Japanese crypto exchange SBI VC Trade, a subsidiary of the financial services giant SBI Group, has made an optimistic projection regarding the price of the native token of Ripple, $XRP. The exchange suggests that $XRP could soon surge to $0.62, citing recent market developments as the driving force behind this potential price increase.
Ups And Downs For XRP
According to a report from SBI VC Trade, the price of $XRP has experienced significant fluctuations in recent months. It initially surged after a summary judgment on July 13th but subsequently faced a decline due to substantial profit-taking sell-offs. The SEC’s interlocutory appeal further complicated the situation, which hindered the cryptocurrency’s performance. Additionally, rising U.S. long-term interest rates challenged $XRP’s price stability.
On August 18th, amidst a broader market downturn that saw Bitcoin’s value plummet, $XRP fell to a low of 0.4405, below its pre-judgment levels. However, as events unfolded, the price gradually recovered. On October 3rd, when the SEC’s interim appeal was dismissed, $XRP surged to nearly 0.5480. The positive momentum continued as reports circulated that the charges against the coin had been dropped, pushing the price to around 0.53.
The recent developments on October 3rd, when the interim appeal was dismissed, and the subsequent agreement between CEO Brad Garlinghouse and Chairman Chris Larsen to drop the charges on October 19th have fueled optimism around $XRP’s prospects. Nevertheless, the report highlights that $XRP remains a volatile asset, with several underlying risk factors that could impact its trajectory.
The broader global context also influences the cryptocurrency market’s performance. Ongoing geopolitical conflicts, including Russia’s invasion of Ukraine and rising tensions in the Middle East, add uncertainty to the market. Concerns persist about the U.S. fiscal situation and high long-term interest rates.
Despite these challenges, the growth of international remittance services that utilize the coin is seen as a positive development. It has lightened a significant burden on the cryptocurrency, making it more appealing to individual investors. With increased liquidity and broader acceptance, the coins’s price is poised for potential stabilization and growth.
The report speculates on various price levels for the coin, including 0.5645, 0.6297, and 0.6882, considering different factors and reversals. On the downside, it also raises the possibility of prices hitting 0.5000, 0.4850, and 0.4735, underlining the unpredictability inherent in the cryptocurrency market.