According to market watchers, XRP Price could hit $10 this year. This is not based on underlying fundamentals but rather on technical chart analysis. According to past trends, the price could reach $1.70 early this quarter, $6 in August, and over $10 in September if the monthly percentage sees the same trajectory as in the past.
However, it should be noted that technical analysis uses chart patterns based on historical data to predict the future. Not surprisingly, this method has its flaws and regularly receives criticism. Analysts admit that it is incomprehensible to ascertain if that price will be attained by Q3 2023.
While this price prediction seems a massive move from the current 70 Cents, it would still be far from another target some have. Based on a popular Simpsons meme, wild online speculations around XRP have reached $589 per coin.
While nothing is impossible, expecting such colossal price movements in such short periods seems highly speculative. On the other side, many have been disappointed with XRP’s performance after Judge Torres ruled partially in favour of Ripple.
On July 13, Judge Analisa Torres granted that XRP sold on exchanges did not constitute a security. The Judge said, however, that sales to institutions represent the sale of securities which in Ripple’s case means those sales were illegal.
Judge Torres has now passed on the case to Magistrate Judge Sarah Netburn, who has suggested that both parties come to a settlement before a trial commencing on the remaining issues. Given this, the market may have priced in fines and future uncertainties, which may well be why the price has not seen new highs.
Nevertheless, XRP still has many positive developments, and the long-term growth outlook for the XRP-Ledger (XRPL) remains solid. From the announcement of the Canadian Imperial Bank to use XRP for cross-border settlement and payment to Ripple’s projections for $250 trillion in cross-border payments by 2027, the outlook overall is good.
