Due to its recent string of victories in court, XRP is a popular option for investors. Given that the sole regulated asset in the cryptocurrency space is XRP. Renowned XRP community member and early Ethereum advisor Steven Nerayoff recently expressed his bullish outlook for XRP's valuation.
Nerayoff provided a detailed response to an enthusiast's question regarding XRP possibly hitting $10 or even $100. His view is unique in that it suggests that XRP's price might go infinitely high if certain requirements are satisfied. What he meant was this:
Will XRP Soar to 1,000%? How and When?
Nerayoff is of the opinion that XRP has unlimited potential because there might not be a set upper limit to the coin. He claims that as long as development teams keep expanding XRP's use, particularly for international payments, its value may climb indefinitely. The idea of "network effects" is key here, as the broad use of XRP could lead to an increase in demand.
Nerayoff also noted that Ripple was an important participant in this scenario. He asserted that XRP's demand will increase due to early adoption made possible by Ripple's present strategic positioning. Nerayoff contends that any idea of a price cap may vanish once XRP is fully integrated into the Ripple ecosystem. He used the US Dollar as an example to highlight this point, since the US Dollar is so important to international finance that it has managed to hold its worth despite gradual degradation over time.
"XRP doesn't seem to have a ceiling,"
Nerayoff also thought about the potential for XRP to become a reserve currency. Furthermore, he conjectured that XRP's capacity to upend conventional financial standards may be linked to Ripple's perceived targeting by influential parties.
Does this Theoretical Upsurge Make Sense?
Owing to the recent surge in XRP's price, several analysts have made audacious predictions. Based on market cycles from 2015 to 2017, Oaksacorn forecasts an explosive rise to $43, whereas EGRAG CRYPTO believes XRP's legal triumph will propel it to $27. The most absurd prediction is that XRP will hit $500, according to Shannon Thorp. This forecast calls for a market capitalization of $250 trillion, far more than the industry value. When Bitcoin reached roughly $70,000 in 2021 and had a $3 trillion market valuation, Thorp's prediction made sense.
Hold on, More Difficulties Are Coming?
An important breakthrough has emerged in the continuing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple (XRP). The SEC is putting pressure on Ripple to pay a large settlement of $770 million. The SEC claims that Ripple broke federal securities laws by selling XRP to institutions, which is the basis for this demand. This most recent development further complicates the already complex legal dispute between the two parties.
