After a favorable outcome of the legal standoff between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, in which Judge Analisa Torres ruled that the sales of the XRP token on cryptocurrency exchanges do not constitute securities sales, several finance experts have given their own two cents.
Indeed, Finbold asked professionals across a range of expertise for input on the possible price of XRP over the course of 2023, specifically whether it could reach $5, and they have provided valuable insights, taking into account not only the recent positive ruling but also the fundamental price factors and other developments within the XRP ecosystem.
Sudhir Khatwani, Founder of The Money Mongers
According to Sudhir Khatwani, the founder of the crypto industry think tank The Money Mongers, XRP could reach the $5 mark in 2023 due to renewed optimism but also witness “a significant price correction” because of the volatility factor. Specifically, as he explained:
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“The court victory for Ripple has spurred optimism around XRP, but its long-term evolution will primarily hinge on how the market continues to interpret this ruling, overall crypto market trends, regulatory updates, and Ripple’s business progress,” he added.
That said, Khatwani advises carrying out detailed research and assessing one’s “risk appetite” before investing in anything, particularly in the “high-risk crypto domain,” as he told Finbold on July 22.
Jake Hill, CEO of DebtHammer
At the same time, Jake Hill, the CEO of DebtHammer, a platform offering advice, content, calculators, information, and access to paid programs for the 70 million Americans who struggle with consumer debt and payday loans, sees XRP hitting $5 as a long shot but not entirely impossible:
“This courtroom decision is definitely a win for the cryptocurrency world, but it’s not an automatic ticket to $5 prices for XRP. This would represent a roughly 900% surge, which is a tall order for any asset. However, XRP is the only cryptocurrency to surpass the market cap of Ethereum (ETH) and is known for periodic rallies. These factors could easily push XRP into the $5 and beyond range in the right circumstances.”
Carter Seuthe, CEO of Credit Summit Consolidation
Meanwhile, Carter Seuthe, the CEO of another debt relief counseling organization, Credit Summit Consolidation, does not share his colleague’s optimism regarding the price of XRP in 2023, particularly due to the token currently correcting below the $1 level.
Instead, he believes such growth would rather have a chance of taking place incrementally over the following several years. According to Seuthe:
“I wouldn’t expect XRP to reach $5 at any point in the near future, no. Considering it has already corrected back beneath $1 since the ruling, I would expect growth to happen incrementally over the next few years. Surges like the one we saw with XRP tend to happen quickly and impermanently, and shouldn’t be a sign of massive growth to come.”
Ben Michael, Attorney, Michael & Associates
Finally, Ben Michael, an attorney at Michael & Associates, referred to the recent court ruling in the Ripple case as “incredibly weird,” as it “states that XRP can be treated like a security for institutional investors, but not for individual investors,” which, in his view, opens more questions and answers.
He is also pessimistic about the chance of XRP reaching $5 in 2023:
“In the long term, what we really need in this space is some clear regulation, and until we get it, there’s going to be a lot of ambiguity in the crypto market. With regards to XRP’s price, I don’t see it hitting $5 this year without another legal shoe dropping.”
XRP price analysis
At press time, XRP was changing hands at the price of $0.72, which indicates it has decreased 3% in the last 24 hours, as well as declining 4.04% across the previous seven days. However, it is still holding onto the 46.15% gain on its monthly chart, according to the data retrieved on July 24.
In fact, XRP currently has the strongest support level at $0.69596, where its downtrend could slow down, whereas its most significant resistance stands at $0.780778, upon which the token is likely to stall under the current conditions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
