Ripple’s XRP has been gaining attention for its potential to reach $1 in the summer, according to experts. The recent legal success against the SEC and ongoing product development have contributed to XRP being considered undervalued in the blockchain economy.
Egrag Crypto, an XRP price analyst, has made a bold prediction of XRP hitting $17 in the near future if key resistance at $1 is surpassed. This would represent a significant gain compared to the current average price of Ripple on exchanges.
Historically, Ripple has seen impressive gains in a short period. For instance, when it reached its all-time high of $3.50 in January 2018, the price surged from $0.15 in just under 60 days, showing a gain of over 23 times the initial price.
Several factors are contributing to the positive outlook for XRP, including the potential resolution of the SEC lawsuit that has been looming over Ripple for years. A settlement could remove the regulatory uncertainty surrounding XRP and boost its performance in bullish market conditions.
Additionally, developments in XRP Ledger (XRPL) and its entry into the DeFi space are expected to drive growth. The partnership with Ethereum to build an XRP Ledger EVM sidechain could enhance interoperability and increase the utility of XRP tokens.
International expansion efforts in countries like Korea and Japan are also fueling optimism, with partnerships and support for XRP Ledger driving adoption in these tech-savvy nations.
User activity on the Ripple network has seen a spike, with transaction volumes reaching levels not seen since February. The number of XRP whales, or addresses holding large amounts of XRP, has also increased, indicating growing interest and investment in the cryptocurrency.
Looking ahead, the possibility of a Ripple IPO post-SEC lawsuit settlement could attract significant inflows and further boost XRP price. While an IPO on Wall Street may not be likely, exploring other avenues for going public could open up new opportunities for Ripple Labs and XRP investors.
Overall, the outlook for XRP price remains positive, with several key factors aligning to potentially drive the cryptocurrency to new heights in the coming months. As the blockchain and cryptocurrency market continue to evolve, XRP is positioned to capitalize on emerging trends and developments, making it an asset to watch in the summer and beyond.