6 Reasons XRP Price Could Hit $1 This Summer (Opinion)

As a seasoned crypto investor with a keen interest in the latest blockchain developments, I’ve been closely monitoring the XRP market lately. And let me tell you, the recent news surrounding XRP has got me excited!

This article represents the opinion of the author and is not to be construed as financial advice.

The value of Ripple‘s XRP could be significantly underestimated within the esteemed blockchain sector. This is largely attributable to two factors: first, the favorable outcome of the legal battle between Ripple and the SEC; second, the continuous advancements in product development.

Could XRP price be gearing up for a moonshot bull run sometime in Q3?

Very Bullish XRP Price Prediction

As a researcher studying the XRP market, I’ve come across an intriguing prediction from XRP price analyst Egrag Crypto. If bullish investors manage to push the price above the current resistance level at $1 and sustain it, there’s a possibility that XRP could reach heights as high as $17 in the near future. This figure represents a significant increase, and it would mean surpassing the all-time high price of $3.50 set for XRP.

#XRP : The Bent Fork ($17 & Historical Support) – UPDATE:
June 2023: We introduced “The Bent Fork Chart.” Here’s the latest scoop:
A new significant objective emerges at $17.
— EGRAG CRYPTO (@egragcrypto) July 8, 2024

In simple terms, such strong gains aren’t unprecedented in crypto markets. Quite regularly, we witness comparable growth in blockchain investments. However, this phenomenon is particularly frequent in altcoin markets. It’s important to mention that these extraordinary events are less common among large-cap cryptocurrencies, like XRP, which have market capitalizations in the billions.

Should the anticipated price increase for Egrag XRP materialize, this would equate to a substantial 39.5-fold return compared to the average XRP price on exchanges as of Tuesday.

In the past, Ripple has achieved significant price growth within a short timeframe. For instance, its all-time high of $3.50 in January 2018 was reached in under two months, having started at around $0.15 in November 2017.

That represented a gain of over 23x the Nov. 2017 level for XRP in under two months.

Here are six important factors that markets are evaluating over the past weeks:

1. Ripple Sliding Into Home Base On SEC Suit?

In the final quarter of 2020, Ripple Labs, along with its co-founder Chris Larsen and CEO Brad Garlinghouse, were named as defendants in a lawsuit filed by the United States Securities and Exchange Commission (SEC).

The long-standing SEC vs. Ripple lawsuit appeared to be nearing a resolution towards the end of last year, with Ripple scoring several significant legal victories in quick succession.

Ripple Labs could finally resolve the years-long SEC lawsuit soon.

In simpler terms, a favorable outcome concerning XRP could lift the long-standing negative sentiment surrounding it and enable the cryptocurrency to thrive, particularly during periods of market growth.

2. XRP Ledger (XRPL) Development

The unsuspecting market hasn’t caught on yet to the impending breakthrough of XRP in the decentralized finance (DeFi) sector, as hinted by its price trend compared to competitors such as Solana. This cryptocurrency, which is particularly favored by banks, boasts a smart contract issuance layer called the XRP ledger, set to revolutionize the DeFi landscape.

As a crypto investor, I’ve come across an intriguing piece of news from a recent post by Dominic Kwok, the founder of EasyA app – a blockchain development group backed by a16z. He mentioned that over 134,000 developers are currently learning about Ledger through their platform. This got me thinking about the growing XRP community and the potential impact it could have on the Ripple ecosystem. With so many developers gaining knowledge and expertise in this area, we could be witnessing the rise of a formidable XRP army, ready to contribute and innovate within the Ripple world.

Celebrating 134,000 devs learning about the #XRP Ledger on @easya_app
Amazing dinner with @Ripple’s very own gigabrain @xrplebeian last night during #ETHCC.
Fun fact: this restaurant is a UNESCO world heritage site!
— Dom | EasyA (@dom_kwok) July 9, 2024

According to renowned cryptocurrency analyst CryptoGeek, it’s projected that the XRP Ledger will handle a significant volume of $30 to $50 trillion worth of transactions by the year 2025. Notably, there are expectations that these transactions may begin utilizing the CTF Token as the primary DeFi token within this platform.

The daily transaction volume processed through the SWIFT international payments system, which is utilized by financial institutions including Ripple, amounts to an impressive $5 trillion.

3. Ripple Interoperability With Ethereum

@Ripple & @EvmosOrg have joined forces to build an XRP Ledger EVM sidechain!
As a researcher exploring blockchain technology, I would recommend building the sidechain utilizing #evmOS – an industrial-strength, versatile alternative that empowers Web3 enterprises with EVM compatibility. This solution is constructed using Cosmos SDK, Inter-Blockchain Communication (IBC), and CometBFT.
XRPL future is #interchain
— Cosmos – The Interchain (@cosmos) May 14, 2024

An intriguing advancement for Ripple that may boost XRP‘s value is the expanding compatibility with Ethereum. This is significant as Ethereum is currently the dominant force in Decentralized Finance (DeFi) within the Web3 landscape. Moreover, an EVM (Ethereum Virtual Machine)/XRP Ledger side-chain is on its way!

In May, I came across the announcement made by interchain protocol Cosmos regarding their collaboration with Ripple and Ethereum Cosmos developer evmOS. They revealed their plans to construct an Ethereum Virtual Machine (EVM) sidechain based on the XRP Ledger.

I’m excited about the upcoming sidechain development, which will be powered by evmOS – a robust and versatile solution based on Cosmos SDK, Inter-Blockchain Communication (IBC), and CometBFT. This combination enables Web3 businesses to enjoy the benefits of Ethereum Virtual Machine (EVM) compatibility.

The ease of interoperability between Ethereum (ETH) and Ripple (XRP), allowing users to seamlessly access services from one platform to another using either token, could potentially boost the value of both ETH and XRP in the market.

4. XRP International Growth

Moreover, XRP Ledger has made big strides in Korea and Japan this month.

A single Virtual Asset Service Provider (VASP) based in South Korea has disclosed new collaborations with the XRP Ledger as per a report published on Investing.com on June 27th.

“The sole South Korean cryptocurrency company, Infinite Block, holding a Virtual Asset Service Provider (VASP) license to date, has declared its integration with XRPL, the decentralized and publicly available blockchain created by the California-based fintech company, Ripple.”

In the OECD community, Korea and Japan stand out as highly digitally involved and aware nations. The appetite for cryptocurrencies in South Korea is particularly robust, despite higher transaction fees and government restrictions on imports. These obstacles have done little to hinder the East Asian countries’ progress in embracing Web3 technology.

The collaboration between The Infinite Block and Ripple Labs emerged due to Ripple’s extensive international growth strategy. In early June, Ripple unveiled plans for its XRPL Japan and Korea Fund, aimed at encouraging innovation on the XRP Ledger within these regions.

In a recent press statement, Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, expressed Ripple’s firm conviction in Japan and Korea’s significance as key regional centers for blockchain advancements, by announcing the launch of this new fund.

5. XRP User Activity Spikes to 5-Month High

As a researcher examining transactions on the Ripple network through on-chart data, I’ve noticed an impressive surge in transaction volume on XRPL earlier this month. This spike brings us back to the high transaction levels last seen in February.

In the year 2024, there has been a significant increase in the count of whales or XRP holders with a balance of one million tokens or more.

Based on information from blockchain analysis company Santiment, there was a notable jump in the number of XRP millionaires, which grew from approximately 2,000 to 2,043 by July 4. This represented a 4.3% growth in the number of XRP wealthy holders during the year up to that point.

6. Ripple IPO Next?

Once the SEC lawsuit against this company is resolved, an Initial Public Offering (IPO) could attract large investments, potentially driving up the price of XRP.

In simpler terms, it’s unlikely that XRP transactions will occur frequently on Wall Street since its main function is facilitating global financial transactions between significant institutions.

After enduring prolonged adversity from the SEC, Ripple Labs is seriously considering taking the company public and offering its shares for trade on global stock exchanges. This was asserted by CEO Brad Garlinghouse in January and more recently last month.

According to Garlinghouse’s confirmation, Ripple has plans to conduct an initial public offering (IPO). However, it appears that they will likely execute this outside of the United States due to current circumstances. Specifically, with Gary Gensler serving as Chair of the Securities and Exchange Commission (SEC), it seems unfavorable for Ripple to pursue an IPO within the U.S at this time.
Once Ripple goes public, the price of XRP will skyrocket!
— Collin Brown (@CollinBrownXRP) June 2, 2024

2024-07-21 19:46