Could XRP Be on Edge of Massive Run to $5 Amid Ripple vs. SEC Fight?

XRP appears to be on the cusp of a bullish surge to $5 with favorable court cases, institutional adoption, and an ending bear market.

The fifth largest crypto, XRP, currently trades at $0.4865 with a significant 24-hour volume of over half a billion dollars. While the whole crypto market wallows in a bear market, XRP is enshrouded with some unique circumstances that may see it breaking out of the bears, potentially leaving other digital assets.

The unique events surrounding XRP include its extended bear accumulation periods, the regulatory challenges with the US regulator, Ripple business partnerships, and financial institutions’ adoption. 

Besides, the Google-powered artificial intelligence software, Google Bard, affirmed that these circumstances would contribute to seeing XRP toward $5. Interestingly, these XRP-specific events have seen pivotal developments in recent weeks. 

– Advertisement –

Court Cements XRP’s Clear Regulatory Status

Early this month, the judge presiding over the SEC vs. Ripple lawsuit declined the SEC’s request to initiate an appeal against the ruling that XRP is not a security. 

Recall that in July, Judge Analisa Torres declared that XRP does not inherently qualify as a security based on the SEC’s argument. While the legal battle subsists, the US court reaffirmed XRP’s clear regulatory status. Therefore, the way is smooth for its potential to soar without any obstacles. 

Months of Stockpile Frenzy, Market Forming Triangle 

Similarly, prominent market experts have made a case for an unprecedented resurgence of XRP, having remained below the $1 mark for an extended duration.

These analysts often refer to the six years since XRP’s last all-time high (ATH), where the digital asset failed to break an ATH in the 2021 bull run, given the court case that it has now prevailed.

One prominent analyst, EGRAG, conducted an in-depth analysis and determined that XRP’s accumulation phase has spanned 68 months thus far. Therefore, he projected a range of possibilities, with the most conservative estimate suggesting XRP could trade at $6.6, while the most optimistic outlook places it at $90.

Furthermore, XRP’s market performance since 2018 has formed a symmetrical triangle similar to the pattern witnessed prior to the 2018 ATH. 

Financial Institutions’ Adoption

Last month, Japan payment giant SBI Remit launched an ambitious international money transfer service using XRP. Specifically, SBI Remit collaborated with Ripple and SBI Ripple Asia to utilize XRP to facilitate remittance services in Indonesia, the Philippines, and Vietnam.

On the other hand, this month, the prominent luxury car brand Ferrari has proclaimed it will accept crypto like XRP for car purchases. 

XRP Growing Astronomically to $5 

Given XRP’s price at $0.4865, the digital asset needs to grow over 927% to reach $5. While the percentage suggests a formidable path ahead, XRP has exhibited tendencies for such astronomic growth in the past.

For example, XRP grew from $0.009482 in March 2017 to its ATH of $3.84 in January 2018. That is a growth rate of over 40,486% within ten months. Therefore, XRP climbing 927% to $5 may not be far-fetched. 

Besides, XRP now has a larger community of enthusiasts from the top banks and the broader crypto sphere, which was absent before it made its $3.84 ATH.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://thecryptobasic.com/2023/10/15/could-xrp-be-on-edge-of-massive-run-to-5-amid-ripple-vs-sec-fight/?utm_source=rss&utm_medium=rss&utm_campaign=could-xrp-be-on-edge-of-massive-run-to-5-amid-ripple-vs-sec-fight