XRP, one of the most prominent digital assets in the crypto market, has reached significant milestones recently, fueled by major changes in market conditions and positive developments. For the first time in three years, XRP surpassed the $1 mark and is now trading at $1.43, reflecting a 27.04% increase in the past 24 hours.
This surge comes as key developments, including the announcement of SEC Chair Gary Gensler’s resignation date, appear to have injected optimism into the market.
This performance and the market’s current status prompted John Deaton, a well-known crypto advocate and lawyer, to share a notable prediction for the digital asset. Deaton believes XRP’s market cap will soon cross $100 billion.
XRP soon will achieve a $100B market cap. Times are changing.
— John E Deaton (@JohnEDeaton1) November 22, 2024
The $100 Billion Market Cap Prediction
At its current price, XRP’s market cap stands at $82.05 billion. The digital asset needs approximately $18 billion to close the gap. Its market cap has risen by over $50 billion since November 11, and an $18 billion gap can be closed in no time.
The last time XRP’s market cap crossed $100 billion was in January 2018 when the digital asset soared to its all-time high of $3.84. Reaching $100 billion would put XRP’s price at approximately $1.75, setting the stage for a surge above the 2021 peak of $1.96 which veteran trader Peter Brandt believes is crucial for a continued surge.
In 2021, the digital asset had a smaller circulating supply, and now it would need a higher market cap to reclaim the $1.96 level.
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How Can XRP Reach This Level?
Deaton has long been a vocal supporter of XRP and Ripple Labs, the company behind the token, particularly during its legal battles with the U.S. Securities and Exchange Commission (SEC). His prediction shows XRP’s resilience and the shifting regulatory landscape that could favor its growth.
XRP’s recent performance is especially notable given its prolonged stagnation following the SEC’s 2020 lawsuit against Ripple. Under Gensler’s tenure, the SEC pursued an aggressive regulatory stance against cryptocurrencies, which many in the industry viewed as overly restrictive.
However, experts believe the legal battle will end with Gensler’s tenure as Chair. Insiders have revealed that President-elect Donald Trump plans to appoint a pro-crypto SEC Chair who could settle the Ripple lawsuit and dismiss similar cases against other crypto companies.
Deaton stated that “times are changing” and with Ripple continuing to expand its payment network and institutional collaborations, XRP is well-positioned to capitalize on these developments and the broader market shift.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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