The price of XRP, the native token of the Ripple network, has seen its fair share of volatility over the past year. After spiking to nearly $2 in April 2021, XRP crashed below $0.50 amid the crypto market downturn and ongoing SEC lawsuit.
Keypoints
- Ripple hiring a Shareholder Communications Senior Manager has sparked speculation that the company may be preparing for an IPO. Some analysts predict XRP could reach over $10 if Ripple goes public.
- XRP’s price is currently around $0.48 after peaking in July. Analysts foresee prices between $1.12 and $5.85 in the future, with potential to hit $1 by end of 2023 depending on market conditions.
- Coinbase approving perpetual futures contracts for institutional investors to trade XRP is seen as bullish. It suggests large amounts of institutional money may soon enter the XRP market, drawn by the potential for volatility and leveraged profits.
Recently, however, sentiment around XRP has turned bullish again. The token surged to $1.30 in September 2022 on the back of positive developments in Ripple’s legal battle. And analysts are now predicting even higher prices in the future.
In the short-term, most experts expect XRP to retest its 2021 highs. The recent move above $0.50 has opened the path for a move towards $1.00. As Ripple continues to make progress in its lawsuit, investor confidence in XRP is likely to improve.
A favorable settlement with the SEC could act as a major catalyst for the token. Several analysts have predicted that XRP could surge as high as $5-10 should Ripple emerge victorious. Even a partial win would be taken positively by the market.
Long-term fundamentals also look promising for XRP. Ripple is aggressively expanding its On-Demand Liquidity (ODL) service, which leverages XRP for cross-border payments. With ODL volumes surging, utility for XRP is expected to rise.
As cryptocurrencies gain mainstream traction, XRP is well positioned to capture a slice of the global payments market with its fast, inexpensive transfers. This could drive prices above the $10-15 range according to optimistic forecasts.
However, regulatory risks remain the biggest overhang for XRP. An unfavorable outcome in the SEC case could hamper long-term growth prospects. Investors should keep a close eye on legal developments before making investment decisions.
The post XRP Price: Is an IPO Looming for Ripple? Can XRP Hit $10? appeared first on Blockonomi.
