XRP is in good shape right now, and it looks like the price could go up significantly. If they win their pending lawsuit, some people even think it could be worth $10.
XRP has a long way to go to beat its high of $2.8, but people keep hoping for good things in the future. This hope does not come out of nowhere; recent price changes show that XRP remains strong even as the market goes up and down.
In addition, some people feel that XRP may be worth as much as $10 this year. However, realizing this value requires a significant increase in the current price – multiplying it by as much as 18.5 times. In order to accurately assess the feasibility of this goal, it is essential to make a thorough assessment of the current situation and carefully examine the crucial factors influencing price development.
The Ripple vs SEC lawsuit
The ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC) plays a vital role in XRP’s future price. Analysts say that the relatively low XRP price is a cause of this legal battle, which prevented XRP from reaching new highs during the 2021 bull run.
Legal experts therefore emphasize that the final ruling in this lawsuit will be a key factor in determining the next steps for XRP. Should the coin not be classified as a security, this could pave the way for a possible price recovery. XRP would then be the only crypto asset legally tested and regulated as a non-security.
However, if XRP is considered a security, it could discourage extensive adoption of the coin, which could lead to its permanent removal on US-regulated exchanges. This will hurt the price of the token.
Support from the Cryptomarket
For XRP to reach its ambitious $10 target, it will require substantial support from the wider crypto market. Despite XRP having performed solo runs in the past, recent events have undeniably influenced the coin’s price developments.
In the past 24 hours, XRP has experienced a 4.34% drop, confirming its correlation with overall market trends. However, despite this drop, the Ripple price has managed to hold its own above the important support level of $0.50.
The coin is currently trading at USD 0.5093 and has seen a 3.24% gain over the past week despite the market turmoil caused by the Binance lawsuit.
Analysts predict: XRP could be worth $10
Several analysts have shared their insights on the long-term forecast of XRP. Noted analyst Egrag thinks XRP could follow a trajectory from its current position that could result in a price of $10, or even a value of $27. He does think that Ripple will need another two years to reach $10.
XRP attorney John Deaton recently predicted in a interview that the coin could skyrocket to a price of $10 after the SEC lawsuit closes. Prominent analyst Dark Defender has a more modest view, predicting an increase to $3.82 this year.