Ripple (XRP) is currently facing significant challenges as it deals with ongoing legal issues with the US Securities and Exchange Commission. The cryptocurrency’s value has seen a steep decline of 84.7% since its peak in 2018 at $3.40, and it has struggled to regain any portion of its previous high.
XRP’s decline has been consistent over the past 30 days, with a 20% decrease in value. Although there was a slight recovery last week, most of those gains were lost, and there was a further 2.3% decrease in the last 24 hours.
Despite this downward trend, an analyst remains optimistic about XRP’s future. Despite uncertainties surrounding the SEC case, the analyst believes that XRP still holds considerable potential and could recover in the future.
Armando Pantoja, a crypto analyst, paints a positive picture for XRP’s future, predicting that its value could reach between $8 and $20 by 2026. This forecast represents a significant increase of up to 3,557.6% compared to its current value.
Pantoja explains that historical examples of XRP’s bull run in 2017, where it saw a 650-fold increase to its peak, indicate the potential for future growth. Institutional acceptance plays a crucial role in determining XRP’s future price, and Ripple has already integrated significantly with major financial institutions such as Bank of America and Royal Bank of Canada.
Furthermore, Ripple’s partnerships in Japan with HashKey DX and collaboration with SBI Ripple Asia to offer XRP Ledger-based solutions could also drive XRP’s price upward.
Efforts are being made to further accelerate adoption of XRP. Ripple’s development arm, RippleX, is introducing significant upgrades to the XRP Ledger (XRPL), simplifying the initial participation process by streamlining the distribution of free XRP. These developments are crucial in expanding XRP’s role and usage in the cryptocurrency economy.
In addition to institutional acceptance, market trends and the increasing benefits of financial services will also shape XRP’s future, according to Pantoja. It is expected that XRP will gain legal clarity soon and see a significant expansion in partnerships.
The legal battle between the SEC and Ripple has intensified in recent months over alleged violations related to XRP’s institutional sales. The SEC has demanded a penalty of $2 billion from Ripple, which has led to increased tensions. Ripple has denied these allegations, and its Chief Legal Officer, Stuart Alderoty, presented a detailed response last week. Ripple’s defense challenges the SEC’s claims and proposes a fine under $10 million. The SEC has presented its final argument against the penalty demand, but the documents remain confidential.
As the case nears its conclusion, the crypto community eagerly awaits the outcome and hopes that XRP can surpass its previous high levels, possibly reaching double digits. However, it is important to note that the analyst’s optimistic approach may not align with realistic expectations.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
