XRP is back above $0.50 per token once again on Friday, as the world’s sixth-largest cryptocurrency by market capitalization looks to reignite momentum following a strong bullish run in the past three weeks.
XRP is the native cryptocurrency of the XRP Ledger, a decentralized layer-1 blockchain protocol launched by US fintech company Ripple back in June 2012 to facilitate their revolutionary cross-border payment and liquidity business.
The cryptocurrency was last changing hands just under $0.52, up a little over 2.0% on Friday, up more than 26% versus its mid-May lows in the $0.41 area.
Meanwhile, XRP recently broke to the north of a downtrend from the yearly highs, helped by recent positive developments in Ripple’s ongoing lawsuit versus the SEC, surging above its 21 and 50-Day Moving Averages in the process.
Price predictions have been resoundingly bullish ever since.
Price Prediction – Where Next for XRP?
Chart analysis suggests that XRP remains on course to retest its yearly highs in the $0.58 area.
That’s because, aside from the mid-April highs in the $0.55 area, there are no key areas of resistance to prevent the ascent.
Meanwhile, investors remain bullish on the likelihood that Ripple will secure a favorable outcome in the ongoing lawsuit versus the SEC, who accused the fintech company of issuing over $1 billion worth of XRP as unregistered securities back in December 2020.
However, in ten days’ time, the SEC is being forced by the judge presiding over the lawsuit to release documents relating to a speech former SEC Chairman William Hinman made on cryptocurrencies that is expected to show that the SEC was, at the time, unsure as to whether XRP was a security or not, undermining the agencies argument that Ripple issued XRP as a security.
Investors have thus been increasingly betting on a favorable outcome for Ripple that should boost the firm’s payments business, thus handing a massive boost to XRP demand in the process.
And its not just the XRP price that has been pumping as of late.
Activity on the XRP Ledger has also been surging, as highlighted recently by on-chain analytics firm Santiment.
Can XRP 100x After the Lawsuit Ends?
A favorable ruling or outcome to the Ripple vs SEC lawsuit should deliver a massive boost to XRP as cloud of uncertainty is lifted regarding the tokens status (as a security or digital commodity) and for Ripple’s business.
XRP’s market capitalization is currently around $27 billion and analysts are talking about how a favorable ruling could deliver quick exponential gains, assuming the broader crypto market continues to perform well (which a favorable SEC vs Ripple lawsuit ruling should help with, anyway).
10x gains to around $270 billion are a reasonable target for the next two to three years assuming the likes of Bitcoin and Ethereum also post solid 4-5x gains over the same time period.
100x gains to a market cap of $2.7 trillion in the near future is probably overly optimistic.
But never say never.
If Bitcoin reaches a market cap similar to that of gold (of over $11 trillion), and Ripple’s business continues to roar (let’s say the world’s major financial institutions pile in to use its cross-border liquidity services), we shouldn’t rule out XRP becoming a multi-trillion dollar market cap coin.
XRP (XRP) Alternatives to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.