A well-known crypto market analyst has suggested that the XRP price could explode from the current level, citing historical context from 2017.

Specifically, market watcher Crypto Kaleo said this to his audience of over 700,000 followers on X despite XRP’s recent struggles. For context, XRP has been a victim of the broader market uncertainties, down more than 15% this month, as it changes hands below the pivotal $2.5 price level.

XRP’s Steeper Decline on Binance

XRP’s recent woes began after the historic Oct. 10 crash, with the altcoin experiencing a larger dip on Binance than on most other exchanges. Notably, during the Oct. 10 drop, XRP collapsed to $1.77 on Coinbase, $1.58 on Bitstamp, and $1.4 on Kraken. However, on Binance, the XRPUSD chart slumped to $0.77, marking a 72.5% crash from its opening price of $2.8 that day.

Notably, while the Oct. 10 event impacted the broader crypto market, leading to a historic $19 billion liquidation figure, Binance had a unique problem in which some collateral assets, including USDe, BNSOL, and wBETH, saw sharper declines than anywhere else. It is unclear if this had any impact on XRP’s steeper drop on Binance.

Historical Context

However, a week after the event, Kaleo called attention to XRP’s sharper drop on Binance, citing historical data that suggests the altcoin may be on a path to greater heights. Interestingly, he cited a similar but more severe occurrence involving the XRPUSD chart on Binance nearly eight years ago.

Specifically, on Dec. 6, 2017, XRP, which opened the day at $0.2340, dropped rapidly to a low of $0.0002 on Binance within minutes. The flash crash resulted in a 99.9% crash from XRP’s daily opening price. However, minutes later, the altcoin recovered from the slump, closing the day at $0.2187. 

While market commentators discussed several possible reasons behind the event, the most logical explanation was a thin order book on the Binance exchange. Notably, this event occurred five months after Binance launched in July 2017, so the exchange was relatively new, resulting in thin order books for some asset pairs.

“XRP Sends from Here”

Interestingly, shortly after this incident, XRP embarked on an impressive run, eventually rallying to the $3.3 peak in January 2018. While it is difficult to find any connection between the Dec. 6 crash and this run, Kaleo believes history could repeat.

Notably, he suggests that XRP could replicate the same rally it engineered days after the Dec. 6 crash in 2017. Speaking in an updated commentary, Kaleo boldly remarked: “Call me crazy, but I think XRP sends from here.“

Call me crazy, but I think $XRP sends from here. https://t.co/rHdHRmTb8m

— K A L E O (@CryptoKaleo) October 21, 2025

His chart confirmed that the October 10 crash on Binance pushed XRP to retest an 8-year-old descending trendline as support. After retesting the support, XRP recovered considerably, indicating strength. In a subsequent disclosure, data from his chart suggested a possible run beyond $3 for the short term.

How could the XRP price react as Evernorth, a new Ripple-backed firm raising funds for an XRP treasury, eyes a Nasdaq listing?

Evernorth Holdings Inc., a newly formed company based in Nevada, has officially launched, intending to drive institutional adoption of XRP.

New Ripple-backed Firm Raising $1B for XRP Treasury

The company announced that it has entered into a merger deal with Armada Acquisition Corp II, a Nasdaq-listed special purpose acquisition company. After the deal closes, the combined firm will continue under the Evernorth name and trade on Nasdaq under the ticker symbol XRPN, once all listing conditions are met.

In its press statement, Evernorth said the merger seeks to raise over $1 billion in gross proceeds. Of this, $200 million will come from SBI Holdings, with additional funding from Ripple, Rippleworks, and other major entities in the crypto space such as Pantera Capital, Ripple co-founder Chris Larsen, GSR, and Kraken. 

Interestingly, Evernorth plans to use most of the funds to buy XRP directly from the open market, building what it calls the world’s largest institutional XRP treasury. The rest of the capital will cover operating costs, working capital, and transaction-related expenses.

At the time of the announcement, XRP traded at $2.41, giving it a market cap of about $145 billion with roughly 59.97 billion tokens in circulation. The Evernorth plan could have a major impact on XRP’s value, similar to how Strategy’s Bitcoin strategy drove interest and investment across the industry. 

Possible XRP Price if This Plan Materializes

However, it’s too early to tell whether XRP will see a similar effect. To assess what could happen, we asked Google Gemini for a hypothetical, bullish scenario if Evernorth’s effort succeeds. 

Notably, Gemini estimated that Evernorth could invest between $800 million and $1 billion into open-market XRP purchases. This could result in buying about 332 million to 415 million XRP at current prices. 

While this amount represents less than 1% of the total supply, Gemini noted that the real effect would come from market psychology and momentum, not only the numbers.

Importantly, Gemini explained that a public and sustained buying program by a Nasdaq-listed company could create massive buying pressure and trigger excitement across the market. 

Traders and other institutions might rush to buy XRP before Evernorth completes its purchases, creating a chain reaction that drives prices higher. Gemini compared this potential reaction to Bitcoin’s rally during Strategy’s buying spree, when corporate accumulation led to widespread investor enthusiasm.

In Gemini’s ultra-bullish outlook, if everything goes right, the fundraising, the Nasdaq debut, and the institutional adoption, XRP could break past its previous record high. Gemini predicted a possible price range between $10 and $15 per XRP, which would value the asset between $600 billion and $900 billion.

XRP could witness one of its most bullish price changes as a lineup of exchange-traded funds (ETFs) awaits regulatory approval. 

Over the next few weeks, the U.S. SEC would rule on multiple filings for an XRP ETF from some of the biggest names in asset management. Specifically, Grayscale 21Shares, Bitwise, Canary Capital, and others await a decision in October, while Franklin Templeton expects the SEC to rule on its filing in November.

Notably, market watchers expect these products to bolster demand, though no one knows exactly how much impact they will have. 

A Model to Assess the Impact of XRP ETFs on Prices

As a result, Rob Cunningham of the KUWL show recently presented a scenario with help from ChatGPT and shared his results. He looked at the effect of $17 billion flowing into XRP ETFs within 12 months, or about $1 billion per product.

Cunningham’s model assumed there was a float of 5 billion XRP tokens in circulation, excluding Ripple’s escrow, institutional treasuries, and locked commitments. At a starting price of $3 per token, this float would equal a market value of $15 billion. Now, if $17 billion from the ETF products chase that supply, demand would exceed the float’s value in a single year.

Essentially, if buyers tried to purchase XRP at $3, they could grab 5.7 billion tokens, but the market only offers 5 billion. This would force prices higher until the float matches demand. 

In a purely mathematical scenario where every token is instantly available, XRP would rise to $3.40. However, the reality is often different. Specifically, many holders resist selling at low prices, and thin liquidity means even modest orders can drive prices up sharply.

Cunningham called attention to lessons from gold and Bitcoin ETFs, noting that prices don’t climb slowly under these conditions. Instead, they reset quickly. 

Possible XRP ETF Impact on Price

His base case, where most of the float remains liquid, points to $8 to $15. Meanwhile, if only 20% to 40% of tokens trade, XRP could jump to $20 to $35. 

However, in the tightest scenario, where just 10% to 15% of supply hits the market, prices could soar higher. He set a conservative range at $8 to $12 over 12 months, a stronger range at $20 to $30, and an extreme case above $50.

Speaking further, he also stressed that ETFs change the game because they anchor long-term institutional demand. Should $17 billion enter the market with just 5 billion freely available tokens, XRP could realistically settle in double-digit territory, somewhere in the $10 to $30 range.

A Scenario Where XRP Hits $500+

Then Cunningham added a second point: the FOMO effect. He argued that if ETFs push XRP higher, banks, registered investment advisors, institutions, and retail investors could chase in. This reflexive demand would exceed ETF inflows. 

According to him, U.S. banks control about $22 trillion in assets, global advisors manage $115 trillion, and American households hold more than $5 trillion in savings. Even a 0.5% allocation across these pools would translate to $110 billion from banks, $575 billion from advisors, and $25 billion from retail. This totals over $700 billion combined.

With only 5 billion tokens in circulation, the market couldn’t absorb even a fraction of that demand without skyrocketing. In this model, ETFs act as the trigger, but the true market impact comes from global capital rushing in once momentum builds.

Without this broader rush, XRP could land between $8 and $30 in the first year. With widespread FOMO, it could climb to $50 to $150. If systemic allocations take hold across banks and advisors, XRP could break into a $200 to $500 range.