Following XRP’s recent surge of 40%, we’ve highlighted four factors that could take the asset to $10 in the 2024/2025 bull season.
It is common knowledge that XRP has been at the forefront of the crypto rally over the past few weeks. Last week, XRP soared over 40% to around $0.65.
Although the token has plunged below 60 cents at press time, data from CoinMarketCap still indicate that XRP is up 25.6% in the monthly charts. Similarly, it has also witnessed a gain of 14.32% over the past week and 1.11% in the daily charts.
XRP Potential Surge to $10
Following XRP’s recent performance, investors revisited some of the mouthwatering predictions issued for the coin, especially the $10 target. Interestingly, many market watchers project that XRP’s price could clinch $10 before the 2024/2025 bull season ends.
Last month, Oliver Michel, CEO of Frankfurt stock exchange Tokentus Investment AG, projected that XRP could set an all-time high of $10 this year.
For context, it has been over six years since XRP recorded its previous all-time high. According to CoinMarketCap data, XRP registered an all-time high record of $3.84 on January 4, 2018. At press time, XRP is down 84.44% from its ATH. With XRP currently trading at $0.5942, the coin must rally 1,582% to clinch the $10 target.
4 Factors That Could Trigger XRP’s Rally to $10
While this could be challenging for XRP, multiple factors could pave the way for a potential surge toward the $10 target.
Ripple IPO
At the top of the list is Ripple’s Initial Public Offering (IPO). There have been speculations about Ripple’s plans to go public in the United States. Interestingly, these speculations gained momentum after Ripple CEO Brad Garlinghouse disclosed that the company plans to buy back $1.4 billion of its stocks from shareholders.
Despite Ripple buying back enormous amounts of its shares in the past, Garlinghouse disclosed that the company does not plan to go public immediately, given the current SEC leadership.
However, there are indications that Ripple could commence its IPO journey under a new SEC leadership. Meanwhile, former Ripple director Sean McBride said the company could apply for an IPO outside the United States by next year.
XRP ETF
Another factor that could help XRP hit the $10 target this bull season is the potential launch of an exchange-traded fund (ETF). Following the SEC’s approval of BTC and ETH ETFs, XRP and SOL emerged as favorite contenders for an exchange-traded fund. However, two asset managers, including VanEck, have already filed with the SEC to launch a spot ETF for SOL.
This implies that asset managers could also vie to launch an XRP ETF after the approval of the SOL fund. McBride projected that the market could see an XRP ETF this year or next. Notably, Garlinghouse shares a similar sentiment as he expects an ETF for XRP to launch by 2025.
SEC v. Ripple Resolution
The ongoing lawsuit between the SEC and Ripple has been one major factor impeding the growth of XRP. Notably, the lawsuit significantly hindered XRP from setting a new ATH as its peers did in 2021.
Interestingly, the lawsuit is nearing its conclusion, with Garlinghouse and other crypto stakeholders expecting a final resolution before this year’s end.
Widespread Adoption of XRP for Cross-Border Payments
The legal and regulatory pressure on XRP has deterred U.S.-based financial institutions from leveraging Ripple’s payment technology for cross-border payments. It bears mentioning that Ripple’s payment solution, especially ODL (now Ripple Payments), leverages XRP as a bridge currency between two fiats.
With the resolution of the SEC v. Ripple lawsuit around the corner, financial institutions in the United States could adopt XRP for cross-border settlements, leading to a potential spike in the coin’s price to the $10 target.
