The price of XRP has attracted the attention of investors, especially amidst a series of developments surrounding Ripple. Against this backdrop, prominent figures in the crypto market are predicting that the cryptocurrency could rise to $16 and surpass Ethereum. The expert revealed several reasons to support his claim, sparking optimism in the broader crypto market.
XRP price rise challenges Ethereum’s dominance
Ben Armstrong, also known as Bitboy, recently shared a bullish prediction for the XRP price, saying the cryptocurrency could reach above $16. He believes that XRP could “flip” Ethereum in market capitalization by 2025, reaching $16.50 and $22.
Notably, his bullish outlook stems from the increasing use of Ripple's native cryptocurrency in the global banking sector, which sets it apart from the likes of Ethereum. He said:
XRP It’s not competing with ETH, it’s in a league of its own. While Ethereum is battling its competitors, XRP has secured global banking partnerships. The future is set.
Meanwhile, the focus on liquidity and cross-border payments positions cryptocurrencies as unique assets. Additionally, BitBoy highlights that XRP briefly overtook ETH in 2018 and expects this scenario to repeat in the near future. Citing all these circumstances, he said Ripple's native cryptocurrency could outperform all cryptocurrencies in the upcoming bull market.
Additionally, Armstrong said Ethereum could struggle due to increased competition from layer 1 blockchains. On the other hand, XRP's strong institutional partnerships could help it witness a 25-30x increase in price. He acknowledged that XRP has yet to experience a significant price rally, but said that if it did, it would lead to the long-anticipated “reversal” in Ethereum.
Market optimism amid ripples from SEC litigation
Apart from the above developments, Armstrong also highlighted key developments in the Ripple market. For example, he outlined a clear path for XRP to surpass Ethereum, starting with resolving Ripple's legal battle with the SEC.
In particular, the crypto community has welcomed recent developments in the Ripple SEC case, particularly the fact that Ripple SEC did not challenge XRP's non-security status on appeal. This increases confidence that XRP will emerge victorious from its legal ordeal soon. Additionally, Ripple CLO Stuart Alderotti commented on the likely outcome of the recent XRP lawsuit.
Additionally, Armstrong highlights the potential approval of the XRP ETF and a possible IPO of Ripple as other driving forces behind the token’s upward trajectory. He also points out that cryptocurrencies are becoming more influential globally, with increasing adoption as a liquidity solution within BRICS countries.
Additionally, Ripple CEO Brad Garlinghouse also commented on several developments related to XRP and others. As context for the podcast, Garlinghouse talked about the launch of the Ripple stablecoin RLUSD, the XRP ETF, the Ripple SEC incident, and other important aspects.
On the other hand, this prediction also follows a recent strategic move by Ripple's co-founder. For example, Chris Larsen recently donated $10 million in XRP to Kamala Harris' campaign. The move has drawn criticism from the crypto community, especially as the market expects Democrats and SEC Chairman Gary Gensler to stifle crypto innovation.
At the time of writing, XRP price fell nearly 4% to $0.5354, while trading volume decreased 5% to $1.12 billion. The token hit a high of $0.5594 in the past 24 hours, sparking market speculation, especially after Elon Musk mentioned XRP.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial markets and has built a reputation as a meticulous investigative analyst and insightful journalist. He is passionate about exploring the dynamic nuances of the financial landscape. Currently serving as an associate editor at Coingape, Rupam's expertise transcends traditional boundaries. His role includes breaking news, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career has been marked by a deep passion for demystifying the complexities of finance and delivering impactful stories that resonate with diverse audiences.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
✓ Share: