The recent legal battle between the U.S. Securities and Exchange Commission and Ripple (CCC:XRP) has been ramping up in recent days. A magistrate judge in the case has made some court statements that heavily favor the crypto startup. These statements give investors reason to watch Ripple (XRP) price predictions.
Before getting into the details, let’s talk about Ripple. Essentially, Ripple is a company that owns a finite amount of its own cryptocurrency, called XRP. XRP is the mechanism by which Ripple can make smooth, speedy transactions internationally. By converting their preferred fiat currency to XRP, a user can send that currency overseas and then easily convert it to the preferred fiat currency of the receiver.
During a hearing last week, a judge suggested that XRP both has currency value as well as a utility that differs it from other cryptos like Bitcoin (CCC:BTC) and Ethereum (CCC:ETH-USD).
These comments fly in the face of the SEC’s entire argument, in which regulators are tying to pin XRP as a security rather than a currency. The comments by the judge heavily favor Ripple, and as such, the price of XRP is rocketing today, up 15% this morning.
Bullish and Bearish Ripple (XRP) Price Predictions
So with optimism surrounding the latest proceedings, let’s take a look at some recent Ripple (XRP) price predictions:
- Prime XBT has predicted that with a bullish run, XRP could reach and surpass $3. A legal victory for Ripple could most certainly spur this.
- CoinPedia is more bearish on the crypto given its legal battles, pricing it at 65 cents by the end of the year.
- Hedge fund manager Will Meade is bullish on XRP, predicting a $3 price point in the near future. Capital is also reporting long-term predictions of nearly $30.
- Trading Education tracks a wide variety of Ripple (XRP) price predictions. This range goes from 50 cents to above $1 for 2021 targets.
The existence of both bullish and bearish arguments point to the currency’s volatility. However, be aware that the legal news could change these bear predictions in a heartbeat. XRP is not a crypto to sleep on.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.