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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.
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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.
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