The lawsuit argued that XRP should be classified as a security, similar to stocks or bonds, and therefore would be subject to SEC regulation. However, in a major development, U.S. District Judge Analisa Torres ruled partially in favor of Ripple on 13 July 2023.
July 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.
Therefore, our XRP price prediction forecasts a price of $1.80 by the end of 2024. Depending on the lawsuit's outcome and crypto market conditions, it could go much higher, potentially reaching $3.10. Nevertheless, there is also scope for lows of $0.50 if the case swings in the SEC's favor.
Can Ripple (XRP) Hit $100 or $1000? It is unlikely for Ripple to hit $100, according to TU analysts. And it's even more unlikely for the token to reach $1,000. This is because for XRP to reach $1,000 per coin, its market cap would have to reach at least $100 trillion, which we're very unlikely to see any time soon.
A Thursday court ruling in Ripple's case with the SEC indicated that the digital asset XRP is not a security. The crypto industry has responded positively to the news, with crypto exchanges relisting XRP and many hoping this will lead to an end to the perceived war on crypto waged by the SEC.
While Bitcoin continues to become a medium of exchange and a store of value, XRP aims to settle cross-border transactions cost-effectively and quickly.
The XRP Ledger first launched in June 2012. Shortly thereafter, they were joined by Chris Larsen, and the group started the Company NewCoin in September 2012 (quickly renamed OpenCoin and now named Ripple). The XRPL founders gifted 80 billion XRP, the platform's native currency, to the company.
XRP To Hit $50 Amid Legal Woes? XRP faces a significant hurdle to reach the projected price of $50, as it would require a remarkable rally of approximately 9,600%.
While it's not impossible for XRP to experience price appreciation in the future, most analysts believe that reaching $100 is highly unlikely as it would require extraordinary circumstances and a substantial shift in market dynamics.
To reach $20, XRP would need to increase in price by 29x from its current price, not an entirely unrealistic target for an asset that has a market cap of $37 billion. At $20, XRP's market cap would be worth $1 trillion. Though this is a very large valuation, it's certainly not impossible.
Crypto hedge fund manager, Thomas Kralow, previously predicted that XRP would hit $30 a coin in 2023. This prediction fails to consider the mathematical improbability of XRP reaching this price, as the circulating supply of 100 billion coins means the project's market cap would be $3 trillion dollars.
To reach $500, XRP's market cap will be worth $26 trillion, which would be higher than the GDP of America today. It would be incredibly impractical for XRP to reach this level.
A continued trajectory could see the token reach $1.5 in the next month, and possibly touch $8 by the end of 2023. However, potential investors should also keep in mind the inherent volatility of the crypto market and tread with caution, as they witness XRP on its likely journey to the stars.
However, if Ripple loses all appeals, the SEC is likely to collect the $1.3 billion (the amount that the regulator alleges that Ripple earned from the unregistered securities sale) and offer XRP holders an option to sell their holdings.
The price of the cryptocurrency XRP shot up on Thursday after a federal judge in New York issued a ruling that favored San Francisco-based Ripple in a closely watched lawsuit about when a digital token is a security.
To be an XRP millionaire, then, investors would need to hold more than 2 million XRP. However, a new price forecast suggests that investors could earn $1 million with just 100 XRP in their wallet.
Based on current projections, most experts have agreed that Ripple's price can go up to the $250-$300 range in ten years. Ripple Coin News says that Ripple price could rise to $30 in 10 years.
Several analysts have weighed in on XRP's long-term prospects. In one of his analyses, Egrag, a notable market watcher, forecasted that, at its current position, XRP could take a path that would lead to a $10 price or a $27 value. However, Egrag believes the asset would need two more years to reach $10.
XRP was designed for $10,000.. The evidence is in its design.
The XRP prices rallied to an all-time high (ATH) of $3.84 in January 2018. The performance of XRP went slow after creating a new ATH but their number of holders increased. As per our analysis, the prices of XRP will continue to grow in the next 10 years, surpassing the $10 mark by the end of this decade.
Our most recent Ripple price forecast indicates that its value will increase by 14.67% and reach $0.814138 by July 31, 2023. Our technical indicators signal about the Neutral Bullish 59% market sentiment on Ripple, while the Fear & Greed Index is displaying a score of 52 (Neutral).
Despite many challenges posed by adopting blockchain technology for international banking, XRP holds a strong position in this industry. There are many use cases for the blockchain, and it is used by many banks due to its operational benefits.
Who are the biggest XRP holders? It is hard to say exactly who they are, but the two wallets with the largest amount of XRP are linked to the coin's parent company Ripple Labs. Meanwhile, the third-largest ripple wallet is linked to the Binance exchange and the fourth largest appears to be controlled by an individual.
According to XRP Ledger Services, which tracks XRPL's performance, there are currently 4,342,550 XRP accounts. These accounts hold 55.7 billion XRP in their wallets, of which 43.425 million XRP is the amount of those reserves that are blocked when the wallet is created.