The popular cryptocurrency analyst, going by the name “KALEO” on X (Twitter), is optimistic that the price of Ripple’s native token – XRP – will soar in the near future.
The forecast is based on the outcome of the lawsuit between the crypto firm and the United States Securities and Exchange Commission (SEC).
‘I’m Long XRP’
KALEO took it to X to outline that XRP’s valuation has recently found “solid support” after considerably dropping to its pre-July levels. Recall that the token skyrocketed by over 70% two months ago when a US Judge ruled that Ripple’s sale of XRP did not constitute an offer of investment contracts.
Somewhat expectedly, the SEC was not pleased with the court’s decision and formally appealed it at the beginning of September. KALEO, though, thinks that the watchdog’s request will hit a dead end, which will eventually prompt a price increase for XRP.
I’m long $XRP.
The USD chart has found solid support after completely retracing to the pre July SEC news levels, while the BTC pair is on the verge of a HTF breakout.
Considering the SEC’s track record this year in cases against crypto, I’m buying the blood and taking the bet… pic.twitter.com/l5Yr5JDTGd
— K A L E O (@CryptoKaleo) September 19, 2023
How High Can XRP Go?
Ripple’s native asset has been among the best performers over the past week, experiencing an almost 7% jump (per CoinGecko’s data). While its current level stands at over $0.50, some experts and analysts have outlined a much brighter future for it.
The most outrageous forecast came from Shannon Thorp, who said the coin could hit $500 by 2027. She based it on research, which reads that expected cross-border payments value could skyrocket to a whopping $250 trillion in the next four years.
It is worth mentioning that XRP’s market capitalization should soar to approximately $260 trillion to match the $500 milestone, making the prediction sound ridiculous.
The X user, going by the name EGRAG CRYPTO, came up with a more modest forecast, envisioning the token’s US dollar valuation rising to “$2.8 and $5.5, maybe even stretching up to $6-7.”
CryptoPotato recently released a video dedicated to XRP and, more specifically, how the asset could perform during the next bull market.