- 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
Despite a brief price surge above $0.70 in mid-March, Ripple’s XRP has not positioned itself among the best-performing cryptocurrencies this year. It currently trades at around $0.52 (per CoinGecko’s data), which is a minor increase compared to the figure witnessed a month ago.
Numerous analysts believe the asset can break out of its current price position and head toward somewhat outrageous targets. One example is the X user Dark Defender, who thinks XRP can rise to $5.85 and later to a whopping $18.22: “As long as these are maintained, our 5 Elliott Wave structure targeting $5.85 & $18.22 remains the same. And any further moves between $0.3917 to $0.6649 are side moves and are normal.”
Earlier this year, the analyst set an ever more ambitious target of $20, while EGRAG CRYPTO warned the XRP army to “stay steady” since a price “ignition” might be on the horizon.
One of the most bullish price predictions this year was outlined by JackTheRippler, who forecasted an ascent to a whopping $100.
Still, none of the aforementioned can be compared to CryptoBull’s analysis from 2023. Back then, the X user suggested that XRP may skyrocket to a staggering $470 sometime in the future.
It is worth mentioning that this level would most likely remain a mirage since the asset’s market capitalization should explode above $200 trillion for this to happen. Currently, the entire market cap of the crypto industry stands at “just” $2.5 trillion.
The Impact of the Ripple v SEC Lawsuit
Many consider the lawsuit between the two entities a major factor contributing to XRP’s price movements. The case, which started in December 2020, recently entered its trial phase, and some view the US SEC as the underdog due to Ripple’s three partial court wins secured throughout 2023.
The legal battle has undergone numerous developments recently, and according to the American lawyer Jeremy Hogan, both parties now expect the judge’s ruling.
A decisive victory for Ripple may resonate into a bull run for XRP, while the opposite scenario could halt the asset’s upward movements as it did back in December 2020 when the agency initially went after the company. Those curious to learn more about the lawsuit and its specifics, please take a look at our dedicated video below:
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