$20 On The Horizon For XRP? Unpacking A Potential 650x Surge And What It Means

Christian Encila

Last Updated: July 12, 2024 4:29 am

3 mins read

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XRP, the bitcoin developed by Ripple Labs, is still surrounded with waves of doubt. Originally a high-flyer, XRP’s price has dropped after a protracted legal fight with the US Securities and Exchange Commission (SEC). Some analysts, however, see a silver lining—a potential increase in the digital asset—even as ominous clouds loom.

A Legal Tug-of-War Dampens XRP Price

Filed in December 2020, the SEC lawsuit claims the cryptocurrency is unregistered security. Should this classification be maintained, XRP’s trade could be greatly limited and its value would be diminished. With its price falling an amazing 85% from its 2018 top of $3.41, the legal wrangle has paid for itself. The last month alone saw XRP drop around 18%, hence the recent months have not provided any relief.

Technical Indicators Flash Red In The Short Term

Predicting price fluctuations based on past data, technical analysis presents a worrisome picture for XRP in the near future. Recent price chart breaks signal to ongoing negative pressure according to analysts.

XRP 30-day price action. Source: CoinMarketCap

A Bullish Case For XRP

Some observers remain hopeful about the long-term possibilities of the coin despite the present challenges. Respected crypto expert Armando Pantoja thinks XRP might hit between $8 and $20 by 2026. From its present level, this would show an amazing rise of up to 3,558%.

$XRP true value is $8-$20 by 2026. It’s the easiest trade of my life.

1. Historical Precedent Powerhouse
2. Institutional Adoption Tsunami
3. Market Trends and Utility Explosion
4. Future Financial Services Demand
5. Legal Clarity & Partnerships will Boom pic.twitter.com/fv2WlkuNHk

— Armando Pantoja (@_TallGuyTycoon) May 7, 2024

Pantoja bases his hopeful forecast on a number of elements. He notes XRP’s historical performance, stressing its explosive climb in 2017 when it shot over 650 times to its highest point. Pantoja says this sets a standard for next expansion.

Institutional Adoption

Ripple’s expanding list of alliances with reputable financial institutions is another element inspiring hope. By raising its utility and general acceptance, integration with heavyweights like Bank of America and Royal Bank of Canada might greatly raise the value of the cryptocurrency. Recent joint efforts with SBI Ripple Asia and HashKey DX support institutional acceptance even further, therefore maybe driving XRP’s price higher.

XRP market cap currently at $28.7 billion. Chart: TradingView.com

Upgrades To The XRP Ledger

Not sitting idle either is ripple. By means of its development arm, RippleX, the company has unveiled important enhancements to the XRP Ledger (XRPL), the technology driving XRP. Especially, the XLS-68d standard lets platforms cover user transaction fees without handing free money. This helps the onboarding process and might draw fresh XRP ecosystem users.

Market Trends And Community Optimism

Pantoja also underlines more general market trends that can help XRP. The growing need for effective financial services might set XRP’s adoption in perfect storm conditions. Pantoja also expects Ripple to have a legal triumph, therefore opening the path for more alliances and commercial development.

The XRP community itself seems to share this hope. Social media participation around the altcoin has surged, and the overall number of active addresses and holders keeps rising. This implies that many investors still believe XRP has long-term promise despite present difficulties.

Featured image from Wikipedia Commons, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.