Certainly, price projections for cryptocurrencies have come to stay. Every day, investors want to know what the future of a particular crypto looks like before investing in it. Occasioned by this need, analysts usually defiled all odds to study the fundamentals of each crypto to come up with future projections. Worthy of note that these analysts also put the broader market trends into consideration in making their forecasts. However, in recent times, one of those cryptocurrencies that have continued to make waves is XRP. This development has thus raised questions about the possibility of the token attaining $500 in the near future. It is in view of this that this article wants to conduct a price prediction for XRP to see if it has the capacity to reach $500 anytime soon.
Worthy of note that this price prediction article is only geared towards giving potential investors a clue about the possibility of XRP reaching $500. In a bid to achieve this, our analyst carefully studied the current and past performances of the crypto as well as its drivers. However, investors are still advised to conduct their own personal research before going for XRP. Through their personal research, they will be able to know if XRP really suits their financial interest.
Past Price Performances of XRP
No doubt, XRP has experienced numerous price changes in the past few years. Starting from early 2018, the crypto saw an uptrend that spiked its value to over $3. This development was caused by the bull run in the broader market. Although, later in the year, the market experienced a bearish run, plunging the token to about $0.30. The token ended the year on this note. Meanwhile, 2019 was not even exciting for XRP at all. This is because the token plunged further and traded within the range of $0.05 till the end of the year.
However, 2020 seems to be a bit better for XRP. It saw a rise following the bull run in the broader market. This thus made the token to trade around $0.2 within the first two months of the year. However, it saw a slight pull back in mid-2020 following the legal battle initiated against Ripple by US SEC. The lawsuit caused some crypto exchanges to delist XRP on their network, thereby affecting its value. Although, the pull back didn’t last for long as the crypto began to recover in the last few months of the year. Around December, XRP spiked to about $0.53, ending the year better than the way it started it.
By early 2021, XRP had grown beyond $1. But, following the proposal by the US government to hike long-term capital gain tax, it experienced another pull back. This pull back plunged the token back to $0.6. Fortunately, this didn’t affect the token for too long as it began to recover in late 2021. In the first few months of 2022, XRP still continued to maintain its resistance level of $0.5 to $0.6. But in May, the bearish trend stormed the market, forcing all cryptocurrencies to plunge. Amid this development, XRP plunged below $0.3. It traded within this range till the end of the year. Having examined the recent performances of XRP, it is now necessary to see if the token will attain a $500 price prediction.
XRP Price Prediction $500; will it ever manifest, yes? How soon?
Presently, XRP trades at $0.3724 according to Coinmarketcap. The present price of XRP is way behind the general prediction of many that it will hit $500 anytime soon. To a reasonable extent, the age-long SEC vs Ripple Case has kept XRP at bay from enjoying a price rally. According to findings, the token has never soared above the $3 value it enjoyed in January 2018. XRP attained this landmark price prior to the inception of the legal battle with the Securities and Exchange Commission.
Nevertheless, there are high hopes that the value of XRP will soar if the Judge in the SEC vs Ripple eventually gives a final ruling in favour of Ripple Inc. By that, if things go south, definitely the value of XRP will dip further below the price prediction of $500. One can easily deduce that the future of XRP heavily lies on the final verdict of the ongoing legal tussle.
Therefore, the price prediction of $500 for XRP is hanging in the air. On that premise, it’ll be safe to assert that the value of XRP cannot hit the $500 price tag until Ripple finally wins its battle against the SEC. Meanwhile, reports indicate that the final verdict of the case is not coming anytime soon as it may go into a trial.
So, the $500 price prediction for XRP cannot manifest this year considering a huge space between the present price of the coin and the projected value. Another factor backing this claim is the delayed final verdict and the possibility of a trial. Even with the final verdict surfacing next month (which is quite impossible) the token has a long way to go in attaining the predicted price.
Conclusion on XRP $500 price prediction
The $500 price prediction for XRP looks unrealistic this year due to numerous factors attached to it. However, this doesn’t in any way amount to a total write-off that the XRP will never hit this height. We maintain that the token has a prosperous future which can either be enhanced or marred by the final verdict of the SEC vs Ripple case.
Disclaimer: This review is done by our experts, This is not a financial advice, BinBits is not liable for any lose/damage to any user, Please do your own research before investing in any project
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