XRP is still enjoying the benefits of the positive ruling from Judge Analisa Torres.
With a price on the bounce, experts suggest more upsurge is underway but will be fueled by its utility.

Judge Analisa Torres’ July 13 ruling that XRP is not security in Ripple’s almost three-year-long lawsuit with the United States Securities and Exchange Commission (SEC) may have had an enormous lasting effect on the coin’s price and the ecosystem. To track this last impact, cryptocurrency analysts and financial experts have recently adopted a trend of predicting huge price gains for the XRP token.

Following Ripple’s latest development of becoming a member of the $1.2 quadrillion derivatives market’s International Swaps and Derivatives Association (ISDA), the popular analyst known as Digital Perspectives on X (formerly referred to as Twitter) predicted an intimidating price gain for XRP. 

According to his tweet, one XRP may be valued at $1,896 in the future as it will be driven by adoption.

Ripple to Capture 10% of Derivatives Market and Boost XRP Price

Another enthusiastic community member attempted to demystify the statistics behind the $1,896 price forecast. The explanation was based on the market capitalization of the token and Ripple’s potential to capture only 10% of the derivative market as the newest member of ISDA. With the entire derivative market worth approximately $1 quadrillion, 10% of this market would be equivalent to $100 trillion.

Therefore, if XRP processes $100 trillion, and its current market cap is $34.9 billion, then the market cap of XRP would need to increase by approximately 2,865 times, according to the analyst. He went ahead to multiply this figure by the current price of XRP and arrived at $1,896. 

This prediction has sparked several reactions from the XRP community. Many XRP enthusiasts are optimistic about a price jump but some have also mentioned that there are many contributing factors when it comes to the price of a digital asset. In effect, they don’t believe that this prediction for XRP will see the light of day. One user specifically highlighted that the prediction based on the assumption that derivative transactions would concurrently utilize XRP’s entire circulating supply is far-fetched.

Additional Price Forecasts

Before now, the highest price prediction that was recently made on XRP was $500 and this was in a range with $100 as the lower band. Shannon Thorp, a Business Support Manager at Wells Fargo, predicted that the XRP coin could surge and significantly reach a price range of between $100 and $500 within the next two to seven months. She made her prediction based on XRP’s utility and real-world application which she noted, should be the basis for making a forecast for the altcoin.

Renowned YouTuber and crypto analyst, Ben BitBoy Armstrong also speculated that XRP could undergo a 1,729% surge that would see the price rise to $15 and even soar to $35 with a well-timed Ripple Initial Public Offering (IPO). While it is not yet clear if investors share the same sentiment as these analysts, they are anxiously looking forward to seeing if XRP will defy expectations and etch a commendable path towards these predicted price milestones.

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Filed under: Bitcoin - @ August 9, 2023 8:45 pm