As an experienced analyst, I’ve closely monitored the cryptocurrency market for years. XRP‘s current price of around $0.52 presents a complex situation for investors. While some analysts predict potential rises to significant figures like $5.85, $18.22, and even up to $100, I believe extreme targets are unlikely.
TL;DR
- XRP trades around $0.52, with some analysts predicting potential rises to $5.85, $18.22, and even up to $100, although extreme targets are unlikely.
The ongoing lawsuit between Ripple and the SEC significantly affects the asset’s price, with the company’s partial court wins boosting optimism for a potential bull run.
The Odds of a Ridiculous XRP Rally
In spite of a brief price spike exceeding $0.70 in mid-March, Ripple’s XRP hasn’t managed to rank among the top performing cryptocurrencies this year. Its current trading value hovers around $0.52 based on CoinGecko’s data, representing a limited gain compared to the price observed just a month prior.
Many analysts hold the opinion that the value of this asset could surge past its current price level and reach extraordinary heights. For instance, the user Dark Defender among them predicts that Ripple’s XRP may climb to $5.85 initially, followed by an even more significant rise to $18.22.
“Maintaining the current conditions, our forecast for reaching $5.85 and $18.22 through the Elliott Wave structure remains unchanged. Any price fluctuations within the range of $0.3917 to $0.6649 are considered normal side moves.”
Previously this year, the analyst raised the bar higher by predicting a target of $20. At the same time, EGRAG CRYPTO issued a cautionary note to XRP supporters, urging them to remain patient as a significant price surge could potentially occur soon.
As a crypto investor, I’ve come across some extremely optimistic price predictions this year. Among them, JackTheRippler’s forecast really stood out. He projected a remarkable rise, aiming for a price tag of $100.
Despite all the previous analyses mentioned, none of them match up to CryptoBull’s prediction from 2023. In that year, the X user expressed the belief that XRP could potentially reach an astonishing price of $470 at some point in the future.
As a crypto investor, I’d like to point out that reaching the level you mentioned is highly unlikely for my investments, given that the total market capitalization of cryptocurrencies currently hovers around $2.5 trillion. For this price level to become a reality, the market cap would need to surge beyond the staggering $200 trillion mark.
The Impact of the Ripple v SEC Lawsuit
The ongoing legal battle between the two parties is widely believed to significantly influence XRP‘s price fluctuations. This high-stakes lawsuit, initiated in December 2020, has reached its trial stage, and some observers predict an underdog role for the US Securities and Exchange Commission (SEC) due to Ripple’s successes in court throughout 2023, with three favorable rulings secured.
In recent developments of the ongoing legal dispute, as reported by American attorney Jeremy Hogan, both parties are now anticipating the judge’s decision.
A clear-cut win for Ripple could spark a bull market for XRP, while a loss could dampen its price momentum, as was the case in late 2020 when regulatory action first targeted the company. For those wanting to delve deeper into the lawsuit and its details, feel free to watch our informative video below.
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2024-05-18 20:24