Ripple’s XRP token is one of the most popular currencies for cross-border remittance. However, the legal uncertainty surrounding XRP has been a barrier to its price. A US district court ruled favorably for Ripple last year, stating that selling XRP to retail clients did not breach securities laws. However, the lawsuit has entered the high court, and investors await a verdict.
Ripple’s XRP token is currently up by 0.7% in the daily charts, 4% in the weekly charts, and over 60% since January last year. However, the asset is down by more than 5% in the previous 14 days and by 1.1% since December 2023.
Will Ripple’s XRP reach $10?
There is a chance that the high court will also rule similarly to the district court. In such a scenario, Ripple’s XRP token’s price might surge to new heights, surpassing its all-time high of $3.40, which it attained in January 2018, six years ago. Moreover, the asset may also see a surge in institutional investment, given Ripple receives a favorable verdict.
Secondly, there is a lot of talk about a potential spot XRP ETF (Exchange Traded Fund). On Jan. 10, the US SEC (Securities and Exchange Commission) approved eleven spot Bitcoin (BTC) ETFs. The move has opened the door for a spot ETF for Ripple’s XRP. Steve McClurg, Chief Investment Officer (CIO) at Valkyrie, stated, “It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.”
A spot XRP ETF could potentially lead to a surge in institutional funding for the asset.
Furthermore, crypto analyst EGRAG CRYPTO has predicted that XRP could surge to $11. According to the analyst, XRP could mirror its 2017 rally, leading to a surge in its price.