Outside Source
TL;DR
- One analyst believes XRP could flip ETH driven by potential factors like a favorable Ripple v. SEC outcome and an ETF approval.
- Others, though, expect a possible 12% pullback.
XRP to Flip ETH?
Ripple’s XRP is among the very few leading cryptocurrencies whose prices are down year-to-date (YTD). Currently, it trades at around $0.52, representing a 15% decline compared to the figure observed on January 1.
Nonetheless, plenty of bullish analysts believe XRP is about to catch up with the market’s pace and record impressive gains. One of the optimists is Ben Armstrong, better known on X as BitBoy.
Recently, he predicted that the market capitalization of Ripple’s native token may surpass that of Ethereum (ETH). He based his wild forecast on the assumption that XRP has no competitors. On the other hand, BitBoy said Ethereum’s rivals have increased lately, naming Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT) as some examples.
The analyst thinks ETH still has a chance to experience a substantial resurgence sometime next year, but he doesn’t see its market cap exceeding $1 trillion (the current capitalization stands at a little over $300 billion).
Moving on to XRP, he envisioned a price explosion to as high as $22. Such a rally would put the asset’s market capitalization at a whopping $1.17 trillion.
“20x to 30x for XRP from here is not that crazy. It’s actually capable of more. It is my belief that it is possibly going to be the number one coin of the entire bull run,” BitBoy assumed.
It is worth noting that an XRP bull run would depend on the combination of numerous factors. According to the analyst, some of those include a potential Trump victory in the US presidential elections (and the possible firing of the SEC’s Chairman Gary Gensler as a consequence), a final resolution of the Ripple v. SEC case, an approval of an XRP ETF in America, and more.
Another X user seeing the asset spike to unseen peaks is Dark Defender. Earlier this week, the strategist claimed XRP could skyrocket to $18.22 if it surpasses the $0.66 resistance level. The other essential condition is staying above $0.3917.
What About a Further Pullback?
Nonetheless, not all analysts believe XRP is headed for an upswing. X user Cryptoinsightuk, for example, maintained that a potential correction to $0.46 seems “more and more likely.”
The prolonged lawsuit between Ripple and the US SEC might be another element that could suppress the asset’s valuation in the following months. Recall that the regulator recently appealed a 2023 verdict set by Judge Torres (which ruled that the company’s XRP sales to retail investors on crypto exchanges did not violate securities laws).
The move postponed the official resolution of the case, adding a fresh doze of uncertainty and triggering a new phase comprised of filings and a briefing process.
This article first appeared at CryptoPotato
