Can XRP Reach $10 in 2023?

XRP Price Chart

XRP is an excellent example of a practical use case for blockchain and crypto through Ripple. How does XRP look from an investment angle? Can it reach $10? Read on

Latest XRP News

• XRP is currently trading above $0.50 and the trading volume has skyrocketed. The market sentiment surrounding XRP is bullish.
• XRP derivatives data shows a significant increase in long/short trade volume (+159.34%) and open interest (+15.55%), suggesting that traders are becoming more bullish on XRP. However, options volume is down (-46.56%), while options open interest is up (+15.02%), suggesting that traders are becoming more cautious about committing to long-term positions.
• The Long/Short (24h) ratio of 0.9755 indicates that there are slightly more long positions than short positions. The Long/Short Ratio(Accounts) on Binance XRP/USDT and OKX XRP are also above 1, suggesting that there are more traders with long positions than short positions. Additionally, the Top Trader Long/Short (Accounts) and Top Trader Long/Short (Positions) on Binance XRP/USDT are both above 1, suggesting that top traders are also bullish on XRP in the short term.
• David Schwartz, the CTO of Ripple, revealed in a recent tweet that his father bought over 1 million XRP in April 2014 for about half a penny per XRP. This means that his father’s investment is now worth over $500,000.
• The US federal judge rejected the U.S. Securities and Exchange Commission’s motion to appeal its loss against Ripple a few months ago.
• Ripple has obtained a full license to operate in Singapore, one of its fastest-growing regions in Asia-Pacific. The license was granted by the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator.
• Ripple unlocked 1 billion XRP from escrow as part of its monthly release schedule. However, on October 3, Ripple returned 800 million XRP back to escrow. This is a common practice for Ripple, as it allows the company to maintain control over the supply of XRP and prevent excessive volatility in the market.
• Ripple has officially dropped its plan to buy Fortress Trust, a financial technology company, and crypto custodian. Ripple CEO Brad Garlinghouse confirmed this decision, stating that although they won’t proceed with the acquisition, Ripple will still remain an investor in Fortress. While the original plan has changed, Garlinghouse expressed ongoing support for Fortress and hopes for potential future collaborations.

XRP, Buy or Sell?

Net Buy Rating = Buy% – Sell%

• July 1st: 41.6%
• July 13th – Ripple SEC Court Decision
• August 1st: 61.7%
• September 1st: 51.0%
• September 28th: +47.7%
• October 4th: +47.6%

Can XRP Reach $ 10? Detailed Analysis

Facts about XRP

• XRP is a cryptocurrency powered by the XRP Ledger, an open-source blockchain engineered by Jed McCaleb, Arthur Britto, and David Schwartz. Ripple was founded by McCaleb and Britto and uses XRP to facilitate transactions.
• At the heart of the Ripple ecosystem is XRP, the native token. RippleNet transactions are carried out through XRP. XRP is the asset used to settle instantaneous transactions between two or more individuals or banks
• It has been reported that Ripple intended to discontinue XRP’s use in the ecosystem but backtracked once interest in XRP as a cryptocurrency increased. 

How is XRP Different from Others?

• Bitcoin is based on blockchain technology, whereas Ripple is based on a distributed consensus ledger using a network of validating servers and crypto tokens called XRP.
• In the Ripple Network, the XRP token represents the transfer of value. Unlike Bitcoin, where new coins are created to reward participants for computing power to maintain the blockchain network, Ripple created 100 billion XRP coins at its inception. 
• XRP is also not designed to be mined, unlike Bitcoin. New Bitcoins are created as a reward for miners. A total of 100 billion XRP tokens were pre-mined, of which 38 billion were made available to the public. Ripple Lab periodically releases the remaining XRP tokens.

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Explore our Other XRP Articles.

XRP Price Prediction 2023, 2025 and 2030

XRP Price Prediction $10,000, $30,000

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Apps and Uses of XRP

• The XRP Ledger is being used by developers to create innovative products for gaming, content, and web monetization.
• The Ledger is used by crypto wallets to store private and public passwords and to interact with various blockchains to send and receive digital assets, including XRP.
• Defi: Access financial products and services online via decentralized smart contract protocols instead of traditional institutions.

DEX running on XRP are:

• onXRP
• Sologenic

Crypto Wallets Designed on XRP:

• Exodus Wallet.
• Abbra Wallet.
• Trust Wallet.

Will XRP Reach $1?

XRP Price Prediction $10: Calculations

To reach $10, XRP will have to rise 16 times higher. At $10, XRP’s market cap will be $515 Billion. If XRP were to rise at the rate of 25% every year, it would take XRP around 13 years to reach $10. Considering all factors, is $10 Feasible?

• Quality of Investment: Moderate
• Growth required to reach $10: Moderately Feasible
• Market Cap at $10: Moderately Feasible
• Time required to reach $10 if XRP were to rise at 25% every year: Not Feasible

Overall, XRP is unlikely to reach $10. However, if 50% of the coins were to burn, the feasibility would improve substantially.

When Will XRP Reach $10?

XRP stands out from the Other Crypto Currencies as it offers something different and has grown at 19% annually since 2017. However, it has demonstrated the ability to grow rapidly, as shown in 2017, When Crypto soared by 500% in just one month.

The Major short-term Hurdle for Crypto would be its Resistance which Crypto formed in 2017. If it can breach Resistance next year; XRP has the potential to reach $10 in 2025. However, if XRP grows at the current rate, it will take 21 years to reach $10.

So can XRP Reach $10 in 2023?

XRP has pumped after the lawsuits but given the use case scenario for the Token, it is unlikely to pump 20x in 2023 alone. Ripple can still be a success (B2B focus) but unless there is widespread demand for XRP Tokens, it is unlikely to reach $10 anytime soon.

Read: Can XRP Reach $100 and $50?

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.