The cryptocurrency markets have seen increased volatility in 2023, with major price swings across top tokens like Bitcoin and Ethereum. However, one cryptocurrency that could be primed for a breakout rally is XRP, the native token of the Ripple payment network. A Ripple analyst, JackTheRippler, gave 3 key factors that could catalyze an XRP price explosion over the coming months:
What you'll learn 👉
1. Ripple Wins: Judge Torres Denies SEC Appeal
Ripple Labs scored a significant legal victory in July 2023 when a federal judge Analisa Torres ruled that Ripple’s sales of XRP were not unlawful securities offerings. However, the judge reached a different conclusion regarding Ripple’s institutional XRP sales.
The SEC has appealed the July ruling, but prominent lawyer John Deaton asserts the SEC has less than a 3% chance of outright victory. If Ripple prevails, it could clear the way for a surge in XRP adoption and investment inflows.
2. US Institutions Integrating “Ripple Payments”
Major U.S. banks like PNC, CBW Bank, and Cross River Bank have started integrating Ripple’s blockchain-based payments network RippleNet. RippleNet provides real-time settlement using XRP as a bridge currency on the back-end. If more banks utilize RippleNet for cross-border transfers, demand for XRP could skyrocket.
Earlier Ripple victories against the SEC have boosted confidence that U.S. banks will start using XRP more actively. This would remove uncertainty and drive significant XRP purchases.
3. Settlement Between Ripple and the SEC
Increased likelihood of a settlement between Ripple Labs and the SEC has emerged recently. While Ripple remains confident in its legal position, a settlement could halt ongoing litigation and allow Ripple to resume normal operations.
Earlier in September, rumors of an SEC settlement led to an XRP price jump. Though the parties have incentive to settle, talks appear stalled for now. If a compromise is reached, investors would likely flood back into XRP.
In summary, XRP is trading at a fraction of its all-time high, but growing adoption of Ripple’s technology and a resolution of the SEC lawsuit could quickly reverse the token’s fortunes. Keep an eye out for these three catalysts, as any one of them could ignite the XRP rocket in 2023.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
