Crypto analyst Common Sense Crypto has predicted that XRP could rise by 16,500% and reach $100. He suggested when that could happen and gave reasons why the crypto token can reach such heights despite the reservations some other market participants might have.
When XRP Will Hit $100
Common Sense Crypto suggested that XRP could hit three digits sometime in 2025 while stating why the crypto token is well-primed to reach such ambitious heights. First, he alluded to Ripple CEO Brad Garlinghouse’s prediction that the crypto market could double by year-end and rise to $5 trillion.
The crypto analyst noted that Garlinghouse stated back then that this forecast was conservative, meaning that the crypto market could surpass such a target. Based on this, Common Sense Crypto believes that XRP having a market cap of $5 trillion if its price reaches $100 is not a problem since the crypto market is expected to keep growing exponentially.
Secondly, Common Sense Crypto highlighted crypto exchange Archax’s plans to tokenize Real World Assets (RWAs) worth up to $50 trillion on the XRP Ledger (XRPL). The inflow of such liquidity will undoubtedly positively impact XRP’s price. The crypto analyst noted that Archax is just one of many tokenization partners that have revealed plans to tokenize RWAs on the XRPL.
Another reason Common Sense Crypto believes that XRP can reach $100 is the imminent conclusion of the legal battle between the US Securities and Exchange Commission (SEC) and Ripple. The crypto analyst claimed that institutions will flood in to get ahead of the competition once the case ends.
This is related to the fact that the market could witness several applications for a Spot XRP ETF once the long-running legal battle between the SEC and Ripple ends. The introduction of such funds into the market would provide a major boost for XRP’s price, considering the amount of new money that could flow into its ecosystem through institutional investors.
Lastly, Common Sense Crypto noted that XRP’s available supply looks to be shrinking rapidly and that demand will soon be high, which will reflect in the token’s price.
The Major Catalyst For XRP’s Projected Growth
For now, XRP investors will look to the imminent conclusion of the case between the SEC and Ripple as the major catalyst for XRP’s projected growth. Crypto analyst RLinda recently claimed that the close of the case would give XRP “a second life” and suggested that such development would cause XRP to achieve a successful breakout above the $0.6378 price level.
Rumors that the case between the SEC and Ripple could be ending soon have indeed boosted investors’ confidence in XRP. The crypto token is witnessing an influx of new investors into its ecosystem. XRP whales have also been accumulating more tokens in anticipation of the higher prices that XRP could enjoy once the case ends.
At the time of writing, XRP is trading at around $0.59, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Flickr, chart from TradingView
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https://ift.tt/IPXCltV July 28, 2024 at 04:00AM