6 Reasons Why XRP Price Could Hit $1 This Summer (Opinion)

This article represents the opinion of the author and should not be construed as financial advice.

Ripple’s XRP may be one of the most undervalued coins in the blue-chip blockchain economy. This is due to XRP’s legal success against the SEC and its product development.

Could the price of XRP be preparing for a bull run sometime in the third quarter?

Very Bullish XRP Price Prediction

XRP price analyst Egrag Crypto raised the striking specter of an XRP price of $17 in the near future if Ripple bulls break through the key resistance at $1 and hold it to XRP’s all-time high price of $3.50

#XRP : The Bent Fork ($17 and historical support) – UPDATE:

🔍 June 2023: We introduced “The Bent Fork Chart”. Here’s the latest scoop:

🎯 New max goal: $17
🚧 Key resistance: $1, both a structural barrier and a psychological obstacle.
🏆 All Time High (ATH): $3.5 – break… https://t.co/CAdFw956Ej pic.twitter.com/H8IQ03tCYu

— EGRAG CRYPTO (@egragcrypto) July 8, 2024

This is very bullish, but not uncommon in crypto markets. In fact, similar returns are not at all uncommon in blockchain investing. They happen with shocking frequency in the altcoin markets. Of course, it’s worth noting that they happen far less often with large-cap cryptocurrencies that have total market caps in the billions, as XRP does.

If Egrag’s XRP price prediction comes true, it would represent a 39.5x gain over Tuesday’s average Ripple price on exchanges.

Ripple has done these kinds of numbers before. For example, when it reached its all-time high price of $3.50 in January 2018, it shot up there in less than 60 days, from the value of $0.15 in November 2017.

This represented a gain of more than 23 times the November 2017 level for XRP in less than two months.

Here are six important factors that markets are evaluating in recent weeks:

1. Ripple sliding into home base in SEC suit?

The US Securities and Exchange Commission sued Ripple Labs, its founder, Chris Larsen, and its CEO, Brad Garlinghouse, in the fourth quarter of 2020.

So the SEC Ripple lawsuit has been dragging on for years, but finally showed signs of settling last summer when a series of legal victories came one after the other until the end of last year.

Ripple Labs could soon settle the SEC’s years-long lawsuit.

A positive or even less damaging resolution could finally remove the excess that XRP has been under for the past few years and help it perform well, especially in bullish market conditions.

2. Development of XRP Ledger (XRPL).

What the market doesn’t know yet, based on XRP’s price performance against competitors like Solana, is that this cryptocurrency for banks is poised to explode in the DeFi space with its smart contract issuance layer. ligent, the XRP ledger.

According to a recent post by X from a16z-backed blockchain developer group EasyA app founder Dominic Kwok, 134,000 developers are learning about Ledger in his company’s app. Talk about an XRP army.

Celebrating 134,000 developers learning about the #XRP Book in progress @easya_app 🤳📱

An incredible dinner with @Rippleit’s a gigabrain of its own @xrplebeian last night during #ETCC.

Fun fact: this restaurant is a UNESCO World Heritage Site! 😮 pic.twitter.com/hGp1BGqxGv

— Dom | EasyA 🤳📱 (@dom_kwok) July 9, 2024

Meanwhile, crypto analyst X CryptoGeek reported: “The XRP ledger is expected to handle $30-$50 trillion by 2025, with transactions likely to move to CTF token, #XRPL’s primary DeFi token” .

While these numbers may seem staggering, the SWIFT international payments system used by financial institutions like those served by Ripple processes about $5 trillion a day in transaction volume.

3. Interoperability of Ripple with Ethereum

💥 @Ripple & @EvmosOrg we have joined forces to build an XRP Ledger EVM sidechain!

The side chain will be built with #evmOS – a modular, production-ready solution that leverages Cosmos SDK, IBC, and CometBFT to deliver EVM support to Web3 enterprises.

The future XRPL is #interchain pic.twitter.com/VEOO8dawlh

— Cosmos – The Interchain ⚛️ (@cosmos) May 14, 2024

A very exciting development for Ripple, which could have a positive impact on the price of XRP, is the growing interoperability with Ether. This is because Ethereum is the current leader of DeFi on Web3. Meanwhile, there is an incoming EVM (Ethereum Virtual Machine)/XRP Ledger sidechain!

In May, the Cosmos interchain protocol announced that Ripple and Ethereum Cosmos developer evmOS are partnering “to build an XRP Ledger EVM sidechain.”

“Sidechain will be built with evmOS – a modular, production-ready solution that leverages Cosmos SDK, IBC, and CometBFT to deliver EVM support to Web3 enterprises,” Cosmos added.

This could be bullish for the price of XRP because the easier it is to use and spend your Ether to get service from an XRPL Dapp (decentralized application) or vice versa; it’s easier to spend your XRP tokens directly on the Ethereum virtual machine and pay. for the service: the more value your ETH and XRP tokens have in the market.

4. International growth of XRP

Additionally, XRP Ledger has made great strides in Korea and Japan this month.

Korea’s only licensed VASP (Virtual Asset Service Provider) recently announced integrations with XRP Ledger. According to a June 27 report that appeared on Investing.com:

“Infinite Block, the only South Korean crypto company to have secured a Virtual Asset Service Provider (VASP) license to date, has announced support for XRP Ledger (XRPL), the open source public blockchain designed by US fintech firm Ripple.”

Korea and Japan are among the most digitally aware and engaged nations in the OECD (Organization for Economic Co-operation and Development). Korean demand for cryptocurrency has proven to be formidably insatiable. Higher tariffs than most sites and government import controls have failed to slow the East Asian country’s roll in Web3 adoption.

The Infinite Block partnership came about as a result of Ripple Labs’ aggressive global expansion efforts. In early June, Ripple announced the launch of its XRPL Japan and Korea Fund, to “support a number of robust initiatives to foster innovation on the XRP Ledger in both countries.”

“The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as key regional hubs for blockchain innovation,” said Ripple’s Vice President of Strategic Initiatives Emi Yoshikawa. in a press release.

5. XRP user activity increases to a maximum of 5 months

The Ripple network’s transaction volume on XRPL experienced a massive increase earlier this month to levels not seen since February, according to chain data.

Meanwhile, the number of whales or addresses holding large amounts of XRP (1 million or more) has grown significantly in 2024.

According to data from blockchain intelligence firm Santiment, that number jumped from 2,000 to 2,043 on July 4, a 4.3% increase in XRP millionaires year-to-date.

6. Ripple IPO Next?

After this SEC lawsuit is buttoned up, an IPO is likely to raise the waters for more whale-sized inflows to boost XRP’s price.

Don’t expect it to happen on Wall Street, as XRP is primarily a cryptocurrency for international payments between major financial institutions.

This is especially so after the long and drawn out hostile treatment the SEC has given Ripple Labs. The company’s CEO, Brad Garlinghouse, said in January and again last month that Ripple is actively exploring going public and issuing Ripple Labs shares for international exchange trading.

Garlinghouse confirms this #Ripple is interested in going public, but they will probably do their IPO outside of the U.S. Right now, it doesn’t make sense as long as Gary Gensler is chairman of the SEC.

Once Ripple goes public, the price of XRP will skyrocket! 🚀🚀🚀 pic.twitter.com/XCNvVfLP2o

— Collin Brown (@CollinBrownXRP) June 2, 2024

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!