2021 has seen booms throughout cryptocurrency fields, with currencies like Bitcoin experiencing a whopping 500% boom. XRP, the currency founded by Ripple Labs, is one of the most popular cryptocurrencies today, with 1,353,784 transactions in the last 24 hours.
In recent months, the currency’s sharp incline was higher than most predictions, breaking the $1 mark in April 2021.
Longforecast.com, a leading name in crypto prediction, presents the most optimistic forecast we’ve seen so far, with a projected $3.05 per token in December 2021.
Analysts expect to see steady inclines in the value of the coin for the rest of the year but according to most experts, the coin’s long-term value depends on different factors:
A favorable outcome in the SEC lawsuit.
Increased demand of XRP from Ripple halting further sales of the coin.
The impact of bullish trends after the value bottomed out.
If you’re thinking of following the trend and buying into XRP while you still can, the first thing you would have to understand are the scenarios in which the coin would peak at $5.
Winning the SEC vs. Ripple Lawsuit
XRP’s most significant decline came after the SEC filed a lawsuit against Ripple’s two executives for ‘selling unregistered securities,’ throwing investors and companies into a selling frenzy.
The primary concern heading into 2021 was that the SEC trial would force XRP to miss out on the significant bull run experienced by the most prominent cryptocurrencies. However, despite the SEC trial hanging over it, XRP has surprised analysts by rising to its highest level since December 2017.
More info:
https://m.investing.com/news/cryptocurrency-news/how-xrp-can-reach-5-2472713#:~:text=Experts%20agree%20that%20XRP%20reaching,high%20of%20up%20to%20%244.&text=However%2C%20with%20no%20real%20market,might%20decline%20suddenly%20in%20value.