Ripple’s XRP token has struggled to find a footing in the last few years. Although XRP is one of the most popular cryptocurrencies for cross-border remittances, the asset’s value has significantly fallen since 2018. XRP hit an all-time high of $3.40 in January 2018, over six years ago. While many cryptocurrencies hit their respective highs in 2021, XRP did not rally much.
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Despite the lack of momentum in the last few years, XRP continues to be one of the most utilized cryptocurrencies in the market. The asset is currently down by nearly 85% from its 2018 peak. Let’s look at how XRP can regain its all-time high.
Top 3 things that can take Ripple’s XRP to $3.40
One of the most significant barriers to XRP’s price is Ripple’s ongoing lawsuit with the US SEC (Securities and Exchange Commission). The SEC filed its suit against Ripple in December 2020. The lawsuit is likely why XRP did not rally much in the 2021 bull run. Last year, a US district court ruled partially in favor of the fintech company, stating that selling XRP to retail clients did not breach securities laws. However, the lawsuit has entered the high court, and investors await a verdict. If the high court rules similarly to the district court, it may lead to a sudden price spike for XRP.
Also Read: Ripple: How Much XRP You Need to Make $1M if Price Hits $11.26, $28.20, $56.55?
The second development that can boost XRP’s price is the approval of a spot XRP ETF (Exchange Traded Fund). The SEC has approved Bitcoin (ETC) and Ethereum (ETH) ETFs this year. The move has opened the door for more crypto-based ETFs. If the SEC approves an ETF for Ripple’s XRP token, we may witness another massive rally.
The third event that could take XRP to $3.40 is an overall positive market sentiment or a bull run. However, a win against the SEC may greatly help XRP’s price to rally.
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