Top XRP community member and legal expert has projected a $100 price target for the coin.
Potentials to take over the financial landscape was underscored by Nerayoff.

In a recent discussion about the future potential of XRP, Steven Nerayoff, an astute member of the XRP community and a former Ethereum advisor expressed his confidence in the capacity of the token to soar to $100. With speculation like this, XRP is billed to challenge price limits and financial standards all over the world. 

One X app user identified as Selective_D_ sought Nerayoff’s view on the possibility of XRP going above $10 or even up to $100. He claimed that he was going to take the crypto expert’s opinion over that of anyone at the moment. In response, Nerayoff stated that offering a simple answer was almost impossible, however, he highlighted that the token which is closely associated with Ripple has no “ceiling.” 

With this statement, he implied that no cap could be placed on the future and potential of the XRP token as it could be very promising especially if the team behind XRP achieves its objectives. These objectives could include making XRP a standard currency for global payments. Next, Nerayoff delved into the subject of network effects stating that Ripple is the odds-on favorite to win in a “network effects” model. 

Network Effects to Change XRP’s Outlook

Markedly, network effects happen when a significant number of people utilize a currency and thereby, increase its value. With more organizations and protocols adopting Ripple’s technology, the request for XRP to complete transactions within the network is likely to surge. Ultimately, this dynamic will cause a jump in the price of the token.

Still, on network effects, Nerayoff went on to compare XRP to the United States dollar which already has enormous network effects and is widely accepted globally as a payment currency even for international trades. The ex-Ethereum advisor highlighted that the dollar remains relevant due to its necessity even amidst fluctuation in its value. Hence, if XRP becomes an important part of the financial system, the price of the token will not necessarily be a subject of discussion.

Nerayoff proposed a scenario where XRP would take on the role of a reserve currency, whether partially or in full. This would be quite similar to the USD which is equally a reserve currency that plays an integral part in the world’s economy. Once XRP can attain this status, a $500 price level may even be attainable. 

Furthermore, he touched on certain Conspiracy theories related to Ripple and XRP.  Nerayoff inferred that Ripple may have been unfairly targeted by some big players who may be against the progress of the fintech company. 

It is no longer news that the Securities and Exchange Commission (SEC) has been at loggerheads with Ripple for almost three years now. Even after Judge Analisa Torres ruled in July that XRP is not security, the regulator went on to file an interlocutory appeal for a re-examination of the federal judge’s verdict, an appeal that was denied, leaving the firm with the only appeal possible when the actual judgment has been has been given to conclude the case.

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Filed under: Bitcoin - @ October 29, 2023 5:56 am