2023-11-21 02:00 |
As another trading week opens up for investors, metrics for various cryptocurrencies, including the XRP price, are beginning to turn bullish once again. Amid this, there are key events that could drive the altcoin’s price toward $10 in the coming years, so here is a rundown.
Ripple Settlement With The SEC Coming Out LowerOne of the major reasons that could easily drive the XRP price toward $10 is Ripple emerging fully victorious over the US Securities and Exchange Commission (SEC). Now, the crypto firm has already secured multiple partial victories against the regulator, but with the SEC’s last-ditch effort being a $700 million settlement, all eyes are now on Ripple negotiating down this amount.
Since a settlement is already on the table, the odds are that Ripple will end up paying. But the real victory, or defeat, will lie in the final amount that the company might be asked to pay. As pro-XRP lawyer John Deaton said, if Ripple were to pay anything below $20 million, it would be a victory for the company.
Given the performance of the XRP price during the partial victories, a complete victory on the part of Ripple will likely push the price above $1 just off the news alone and then set the stage for further rallies.
An IPO For The BooksRumors have been swirling around the crypto space about a potential Ripple IPO, sparking hopes of impending growth that could trickle down to the XRP price. Wall Street veteran Linda Jones recently said that she expects the company to go public in 2024.
Previously, Jones has said that she expects the company to go public with a valuation of around $107 billion, which would put the share price at around $600. Putting this predicted share price up against the value of XRP, there will be a huge discrepancy which will likely be covered up quickly. At such a valuation, XRP will likely trade above $10 to mirror the valuation of Ripple and its product.
XRP Price To Rise As Ripple Conquers Cross-Border PaymentsAnother major event that could drive the XRP price to $10 is Ripple finally gaining a significant share of the cross-border payments sector. Ripple’s payment and on-demand liquidity (ODL) product puts XRP at the center of it all, and a rise in adoption often means a rise in demand for XRP, which translates to a higher value.
As Wells Fargo manager Shannon Thorp, says the XRP price could cross $500 as Ripple’s presence in the cross-border payments sector grows. Thorp revealed that the cross-border payments sector is expected to reach $250 trillion in 2027, a playground that Ripple is becoming more prominent. Given this, the Wells Fargo manager believes that a $500 price tag may be even too small for XRP.
Ripple is already powering remittances in Asia following SBI Remit adopting XRP as a bridge currency. This allows for low-cost and fast remittances in the region and worldwide, a move that SBI Remit believes “will lead to stronger competitiveness in the international remittance business.”
XRP Price Shows StrengthDespite the sluggishness of the weekend, the XRP price has started the new week on a rather bullish note. Following Bitcoin’s recovery on Sunday night, XRP has risen back above the $0.62 mark once more, registering a 1.44% increase in the last day.
Its daily trading volume has risen more than 12% in the same time frame, bringing it above $1.1 billion. As always, this suggests rising interest from investors and could work to continue to drive the rally as bulls aim for $0.7.
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