Despite XRP following the rest of the cryptocurrency market in bearish sentiment, which began to reverse the gains the digital asset had achieved with a major victory of blockchain company Ripple in the case against the United States Securities and Exchange Commission (SEC), hope remains that it could one day reach the price of $10.
Indeed, XRP has demonstrated the capacity to dramatically grow its price, as it happened in January 2018, when it reached an all-time high (ATH) of $3.40, rising 1,445% from $0.22 just one month earlier. Considering the current price of XRP at $0.66, this means that hitting the price of $10 is indeed possible, as it would represent a 1,415% increase.
With this in mind, Finbold has analyzed the factors that might (but not necessarily have to) help XRP get closer to the coveted price level of $10, either alone or acting together.
Picks for you
Positive resolution of the SEC case
Although Ripple has scored a massive victory against the SEC, the case is not over yet, particularly as some judges are questioning the ruling by Judge Analisa Torres. Considering that Torres’s original decision had given powerful momentum to XRP, similar could happen if the case ultimately concludes in Ripple’s favor.
On top of that, a mini bull run to $10 or even $15 is among the potential price outcomes for XRP post-SEC case (one of the other scenarios includes a further pump to $20 or even $30) in the view of crypto market expert Cryptoinsightsuk, as Finbold reported on July 21.
Adoption by financial institutions
Designed as a fast, cost-effective, and efficient way to transfer value across borders, XRP has already caught the attention of some major financial institutions, and further interest of the powerful stakeholders in this industry could help propel both the demand and price of the crypto asset in the future.
Interestingly, Ripple’s recent (partial) victory has also reignited investor interest, making it the most actively traded altcoin in 2023, with more than $150 billion in trading volume, defeating the likes of Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), Polygon (MATIC), and Litecoin (LTC).
Increased use of XRP by Ripple
Furthermore, XRP’s main selling point to such businesses is its role as a bridge currency to offer financial institutions a more cost-effective way to exchange both crypto and fiat currencies across all corners of the world in what is a more connected global society than ever in history.
As Ripple Labs deploys XRP to facilitate transactions on its network, many financial institutions are using the Ripple network to transfer money internationally, and an increase in the use of XRP in this ecosystem could help drive up the demand for this cryptocurrency and drive its price higher.
FOMO (fear of missing out)
Should XRP make a stronger upward move, it could trigger a wave of purchases from crypto traders worried they could be missing out on a great investment opportunity – in what is known as ‘FOMO’ or ‘fear of missing out’ – pushing the price even further.
This is in line with the projections of legal expert John E. Deaton, who stated in late May that traders would ‘FOMO’ into XRP once its price increases to above $2, arguing it was “crazy to think about how many people, who refuse to buy it now [at $0.48], are going to buy it over $1.”
Technological advancement of the XRP network
Finally, although not directly visible to the wider masses, the XRP team has been hard at work behind the scenes to ensure the crypto asset’s blockchain infrastructure continues to serve international stakeholders and address financial exclusion around the globe.
If the team continues to develop the ecosystem, including the decentralized public blockchain XRP Ledger (XRPL), and make it more user-friendly, it could attract more institutional and individual users, in turn driving up the demand for XRP, as well as its price.
XRP price analysis
In the meantime, the price of XRP currently stands at $0.66, indicating a decline of 4.72% in the last 24 hours, as well as losing 7.2% to its value across the previous seven days, although it is still holding onto the 35.72% gain on its monthly chart, according to the latest data retrieved by Finbold on August 3.
All things considered, if or when XRP will one day truly succeed in reaching the coveted price of $10 will depend on the above (and possibly additional) factors, either acting together or separately. In short, they could contribute to the growing demand for XRP, which could ultimately drive its price up by the laws of supply and demand.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
