Will XRP Reach $1 in 2023?
Will XRP Reach $1 in 2023? It is possible for XRP to reach $1 in 2023. Read on to know the reason.
XRP Past Performance
- Last 7 days: -1.9%
- Last 1 month: +32.3%
- Last 6 months: +7.2%
- Last 1 year: -36.0%
Will XRP Reach $1? About XRP:
XRP is a cryptocurrency developed by Ripple Labs that is designed to facilitate fast and low-cost international payments.
The Ripple network uses XRP as a means of facilitating payments between different currencies and financial institutions. Instead of relying on traditional methods, such as correspondent banking, which can be slow and costly, the Ripple network enables near-instant settlement of transactions between different currencies and financial institutions.
Will XRP Reach $1? Utility of XRP:
The following are the major use cases of XRP:
- XRP is primarily used to facilitate fast and low-cost cross-border payments between different currencies and financial institutions.
- XRP can also be used as a means of sending remittances, which is the process of sending money to another country or region.
- Some DeFi platforms use XRP as a means of facilitating transactions or providing liquidity.
- XRP can be used for micropayments because of Ripple’s fast settlement times and low transaction fees
- XRP can also be used as a means of hedging against market volatility, as its value can fluctuate independently of other cryptocurrencies and traditional assets.
Will XRP Reach $1? The Calculations:
Let us first analyze the time required for XRP to reach $1.
XRP needs to grow by nearly 2.04 times of its current market value to reach a price level of $1. Also, XRP’s all-time high price is $3, which it achieved in January 2018. Furthermore, it grew by 15 times to reach its all-time high value in just six months (i.e., from the lowest value of $0.2 in July 2018).
Thus, considering XRP’s 2.5 times growth in one month, we can expect it to reach $1 within the next month. However, it is not the only factor to consider. The current market conditions of economic factors are entirely different from that of 2018’s. Thus, XRP will indeed take more time to reach that value.
Also Read: XRP Price Prediction
Will XRP Reach $1? XRP vs SEC:
The following are the latest updates about the case:
- The SEC has accused Ripple of selling unregistered securities through XRP, but Ripple denies this and is fighting the case.
- The SEC has lost several recent cases, which gives hope to the XRP community.
- Ripple’s lawyer argues that reasonable market participants did not consider XRP to be an “investment contract” and informed the SEC accordingly.
- Meanwhile, XRP’s market cap has grown by $8.8 billion in 30 days.
Will XRP Reach $1? The Conclusion:
XRP’s price is improving for the last six months, as we can see from its past performance. But its future performance is highly dependent on its case with the SEC and the other economic conditions of the market.
Thus, considering XRP’s use cases and potential, its price has the chance to reach $1 by the end of 2023, if it gets a favorable outcome in its case with SEC. However, it is highly unlikely for XRP to reach $1 within the next month (as calculated above).
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.