 2020 and has been nothing short of a rollercoaster ride since then. In 2023 though, Ripple won some cases partially which gave rise to optimism among many individuals concerning the future of XRP. Others believe that if Ripple wins this case, it would instigate a major bull run for XRP.
Despite this optimism, XRP hasn't been one of the best-performing cryptocurrencies this year. Although it spiked briefly above $0.70 in mid-March, it didn’t manage to hold onto that rally for long enough time possible. It is now trading just above $0.52 only increasing by a small margin from its position last month at around $0.
A number of analysts believe XRP could break out from the current price level. Another analyst, Dark Defender, claimed that XRP could rise as high as $5.85 and then to a whopping $18.22. Earlier this year, Dark Defender set an objective of $20. On the other hand EGRAG CRYPTO has told the XRP community to “stay steady” because a price “ignition” may be on its way.
One of the most bullish predictions I’ve seen this year came from JackTheRippler who said it was possible for XRP to rise up to $100 like in a blinding flash. However, none of these are as sensational as CryptoBull’s 2023 analysis which suggested that XRP might shoot up to an astronomical $470 someday. I am being honest here; it is almost impossible in my view. If XRP were going to go for $470, its market cap would have to skyrocket above two hundred trillion dollars. At present, the entire crypto market is value at about two point five thousand billion dollars. Henceforth, this prediction sounds more like fiction than an attainable goal.
XRP’s Price is Very much Influenced by the Ongoing Lawsuit. The case has had numerous ups and downs since it kicked off in December 2020. Lately, the matter moved into trial stage with some people now considering SEC as an underdog while Ripple has achieved three partial court wins on its side during this year only.
A number of XRP supporters have thus been invigorated by these legal victories. Hence, both Ripple and SEC are waiting for the judge to make a ruling. If Ripple were to secure a resounding victory then XRP price may see a major spike as well. On the other hand, should it lose then there could be a downwards pressure applied on XRP prices just like what happened in December 2020 when the lawsuit was first filed.
Even though some predictions that put XRP at high rates are exhilarating to consider, I am not convinced that they will be realized. The future value of XRP will actually depend on how the Ripple vs SEC lawsuit ends. In case of a win for ripple we might witness an extensive bull run for XRP. However, until then let us wait and see how things pan out from here onwards. As such, I still remain cautiously optimistic and closely follow new developments as they come up.
Posted Using InLeo Alpha