Altcoin
Potential 650x Rise in XRP Price – Examining If $20 Is the Next Altcoin Target
- XRP will hit the $20 mark by 2026 due to ongoing legal issues with the SEC.
- The analysis suggested continued downward pressure on prices, the parameters of which show growing interest.
Ripple [XRP]one of the leading cryptocurrencies, has faced significant challenges due to an ongoing lawsuit with the United States Securities and Exchange Commission.
So far, the asset has seen a dramatic decline of 84.7% from its all-time high of $3.40 in 2018 and has yet to recover a fraction of its peak value.
This steady decline in price has extended: Over the past 30 days, XRP’s value has fallen by nearly 20%.
Although there was a slight rally last week, the cryptocurrency has started to lose those gains, currently showing a decline of 2.3% in the last 24 hours.
However, despite the bearish pressure, one analyst has expected that XRP has a bright future.
A bull case for XRP
Armando Pantoja, a well-known crypto analyst, remains optimistic about XRP’s potential, estimating its value to reach between $8 and $20 by 2026.
This projection implies a dramatic increase of up to 3,557.6% from current levels.
Pantoja cites reasons why this increase might be possible, citing the 2017 bull run, in which XRP increased more than 650 times to its peak, as a “historic precedent” for such growth.
Institutional adoption is a strong driver for the future price of XRP. So far, Ripple, the company behind XRP, has seen significant integration into major financial institutions such as Bank of America and Royal Bank of Canada.
Additionally, Ripple’s recent partnership with HashKey DX to introduce XRP Ledger-based solutions to Japan and collaboration with SBI Ripple Asia, it could push the price of XRP higher.
Despite these adoptions, movement is still being made to accelerate further adoptions.
For example, RippleX, the development arm of Ripple, has done this introduced major updates to the XRP Ledger (XRPL), such as the XLS-68d specification.
This improvement allows platforms to cover transaction fees for others without handing out free XRP, simplifying the onboarding process.
These developments are vital to broaden the attractiveness and utility of XRP in the digital economy.
In addition to institutional adoption, Pantoja highlights the influence of market trends and the growing utility of financial services.
He predicts that XRP will soon achieve legal clarity and see a significant expansion of partnerships.
Regarding legal developments with Ripple and the US Securities and Exchange Commission (SEC), tensions escalated in March when the SEC sought a substantial $2 billion fine against Ripple for alleged violations related to institutional sales of XRP.
Ripple has refuted these allegations, with Chief Legal Officer Stuart Alderoty presenting the company’s detailed rebuttal last week.
Ripple’s defense disputes the SEC’s claims and suggests a much smaller fine, ideally less than $10 million.
Relationships It appears that the US SEC has filed its final response to the fine challenge, however, the documents are under seal and are not yet accessible to the public.
As the lawsuit nears its final stages, the crypto community is watching closely to see the outcome and whether XRP will be able to surpass its previous highs and potentially rise to double digits.
XRP’s possible near-term move
Meanwhile, technical analysis indicates that XRP may continue to face downward pressure in the near term.
The asset has consistently broken its structure on the daily and 4-hour charts, recently capturing liquidity and now targeting the swing low near $0.48.
Source: TradingView
This short-term bearish outlook is reinforced by a recent report from AMBCrypto, which noted that Chaikin’s money flow for XRP was at zerowhich indicates that there is no significant inflow of capital into the market.
Realistic or not, that’s it The market capitalization of XRP in terms of BTC
However, despite these bearish indicators, data from Santiment shows an increase in parameters such as social dominance, total holders and active addresses for XRP.
This suggests that many in the community remain optimistic and confident about the future of the asset.
Source: Santimento