A leading expert has projected that the price of XRP could soar to $10, fueled by several favorable market developments and increased confidence in Ripple’s operations. This optimism is further reinforced by the declining escrow stake held by Ripple, which has garnered praise within the cryptocurrency community.
XRP Price Targeting $10
Ben Armstrong, known as The BitBoy in the crypto sphere, recently shared his bullish outlook for XRP during a podcast with XRP enthusiast Edo Farina. He anticipates that XRP will reach the $10 mark, highlighting various factors contributing to this forecast. Armstrong emphasized that the ongoing legal proceedings between Ripple and the SEC are no longer a significant deterrent to the cryptocurrency’s price trajectory, even as the case has moved into the appeal phase.
He noted that past concerns over the SEC’s classification of XRP as a security have diminished, suggesting that the cryptocurrency is now viewed as the “chosen institutional vehicle.” This shift in sentiment implies growing investor confidence in XRP’s potential, despite its previous legal challenges. Armstrong has also expressed a long-term bullish sentiment, projecting XRP might hit between $16 and $22 by 2025, potentially surpassing Ethereum’s market capitalization.
Ripple’s Declining Escrow Stake Sparks Positivity
Legal expert Bill Morgan has recently pointed out that Ripple’s escrow holdings of XRP have now dipped below 39% of the total supply, a significant reduction from 55% in 2020. Morgan regards this decline as a positive development that alleviates previous concerns about Ripple’s escrow negatively impacting XRP’s price. The SEC had previously claimed that Ripple’s escrow was used to artificially maintain the cryptocurrency’s value.
Morgan disputes this notion, citing numerous reasons to support his view that the impact of the escrow has been misunderstood. He argues that Ripple’s management of its extensive XRP holdings demonstrates responsibility and may enhance market sentiment among investors.
What Lies Ahead for XRP?
Ripple CEO Brad Garlinghouse has also contributed to the positive outlook, noting the increasing institutional interest in XRP. This interest is exemplified by recent filings for an XRP ETF by firms like 21Shares, alongside earlier attempts by Bitwise and Canary Capital, reflecting a growing acceptance of XRP in institutional circles.
As of the latest data, XRP is trading at approximately $0.5053, showing minimal change but with a notable 44% increase in trading volume to $919 million. The cryptocurrency has recently peaked at $0.508 within a 24-hour trading window. Additionally, the XRP Futures Open Interest has declined by 1.6%, indicating some market uncertainty.
The recent volatility in XRP’s price may be influenced by broader market fluctuations ahead of significant events, including the upcoming US elections and Federal Open Market Committee (FOMC) meetings. Nevertheless, the optimistic predictions from Armstrong and other analysts hint at a potential rally for XRP, with some forecasts suggesting it could reach $0.80 this month. Furthermore, market expert EGRAG Crypto has indicated that upcoming major announcements could propel XRP into double-digit gains in the near future.
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