6 Reasons XRP Price Could Hit $1 This Summer

In the dynamic and ever-evolving world of cryptocurrency, Ripple’s XRP has surfaced as a noteworthy contender poised for substantial growth. Bolstered by positive legal outcomes against the U.S. Securities and Exchange Commission (SEC), pivotal advancements in the XRP Ledger, and increasing adoption across international markets like Korea and Japan, XRP is set for a potential uptick. Analysts, including Egrag Crypto, foresee a bullish trajectory, predicting the price could reach $1, driven by heightened user activity, strategic market integration, and potential Initial Public Offering (IPO) considerations. These factors collectively underscore the growing market confidence in XRP as a significant player in the blockchain economy, laying a strong foundation for its anticipated upward momentum this summer. Have you ever wondered why Ripple’s XRP could see a significant price increase this summer?

This article represents the opinion of the author and should not be construed as financial advice.

Ripple’s XRP may be one of the most undervalued currencies in the blue-chip blockchain economy. This undervaluation is attributed to XRP’s legal success against the SEC and its ongoing product development. Could the XRP price be gearing up for a moonshot bull run sometime in Q3?

Very Bullish XRP Price Prediction

XRP price analyst Egrag Crypto recently projected that XRP could hit a staggering price of $17 if Ripple bulls manage to break key resistance at $1 and continue upward to XRP’s all-time high price of $3.50:

“#XRP: The Bent Fork ($17 & Historical Support) – UPDATE: 🔍 June 2023: We introduced “The Bent Fork Chart.” Here’s the latest scoop: 🎯 New Top Target: $17 🚧 Key Resistance: $1 – both a structural barrier and psychological hurdle. 🏆 All-Time High (ATH): $3.5 – breaking… [link] pic.twitter.com/H8IQ03tCYu — EGRAG CRYPTO (@egragcrypto) July 8, 2024”

While this prediction is very bullish, it’s not unheard of in crypto markets. Performances similar to this are actually quite common in altcoin markets. Though, it’s worth noting these massive gains are less frequent with large-cap cryptocurrencies like XRP, which have total capitalizations in the billions.

If Egrag’s prediction comes to fruition, it would represent a 39.5x gain over recent XRP average prices. Such a performance isn’t unfamiliar territory for Ripple; it previously skyrocketed from $0.15 in November 2017 to its all-time high of $3.50 in January 2018—a 23x gain in under two months.

Here are six critical reasons why markets are optimistic about XRP’s prospects this summer:

1. Ripple Sliding Into Home Base On SEC Suit?

The U.S. Securities and Exchange Commission (SEC) sued Ripple Labs, its founder Chris Larsen, and its CEO Brad Garlinghouse in Q4 2020. The SEC case against Ripple has been ongoing for years. However, it showed signs of settling last summer, with a series of legal wins that continued until the end of last year.

Ripple Labs might soon resolve the long-standing SEC lawsuit. A positive or even a less-damaging resolution could finally remove the overhang that XRP has been under for years, enabling it to perform well, especially in a bullish market.

2. XRP Ledger (XRPL) Development

What the market may not fully appreciate yet is XRP’s breakout potential in the DeFi space, through its smart contract issuance layer, XRP Ledger (XRPL).

According to a recent X post by a16z-backed blockchain developer group EasyA app founder Dominic Kwok, 134,000 developers are actively learning about Ledger on his company’s app. Talk about an XRP army.

“Celebrating 134,000 devs learning about the #XRP Ledger on @easya_app 🤳📱 Amazing dinner with @Ripple’s very own gigabrain @xrplebeian last night during #ETHCC. Fun fact: this restaurant is a UNESCO world heritage site! 😮 pic.twitter.com/hGp1BGqxGv — Dom | EasyA 🤳📱 (@dom_kwok) July 9, 2024”

Additionally, X crypto analyst CryptoGeek has reported:

“The XRP Ledger is expected to manage $30 to $50 trillion by 2025, with transactions likely shifting to the CTF Token, the primary DeFi token on the #XRPL.”

While these numbers may appear astonishing, it’s noteworthy that the SWIFT international payments system utilized by financial institutions like those Ripple serves processes approximately $5 trillion a day in transaction volume.

3. Ripple Interoperability With Ethereum

Another exciting development is the growing interoperability between Ripple and Ethereum. As Ethereum is the current DeFi leader in Web3, this partnership is particularly noteworthy. A new XRP Ledger EVM side-chain is in the works.

“💥 @Ripple & @EvmosOrg have joined forces to build an XRP Ledger EVM sidechain! The sidechain will be built with #evmOS – a production-ready modular solution that leverages Cosmos SDK, IBC, and CometBFT to bring EVM compatibility to Web3 businesses. XRPL future is #interchain pic.twitter.com/VEOO8dawlh — Cosmos – The Interchain ⚛ (@cosmos) May 14, 2024”

This integration could be bullish for XRP price as it will make it easier to use and spend Ether on XRPL Dapps or spend XRP directly on the Ethereum Virtual Machine, increasing the utility and value of both ETH and XRP tokens.

4. XRP International Growth

XRP Ledger has also made significant strides in international markets, notably in Korea and Japan.

Korea’s only licensed VASP (virtual asset service provider) recently announced integrations with XRP Ledger.

“Infinite Block, the only South Korean crypto firm to secure a Virtual Asset Service Provider (VASP) license until now, has announced support for XRP Ledger (XRPL), the open-source, public blockchain designed by American fintech firm Ripple.” — Investing.com, June 27

Both Korea and Japan are highly digitally engaged nations, with substantial demand for cryptocurrencies. This partnership results from Ripple Labs’ aggressive global expansion efforts. Ripple launched the XRPL Japan and Korea Fund to foster innovation on the XRP Ledger in these countries.

“The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation.” — Ripple Vice President of Strategic Initiatives Emi Yoshikawa

5. XRP User Activity Spikes to 5-Month High

Ripple network transaction volume on XRPL saw a significant increase earlier this month, reaching levels not seen since February.

Moreover, the number of addresses holding large amounts of XRP (1 million or more) has grown remarkably in 2024. According to blockchain intelligence firm Santiment, the number of addresses surged past 2,000 to 2,043 by July 4, marking a 4.3% increase in XRP millionaires this year.

6. Ripple IPO Next?

After resolving the SEC lawsuit, Ripple might consider an Initial Public Offering (IPO), which could attract significant investment and boost XRP’s price.

However, this IPO is likely to occur outside of the U.S., given XRP’s primary use case for international payments and the SEC’s recent actions.

“Garlinghouse confirms that #Ripple is interested in going public, but they will probably carry out their IPO outside of the U.S. Right now, it doesn’t make sense as long as Gary Gensler is still Chair of the SEC. Once Ripple goes public, the price of XRP will skyrocket! 🚀🚀🚀 pic.twitter.com/XCNvVfLP2o — Collin Brown (@CollinBrownXRP) June 2, 2024”

Conclusion

In conclusion, several compelling factors are converging to potentially push XRP’s price to $1 this summer. From resolving regulatory overhangs and advancements in the XRP Ledger, to growing interoperability with Ethereum and expanding international markets, each of these elements is poised to create a favorable environment for XRP’s price appreciation. While past performance is not indicative of future results, the trends and developments outlined here suggest a bullish outlook for XRP.

The opinions expressed in this article are those of the author and do not constitute financial advice. Please conduct your own research and consult a financial advisor before making any investment decisions.