Despite the struggling phase of the crypto market, a crypto analyst claimed that XRP has three main positive factors that can help it reach as high as $12.
XRP is a Proof-of-Stake (PoS) blockchain technology-based crypto coin. The back-end blockchain development behind this coin is managed by Ripple Labs, a San Francisco headquartered blockchain firm that develops the Ripple payment protocol and exchange network. Since Dec 2020, Ripple has been under huge legal hurdles with the United States Securities & Exchange Commission (SEC).
The current trade price of the XRP coin is $0.508 & this trade price is 2.63% higher than the last 24 hours’ trade price.
Following Ripple’s partial victory in the XRP lawsuit in July of this year, the trade price of XRP coin surged by nearly 100% but later in 30 days the trade price retraced back to the same trade price.
Despite this bearish trajectory, a well-known Crypto analyst Zack Rector outlined three factors that can help the XRP coin to hit $12.
The analyst noted that recently the court judge rejected SEC’s appeal in the case and that showed that Ripple is currently in a very excellent position in this case.
Rector said that it was a necessary development because it would help other crypto companies to give a better challenge against the SEC’s blind enforcement actions.
The second most powerful fact on which the analyst brought light was the XRP lawsuit resolution. According to the analyst, if the XRP lawsuit reaches the end phase or the SEC settles the case with Ripple then it will help the XRP coin to achieve full clarity over nature, & that will only help to push the XRP adoption in the world.
The third thing to which the analyst drew attention was the rapid XRP coin adoption under the leadership of Ripple. According to the analyst, a huge number of banks & financial institutions jumped on the Ripple (XRP) bandwagon to bring efficiency in their digital payment service with a better level of security as well as exploring the potential interoperability between existing systems & incoming new form of fiat currencies (CBDC). This rapid XRP adoption occurred because of the Ripple’s partial victory against the SEC.
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