XRP has struggled to stay afloat for the past few years because of the legal battle with the U.S. Securities and Exchange Commission (SEC). This poor performance has caused uncertainty among investors, but many are still holding out hope for the digital asset.
Proponents believe XRP is undervalued, and some analysts have also set lofty price targets in anticipation of future surges. Here are some of the factors laid out by KingXRP (@MRKingXRP), a prominent analyst, that could help XRP reach certain targets.
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Ripple vs. SEC Lawsuit Resolution
A major factor influencing XRP’s price is the ongoing legal battle between Ripple, the company behind XRP, and the SEC. The lawsuit began with the SEC alleging that XRP is an unregistered security, but the judge disagreed in July 2023, ruling that XRP itself was not a security and non-institutional sales don’t count as securities offerings.
The lawsuit has entered the remedies phase, with both parties arguing the appropriate penalty for Ripple if the court rules in the SEC’s favor.
Although a prominent legal expert recently predicted that the court would order Ripple to pay $100 million, some prominent industry observers believe a settlement could be forthcoming. A major development like that could lead to a significant price increase for XRP. Analyst KingXRP suggests a settlement announcement could drive the price up to $18.57, reflecting a substantial increase from its current price point.
Re-emergence of Bank Partnerships
In its early days, XRP gained traction as a potential solution for streamlining cross-border payments within the banking sector. Ripple’s partnerships with financial institutions bolstered this perception. However, the SEC lawsuit against Ripple caused many banks to distance themselves from XRP, fearing regulatory consequences.
However, Ripple’s partnerships with international banks are growing, and with the SEC out of the way, Ripple can expand its reach in the U.S., potentially driving up XRP’s price. KingXRP anticipates such a scenario could propel the price to $257.21.
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Ripple’s Initial Public Offering (IPO)
The prospect of a Ripple IPO has been a constant topic of discussion within the XRP community, and many believe it is inevitable in the long run. KingXRP predicts that an IPO could trigger a significant price increase, potentially pushing XRP to $3,748.34.
XRP’s Integration with Central Bank Digital Currencies (CBDCs)
XRP’s potential as a bridge currency for facilitating transactions between different CBDCs has attracted the attention of central banks globally. Some experts believe XRP can reach $10,000 as a CBDC. KingXRP suggests that successful integration as a CBDC could result in a price surge to a staggering $59,873.18.
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