The price of the native token of the XRP Ledger, XRP, went up over 48% to $0.56 over the past year amid a wider cryptocurrency market recovery, but a cryptocurrency analyst has now suggested it could keep climbing to potentially reach $27 per token, an increase of 4,720%.
According to popular cryptocurrency analyst Egrag Crypto, XRP’s “unparalleled legal regulatory clarity” means it “seems promising” to look at the potential for XRP’s price to surge by 40x or even 50x, surpassing its growth of the last market cycle.
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 40,000 followers, Egrag Crypto noted that Ripple’s legal victories over the U.S. Securities and Exchange Commission (SEC).
In 2020, Ripple faced a lawsuit from the SEC for supposedly breaching U.S. securities regulations by selling XRP without first registering with the agency.
Judge Analise Torres determined that XRP was indeed a security when Ripple initially sold it to institutional investors, but not when it was sold to the general public.
Judge Torres’ primary reasoning was that institutional investors who purchased XRP from Ripple likely understood that it possessed certain characteristics of a security. However, this information was not necessarily available to those who acquired XRP through cryptocurrency exchanges.
To Egrag Crypto, XRP can now parallel the previous gains of Bitcoin and Ethereum, to potentially hit a high of $27. Nevertheless, the analyst pointed to a number of possibilities that also include a 40x to 50x leap, which would bring XRP to $11 or $14.
As CryptoGlobe reported, last month a popular cryptocurrency analyst suggested XRP could soon outperform the flagship cryptocurrency Bitcoin (BTC) and surge as much as 1,500% against it if it breaks through a key level.
Per his words, it appears to be a “matter of time for XRP to make a 88%+ move” against the flagship cryptocurrency, which would see the cryptocurrency greatly outperform Bitcoin. The analyst added that a break and hold above the major resistance at around 0.000027 BTC, then XRP could surge as much as 1,500% against Bitcoin.
Earlier, another popular analyst recently suggested that a “parabolic move is imminent” for the native token of the XRP Ledger, over a rare bullish pattern that was formed on the cryptocurrency’s price charts.
Featured image via Unsplash.