The price of XRP recently lost its momentum after failing to hold the critical $2.6 support level. This decline occurred despite a seemingly positive update from the U.S. Securities and Exchange Commission (SEC), raising concerns among investors. The pro-crypto stance of SEC Commissioner Mark Uyeda has fueled speculation that XRP could benefit significantly if the regulatory body drops its ongoing lawsuit against Ripple.
Ripple vs. SEC: A Turning Point for XRP?
Coinbase recently announced that SEC staff had agreed to drop its lawsuit against the exchange, pending final approval from the agency’s commissioners. The Ripple lawsuit, however, has progressed further, and analysts believe its conclusion is imminent. SEC Chair Gary Gensler has maintained that XRP qualifies as a security when sold to the public, a stance that has significantly affected its price.
Market speculation suggests that the SEC could soon drop its appeal against Ripple, leading to a substantial rally for XRP. If the lawsuit concludes favorably, XRP could experience a surge in investor confidence and institutional interest.
Can XRP Hit $300?
Recent predictions from market analysts have placed XRP on an ambitious trajectory. Crypto analyst XRP Captain forecasts a price surge to $250 by 2026. While optimistic, this projection faces economic challenges.
XRP’s circulating supply stands at approximately 57.89 billion tokens, according to CoinMarketCap. A price of $300 per token would result in a market capitalization of $17.367 trillion—far exceeding the entire cryptocurrency market, currently valued at $3.17 trillion, with Bitcoin holding the dominant share. Despite these figures, a significant price rally remains possible if Ripple emerges victorious in its legal battle.
The XRP ETF Factor
Meanwhile, XRP’s ecosystem is expanding, with multiple firms pushing for the approval of an XRP Exchange-Traded Fund (ETF). Leading asset managers, including Canary Capital, Bitwise, and CoinShares, are at the forefront of this effort.
Also Read: XRP Surges 297% Against Bitcoin: Will the Bullish Momentum Continue?
With a 65% probability of approval, the crypto community is already pricing in the impact of an XRP ETF. If approved, institutional investment could drive substantial long-term price growth for the token, reinforcing its position in the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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