XRP, Ripple’s crypto-token, soared past the $1 price mark on Tuesday. This is a major achievement for Ripple ever since its 2018 all-time high of $3.31. On Tuesday, it gained up to 86%, and currently, its price stands at $1.05. XRP has been displaying a bullish movement throughout March when it crossed price levels of $0.547 and $0.701 subsequently.
The recent gains are being credited to the crypto market’s overall success in the past few weeks. The crypto market cap skyrocketed to $2 trillion, which is, in turn, a result of the supposed success of bitcoin’s price movements lately, and its market capitalization rose to $1 trillion.
Ripple has been the center of attention for quite some time, even before XRP’s price rally. This has been due to the ongoing legal battle between Ripple and SEC (US Securities & Exchange Commission). SEC, in December 2020, filed a lawsuit against the payments company Ripple for selling XRP worth $1.3 billion in unregistered securities offerings. According to the SEC, this is what plummeted XRP’s price by more than 60%. The digital token’s price is also probably being backed by the XRP community, according to insiders and industry experts.
Currently, the SEC claims that XRP is not a legal token anymore, but Ripple is challenging SEC’s claim by alleging that SEC is deliberately not producing internal records to prove that XRP is a valid digital asset.
Meanwhile, Jeremy Hogan from LegalBriefs tweeted some serious questions about the SEC’s claims of XRP being security. In 2016, the SEC recognized RippleLabs as a digital currency company in a public document. So, how is Ripple being labeled as security now? The SEC was supposed to answer this on Tuesday’s 2 pm conference between both the parties.
As a result of the ongoing legal battle, few western crypto exchanges have currently suspended Ripples’ digital token. Still, XRP has managed to retain its upward price movement and even won a bid against SEC to keep away two of the four private emails from being inspected during the legal proceedings.
Coming to what crypto experts think about XRP’s future, a price surge trend is being predicted for XRP. Pricing analysts are of the opinion that Ripple’s digital asset might soon surge past the $1.4 price level.
Going by Digitalcoin’s price prediction, XRP might grow by 88 cents in 2021, reach $1 in 2022, and $2.06 in 2026. Billionaire Will Meade, a hedge fund manager, believes that XRP’s price might jump over 1500% that would enable XRP to reinstate its value back to $3 soon. On the other hand, Coinpedia’s assessment predicts a 65 cents rise for XRP in 2021, given that it is anticipating certain impacts of the legal controversy between Ripple and the SEC.
Investment in Ripple seems to be a good option right now, not only because it is exhibiting a promising uptrend but also because Ripple is already a popular worldwide payment gateway. Though many anticipated that XRP would stumble, considering the legal controversy, CoinDesk’s Ben Powers believes, “The SEC can take action, but these are currencies that go beyond just the reach of the U.S.” There may also be times coming in the near future when XRP’s price might rise above the $100 mark.