The current position of XRP suggests the possibility of an upcoming rally, leading some investors to consider a $10 price target.
While XRP still has a significant distance to cover before reaching its previous all-time high of $2.8 in 2018, investors maintain optimism about its long-term prospects. Recent price movements indicate resilience despite market volatility.
Speculations have arisen about XRP hitting $10 by this year. However, achieving this goal would require an 18.5x increase in its current price. Evaluating the feasibility of this target requires a realistic perspective and an analysis of the factors that could influence XRP’s journey.
The Ripple vs. SEC Lawsuit
The Ripple vs. SEC lawsuit is crucial to XRP’s future trajectory. Market observers attribute the asset’s price suppression to the lawsuit’s impact, hindering its ability to reach new highs during the 2021 bull run.
Industry leaders emphasize that the final ruling in the lawsuit will significantly shape XRP’s next moves. A declaration of XRP as a non-security would vindicate Ripple and pave the way for an XRP recovery as the only legally tested and regulated non-security crypto asset.
However, if XRP is deemed a security, it could discourage mass adoption, potentially leading to delistings by US-regulated exchanges. Jake Claver, Beyond Broke’s CEO, emphasized this in a recent interview.
Adoption of XRP
XRP’s level of adoption plays a vital role in its price actions. While Ripple has positioned XRP as “the banker’s coin” in its institutional offerings, recent developments indicate a reduced reliance on XRP in some products.
David Schwartz, Ripple’s CTO, noted last month that he does not advise deploying institutional products that require XRP to function. While this approach gives institutions more flexibility, it also presents an opportunity to relegate XRP to the background, dampening institutional adoption.
While XRP enjoys an impressive rate of retail adoption, institutional adoption could also catalyze its run. As earlier stated, this rate of institutional adoption would depend on the ruling in the Ripple vs. SEC lawsuit. The outcome will either support or oppose XRP’s $10 goal.
XRP and the Broader Market
For XRP to achieve its $10 goal, it needs support from the broader crypto market. Although XRP is known to embark on solo runs, recent events, such as the Binance lawsuit, have had a noticeable impact on XRP’s price movements.
XRP is still 4.34% down in the past 24 hours, confirming its correlation with the broader market. Despite the decline, the asset has held above the $0.50 support, firmly defending against any drops below the threshold.
Currently trading at $0.5093, XRP has seen a 3.24% increase in the past week, despite the market turbulence caused by the Binance lawsuit.
What the Experts Think
Several analysts have weighed in on XRP’s long-term prospects. In one of his analyses, Egrag, a notable market watcher, forecasted that, at its current position, XRP could take a path that would lead to a $10 price or a $27 value. However, Egrag believes the asset would need two more years to reach $10.
Pro-XRP lawyer John Deaton recently predicted in an interview that XRP could skyrocket to a price of $10 following the conclusion of the SEC lawsuit. Prominent analyst Dark Defender holds a more modest opinion, forecasting a surge to $3.82 this year.