6 Reasons XRP Price Could Hit $1 This Summer (Opinion)

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

Ripple’s XRP is perhaps one of the most underrated coins in the leading blockchain economy. This is due to XRP’s legal success against the SEC and its product development.

Could XRP price be poised for a massive surge sometime during Q3?

XRP Price Prediction is Very Bullish

XRP price analyst Egrag Crypto has raised the possibility of XRP price hitting $17 sometime in the near future if Ripple bulls overcome the major resistance at $1 and continue its run to XRP’s all-time high at $3.50.

#XRP :Bent Fork ($17 & Historical Support) – Update:

🔍 June 2023: We introduced the “Bent Fork Chart.” Here’s the latest info:

🎯 New Goal: $17
🚧 Main Resistance: $1 – structural barrier and psychological barrier.
🏆 All-time High (ATH): $3.5 – Broken… https://t.co/CAdFw956Ej pic.twitter.com/H8IQ03tCYu

— EGRAG CRYPTO (@egragcrypto) July 8, 2024

This is highly bullish, but not unusual in cryptocurrency markets. In fact, such performances are not at all uncommon in blockchain investing. They occur with shocking frequency in altcoin markets. Of course, it is worth noting that such performances occur much less frequently with large-cap cryptocurrencies with a total market cap of billions of dollars, such as XRP.

If the Egrag XRP price prediction comes true, it would represent a gain of 39.5x over Ripple’s average price on Tuesday on exchanges.

Ripple has achieved this kind of numbers before. For example, when it hit its all-time high of $3.50 in January 2018, it rose to that level in less than 60 days, from $0.15 in November 2017.

This represents a gain of more than 23 times from the November 2017 level for XRP in less than two months.

Here are six key factors that markets have been evaluating over the past few weeks:

1. Is Ripple Heading to SEC Home?

The US Securities and Exchange Commission filed a lawsuit against Ripple Labs, its founder Chris Larsen, and CEO Brad Garlinghouse in the fourth quarter of 2020.

Ripple’s lawsuit with the US Securities and Exchange Commission has been raging for years, but it finally showed signs of a resolution last summer when a sweeping series of legal victories came one after another through the end of last year.

Ripple Labs may finally be able to resolve the lawsuit that the US Securities and Exchange Commission has been filing against it for years soon.

A positive or even less damaging decision could eventually remove the burden that XRP has been suffering from over the past years and help it perform well, especially in bullish market conditions.

2. Development of XRP Ledger (XRPL)

What the market doesn’t know yet, based on XRP’s price performance against competitors like Solana, is that this banking cryptocurrency is about to emerge in the DeFi space with its own smart contract issuance layer, the XRP Ledger.

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

Celebrating 134,000 developers learning about #XRP ledger on @Isaiah_Ab 🤳📱

Great dinner with @rippleGigabrin is very special @xrplebeian Last night during #Ethic.

Fun fact: This restaurant is listed as a UNESCO World Heritage Site! 😮 pic.twitter.com/hGp1BGqxGv

— Dom | EasyA 🤳📱 (@dome_crook) July 9, 2024

Meanwhile, cryptocurrency analyst X CryptoGeek Reported“The XRP Ledger is expected to manage $30-50 trillion by 2025, with transactions likely to move to CTF, the native DeFi token on #XRPL.”

While these numbers may seem staggering, the SWIFT international payments system used by financial institutions like those served by Ripple processes about $5 trillion in transaction volume per day.

3. Compatibility between Ripple and Ethereum

💥 @ripple & @EvmosOrg They have teamed up to build a sidechain for the XRP Ledger EVM!

The side chain will be built with #evmOS – A production-ready, modular solution that leverages Cosmos SDK, IBC, and CometBFT to bring EVM compatibility to Web3 enterprises.

The future of XRPL is #interconnected_chain pic.twitter.com/VEOO8dawlh

— Cosmos – The Interchange ⚛️ (@cosmos) May 14, 2024

One very exciting development for Ripple, which could have a positive impact on the XRP price, is the increased compatibility with Ether. This is because Ethereum is the current leader in DeFi in Web3. Meanwhile, an EVM (Ethereum Virtual Machine)/XRP Ledger sidechain is coming!

In May, Cosmos Protocol announced that Ripple and Ethereum Cosmos developer evmOS were collaborating to “build an XRP Ledger EVM sidechain!”

“The sidechain will be built using evmOS – a modular, production-ready solution that leverages the Cosmos SDK, IBC, and CometBFT to bring EVM compatibility to Web3 enterprises,” Cosmos added.

This could be bullish for the price of XRP because the easier it is to use and spend Ether to get the service from the XRPL Dapp (decentralized application) or vice versa – the easier it is to spend your XRP tokens directly on the Ethereum Virtual Machine and pay for the service – the more valuable your ETH and XRP tokens will be in the market.

4. XRP International Growth

Moreover, the XRP Ledger has made huge strides in Korea and Japan this month.

Korea’s only licensed virtual asset service provider recently announced integration with XRP Ledger. according to Report published on June 27 on Investing.com:

Infinite Block, the only company in South Korea to obtain a Virtual Asset Service Provider (VASP) license so far, has announced its support for XRP Ledger (XRPL), the open-source public blockchain designed by American fintech company Ripple.

Korea and Japan are among the most digitally engaged and conscious countries in the OECD. Korean demand for cryptocurrencies has proven to be insatiable. Higher fees than most places and government import controls have not slowed the East Asian nation’s adoption of Web3 technology.

The Infinite Block partnership comes as a result of Ripple Labs’ aggressive global expansion efforts. Earlier in June, Ripple announced the launch of the XRPL Japan and Korea Fund, “to provide support for a range of robust initiatives to advance innovation on the XRP Ledger in both 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,” said Emi Yoshikawa, Ripple’s vice president of strategic initiatives, in a press release.

5. XRP user activity rises to 5-month high

Ripple network transaction volume on XRPL saw a massive surge earlier this month to levels not seen since February, according to on-chain data.

Meanwhile, the number of whales or addresses holding large amounts of XRP (1 million or more) has increased significantly in 2024.

According to data from blockchain intelligence firm Santiment, that number has risen by over 2,000 to 2,043 by July 4, a 4.3% increase in the number of XRP millionaires so far this year.

6. Is a Ripple IPO next?

After the SEC lawsuit closes, the IPO is likely to trigger more massive inflows to boost the price of XRP.

Don’t expect this to happen on Wall Street, since XRP is primarily a cryptocurrency for international payments between major financial institutions.

This is especially true after the SEC’s long-running hostile treatment of Ripple Labs. The company’s CEO, Brad Garlinghouse, said in January and again last month that Ripple Labs Active Explore how Ripple Labs shares went public and were released for trading on the global stock market.

Garlinghouse asserts that #ripple Amazon appears to be interested in an IPO, but it would likely do so outside the U.S. At the moment, that doesn’t make sense as long as Gary Gensler remains SEC chairman.

Once Ripple goes public, the price of XRP will skyrocket! 🚀🚀🚀 pic.twitter.com/XCNvVfLP2o

— Collin Brown (@CollinBrownXRP) June 2, 2024