XRP High Price Unlikely to Stem from Speculative Investors, Expert Argue

Industry expert Molly Elmore believes widespread adoption and utility will push XRP to a high price, and not short-term speculative investors. 

Recently, the crypto community has been speculating about the potential price of XRP when the multi-year lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) concludes.

While some have argued that XRP can go as high as $1000, prominent industry expert Molly Elmore has challenged this prevailing notion, countering that a surge in XRP’s price would not be fueled by speculative investors seeking short-term gains. 

Elmore’s perspective highlighted a distinct narrative for XRP’s potential future, emphasizing the asset’s long-term value proposition. This came as a response to a statement by a crypto influencer who claimed that once the ongoing lawsuit ends, XRP’s price would skyrocket to exorbitant levels and find stability around the $5 mark. 

“A high price for XRP will not come from speculative investors looking to flip the asset on an exchange for profit,” Elmore remarked.

A high price for XRP will not come from speculative investors looking to flip the asset on an exchange for profit.

Instead, once XRP becomes widely adopted to move and exchange value, it becomes an attractive place to store wealth.

At this point, the virtuous cycle kicks in. pic.twitter.com/wKrEtjCn05

— Molly Elmore (@mollyelmore22) May 29, 2023

She further explained that the true catalyst behind a significant increase in XRP’s value lies in its widespread adoption as a medium for transferring and exchanging value. Elmore argued that as XRP becomes widely accepted and integrated into various financial ecosystems, it holds the potential to become an attractive option for storing wealth.

Elmore’s argument also highlights the concept of a “virtuous cycle” that would propel XRP’s value forward. As more individuals and institutions adopt XRP for transactions and as a store of value, its inherent utility increases, reinforcing its position as a reliable digital asset. 

Pro XRP Lawyer Weighs in

In a related development, pro-XRP lawyer, John Deaton, shared his thoughts on the current price of XRP as reported by The Crypto Basic on May 29. Deaton highlighted the intriguing prospect that numerous individuals who are currently hesitant to invest in XRP might reconsider their stance once the price exceeds the $1 mark. 

According to Deaton, the true fear of missing out (FOMO) might not come into play until XRP surpasses the $2 threshold.

While some investors may be waiting for XRP to demonstrate further momentum before making a purchase, Deaton suggests that there is a significant segment of the market that could join in once the price surpasses the psychologically important $1 level. XRP is currently trading for $0.5014, up 8.60% in the past week.