Is XRP can be worth investing in?
When SEC sued Binance and CoinBase and declared many cryptocurrencies as a security, the whole crypto market looked red. Still, on the other hand, the XRP price was not affected much due to all this and if the XRP chart is compared against the past 30 days it looks overall green so definitely XRP price is not at all impacted by the current SEC allegation against Binance and Coinbase. In the current scenario, Ripple Labs (company that created XRP) is already entangled with SEC in a court battle to decide if XRP is security or not.
As far as the sentiments go around the case, the probability looks high that Ripple Labs can win this case and if it happens then it might give an instant boost to the price of the XRP tokens. Sentiments are so positive that a Technical Analyst is expecting the price of XRP to reach above $6 and Ripple CEO has an optimistic outlook of price as high as $50.
According to Ripple’s CEO Brad Garlinghouse, the verdict in the company’s lawsuit against the SEC could be delayed until the end of the first quarter of 2023. In the event of a good outcome, the price of XRP might rise to as high as $50.
I am not having a positive outlook on XRP price just on the basis of the lawsuit outcome but there are a lot of acquisitions and partnerships that Ripple is still able to forge/seal the deal in this bear market also.
Ripple has currently acquired the Swiss custody firm Metaco which has opened up altogether new markets for Ripple expansion and Ripple President see it as 10 trillion USD opportunity.
Monica Long, Ripple’s president, said in a statement today that Ripple “is uniquely positioned to address the growing institutional crypto custody market, expected to reach nearly $10 trillion by 2030.”
Ripple is definitely trying to increase its presence in the crypto sphere and exploring new avenues as it also acquired the European crypto exchange Bitstamp to expand its business beyond payments.
Not sure if I am missing something but it looks like at this point XRP can be a good point to enter and if it wins against SEC then it will be a possible multi-bagger.
Let me know how you feel about the XRP, Are you already invested or planning to invest in it or you have altogether different outlook for XRP.
Posted Using LeoFinance Alpha
