Industry Leaders Weigh in on XRP Potential to Hit $5 This Year

Following the victory in the Ripple v. SEC lawsuit, several analysts have predicted an XRP rally to $1, $3, and even $5, but how feasible are these forecasts?

XRP secured a landmark victory in the Ripple vs. SEC case on July 13. The asset emerged as the only cryptocurrency to go through trial and emerge as a non-security. Following the ruling, notable market watchers envision an XRP rally to as high as $5.

The projected $5 rally would signify an impressive surge of 600% from XRP’s present value. In light of these ambitious forecasts, finance outlet Finbold conducted a comprehensive survey of eminent FinTech experts to gather their insights and opinions regarding the $5 price target.

Khatwani, The Money Mongers Founder

Sudhir Khatwani, the Founder of The Money Mongers, a well-regarded think tank within the crypto industry, displayed optimism concerning XRP’s prospects of reaching the $5 milestone by 2023. 

However, he also provided a word of caution, highlighting the possibility of price corrections attributed to the inherent volatility in the market.

According to Sudhir Khatwani, the recent court victory for Ripple has undeniably sparked a sense of optimism surrounding XRP’s future. However, he emphasized that the long-term trajectory of XRP’s price will depend on various factors. 

These include market interpretation of the court ruling, the prevailing trends within the broader crypto market, updates in regulatory policies, and the progress of Ripple’s business endeavors. Such elements will collectively shape XRP’s path in the coming times.

Hill, DebtHammer CEO

Jake Hill, the CEO of DebtHammer, acknowledged the significance of the courtroom victory as a positive development for the cryptocurrency community. However, he also recognized that attaining a price of $5 for XRP is no easy feat and poses a considerable challenge.

In his assessment, Hill points out that a surge of such magnitude is significant for any asset, including XRP. Nevertheless, he draws attention to XRP’s track record of surpassing Ethereum’s market cap in the past and its history of experiencing intermittent rallies. 

Considering these factors, he suggested that XRP may surpass the $5 threshold under favorable conditions. 

Michael, Attorney at Michael & Associates

Ben Michael, an attorney at Michael & Associates, shared his perplexity regarding the recent court ruling in the Ripple case, wherein XRP is treated differently for institutional investors compared to individual investors. 

This contrasting treatment has puzzled him and raised questions about the potential implications and inconsistencies within the regulatory framework surrounding XRP.

Michael strongly emphasized the need for unambiguous regulation within the crypto space. In light of the recent court ruling and the differentiated treatment of XRP for institutional and individual investors, he expresses pessimism regarding XRP’s price prospects. 

Without additional clarity from regulators, he does not foresee XRP reaching the $5 price target within the current year. 

Seuthe, Credit Summit CEO

Carter Seuthe, the CEO of Credit Summit Consolidation, shares a similarly less optimistic perspective regarding XRP’s price surge in 2023. 

He drew attention to the token’s recent correction below $1 following the court ruling, which suggests a more gradual growth trajectory for XRP over the coming years. 

Based on this observation, he implies that significant price spikes to reach $5 may not be immediately on the horizon for XRP, and more measured progress is to be expected.

Credit Summit CEO stated that a near-term XRP price of $5 is unlikely. With the recent correction below $1 after the ruling, gradual growth is expected over the next few years.

Seuthe cautions against expecting rapid and sustained surges, citing them as often temporary and not indicative of massive future growth.

XRP Price Outlook

Meanwhile, XRP is currently 24% down from the high of $0.9380 attained on the back of Judge Analisa Torres’ verdict. Despite the intermittent declines since the July 13 rally, XRP currently holds above the $0.70 territory.

At a current price of $0.7125, XRP is down 10.95% over the past week but up 47% in the last 30 days. An uptick from this position would face stern opposition at $0.77. In contrast, if the bears assume control of the scene, they could batter the asset to the support levels at $0.6530.