XRP’s price could soar to $5 if Ripple secures 50% of the global remittance market—a possibility that now seems within reach. Recent price action for XRP indicates a bullish continuation pattern, suggesting a potential 40% breakout soon. Factors like the upcoming SEC appeal deadline and a recent 50 basis point rate cut bolster this optimistic outlook.
While XRP has shown flat performance lately and a $1 target appears distant, significant moves could still lead to a new all-time high.
SEC Appeal Approaches – A Pivotal Moment for XRP
Only 17 days remain until the SEC’s October 6 deadline to appeal the Ripple lawsuit settlement. If the SEC decides not to appeal, it could trigger a significant price rally, potentially pushing XRP as high as $5. This follows Ripple being ordered to pay $125 million to the SEC, which they have held pending the appeal period. A lack of appeal could enhance market confidence in XRP.
Ripple’s Ambitions in the Remittance Market
Ripple’s XRP is specifically designed for cross-border payments, positioning it as a valuable asset in the global remittance market. According to Statista, this market is expected to reach $11.53 trillion by 2024, with projections soaring to $16.59 trillion by 2028. If Ripple captures even half of this market, XRP could experience unprecedented gains. With a total supply of 100 billion tokens and only 56.4 billion currently in circulation, XRP’s price could theoretically rise to $283 under optimal conditions if supply remains controlled.
Speculation About XRP as a Reserve Asset
There’s increasing speculation that XRP might become a reserve asset, akin to gold’s role for the U.S. dollar. Ripple’s CTO has hinted that XRP’s escrowed tokens could be ‘burned,’ further limiting supply and driving up prices. If this were to happen, XRP’s valuation could skyrocket, with some estimates suggesting an astronomical increase of 48,900% from current levels.
Market Outlook – A Rally on the Horizon?
With the SEC’s appeal window closing and Ripple’s expanding role in global remittances, XRP is poised for a major rally. Should the SEC choose not to appeal and market confidence in Ripple’s potential to capture significant market share grow, the token could surpass current resistance levels, making the $5 mark a realistic target in the coming months. The countdown is on, and traders are preparing for what could be a game-changing move.
