XRP’s price may experience a remarkable surge in the near future, driven by a significant factor. Despite a decrease in value this year, XRP continues to attract attention from crypto investors. Currently priced at $0.5235, XRP has experienced a 15.6% decline in value year-to-date (YTD) and a 16.7% decrease in the past three months.
The decline in XRP’s price can be attributed to the SEC v. Ripple lawsuit, which has now entered the appeal phase. Prior to the SEC filing its notice of appeal on October 2, XRP was trading at around $0.60. However, shortly after the filing, the price of XRP plummeted by 15% to $0.51.
Despite the potential duration of the appeal process stretching until 2026, analysts such as Crypto Pal remain optimistic about a potential price explosion for XRP. Crypto Pal highlights XRP’s impressive move in August, where it broke out of a seven-year trendline. While the coin experienced a significant dip over the weekend due to the Tether report, Pal considers this move as a retest of the breakout.
Legal clarity regarding XRP could play a crucial role in triggering a massive surge in its price. In the SEC v. Ripple lawsuit, XRP was declared not to be a security by the ruling judge Analisa Torres on July 13, 2023. The SEC accepted this ruling, confirming that XRP is merely “a computer code with no inherent value.” The SEC’s decision to not challenge XRP’s non-security status on appeal further solidifies its legal clarity. This uncontested non-security status could lead to increased adoption of XRP by both retail and institutional investors, potentially driving its price higher.
In addition to legal clarity, there are other factors that could contribute to a significant increase in XRP’s value. Ripple’s payment solution, Ripple Payments (formerly known as ODL), utilizes XRP as a bridge currency for cross-border settlements. This cost-effective and efficient payment solution has been adopted by numerous financial institutions, leading to increased demand for XRP. Furthermore, the positive sentiment within the XRP community and the potential launch of XRP exchange-traded funds (ETFs) are expected to further boost XRP’s price.
The potential approval of XRP ETFs by Bitwise, Canary Capitals, and Grayscale Investments could attract substantial capital into the XRP ecosystem, potentially resulting in a significant price increase.
Considering these factors, a surge in XRP’s price is highly anticipated in the near future, especially during the second phase of the bull run.
Disclaimer: This article provides informational content and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
