Ripple (XRP) Price Prediction $500: Is Real?
✍️ 22 October, 2022 - 10:54 👤 Editor: Jakub Motyka
- The digital payments crypto, Ripple (XRP), could trade as high as $500, according to this price prediction.
- A case involving the financial network and the SEC is at the center of the outlook.
- The latest news about cryptos, in our Telegram channel.
Ripple (XRP) is a cryptocurrency aimed at enhancing the transfer of money between financial institutions. The token, native to the financial platform, is used for peer-to-peer payments. XRP ranks #6 in the crypto space with a market capitalization of $22 billion.
At the time of writing, the digital asset was trading for $0.4433. The price represents a 3.75% decline in the past 24 hours and a loss of 10.74% in the past week.
Founded in 2012, Ripple proposes a money transfer solution for banks, financial institutions, and decentralized exchanges. Asides from the descriptions, regulations have been a major hurdle for the layer-1 chain. Nonetheless, it occupies a special space in blockchain technology and can be the future of payments.
SEC Case Against Ripple (XRP) Likely To Pump XRP
The latest development shows that Ripple could win the case. On October 21, Ripple's general counsel, Stuart Alderoty, tweeted that the firm was in their custody. The documents relate to the SEC division director's speech, which termed ether as a non-security.
A US District Court Judge, Analisa Torres, had earlier overruled the SEC's request to withhold the documents in question. Analysts now believe that the success of Ripple, in this case, could have a tremendous effect and can boost the price of XRP.
The founder of Gokhshtein Media, David Gokhshtein, recently remarked that if the case concludes in favor of Ripples, XRP could soar. He added that the overall crypto space could jump as well. Particularly, the case is pitting the SEC against the XRP creators. The legal tussle dates back to December 2020. In the period, the regulator is blaming Ripple executives for issuing unregistered securities worth $1.38 billion.
XRP Historical Price Data Looks Bullish: What About The $500 Price Prediction For Ripple
Despite the ongoing bearish market, data from CoinMaketCap shows that XRP has gained 11% in the past month. Equally, in the last quarter, the digital asset gained upwards of 20%. However, the payments digital asset is down 46% year to date. In 2018, XRP peaked at $3 but has remained subdued since then.
On the broader outlook, XRP investors are keen on the outcome of the SEC case. Given that the token has been resilient despite the market outlook, the price is poised to rise to $500. In any case, that is only one of all the possible predictions. Still, as a fundamental blockchain for payments, XRP is one crypto that could change the industry.
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