XRP Soaring to $5 in 2023: A Realistic Possibility?

Cryptocurrency has an entertaining background in terms of price and performance. This versatile performance and market ups and downs are always a topic of discussion for investors and crypto enthusiasts. 

The bearish market has attracted thousands of investors to put their fiat currency for a lucrative return. The prediction favours a bullish market in the coming years, making it a suitable time for investors to own as much crypto as possible. 

The price of a cryptocurrency, including Ripple, depends on various factors. Market capitalisation, bearish and bullish behaviour of a coin, out-of-the-box activities of the given crypto owner, and much more are some contributing factors. XRP may soar to 5 USD with a high jump in price, but is it a reality or a delusion? This guide will clarify everything. 

XRP – The Futuristic Cryptocurrency

Ripple is a renowned blockchain-based crypto project that offers crypto tokens and a global and worldwide payment network. XRP is the native token of RippleNet, which is the owning platform of this cryptocurrency. 

In 2012, a new cryptocurrency was launched called OpenCoin. Later, the name change occurred, rebranding the crypto token to Ripple and, shortly, XRP. Its popularity is not latent for crypto enthusiasts, as it resonates somehow with the working method of Ethereum (ETH), one of the top cryptocurrencies. 

The current price of XRP is around $0.70 at the end of July 2023. The price showed a steady rise in mid-July, elevating crypto enthusiasts’ hopes about the claim that once appeared as an illusion. Crypto analysts stated that Ripple would cross the 5 USD mark in 2023, but a few factors did not allow it to reach that mark. 

Related: How to Survive a Crypto Winter?

XRP Soaring to $5 in 2023 – Is It Even Possible?

Before we talk about the possibility of XRP soaring over 5 dollars in price, a lawsuit is an essential event to highlight. It is a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), accusing Ripple of selling their crypto tokens in the form of unregistered securities. 

The petition was filed in 2020, and after a slow and steady court trial, the lawsuit came to a judgement in July 2023. The court verdict is a partial victory for the famous crypto platform, Ripple Labs Inc., as Judge Analisa Torres denied the accusations against the crypto platform. 

This verdict is an essential element, resulting in an instant surge in the XRP price hike. From $0.34 in January to $0.82 in July 2023 is a high jump that occurred due to the court verdict in favour of Ripple. Therefore, it seems to be a realistic possibility for the blockchain-based cryptocurrency to reach the said mark this year or the next. 

Also Read: 6 Hard Truths About Crypto Day Trading

3 Factors Contributing to XRP Price Hike

As it now seems a fair opportunity for the cryptocurrency to experience a price rise, it will happen based on a systematic approach. A few factors will play a crucial role in the systematic rise of Ripple’s elevation in price. Here are those factors:

#1. Victory in the Lawsuit

The productive triumph of Ripple in the lawsuit is the leading element in its future success. XRP is a potential crypto with a robust market cap to compete with the leading crypto, ETH. It would have improved like the other crypto, but the lawsuit was a strong barrier, creating a rocky road for the success of Ripple. 

Now when there is no legal standoff for the crypto network, it is back to the normal way of competing with ETH. However, it is not a direct ticket for Ripple to reach the $5 heights overnight. It will take some time, probably a few months or a year, to reach that mark.

#2. PayID Launch

Online money transactions, especially crypto transfers, come with complicated processes. When it comes to crypto transactions, the same platform transfer is facile but cross-platform transactions expose you to a challenging method. 

PayID from Ripple is the best alternative in this regard, acting as an innovation in online banking and financial services. Like an online mailing system where you can send an email to any user with any mailing services, such as Gmail, Yahoo, etc., PayID is identical to it in functionality. 

With such innovative and user-friendly platforms from Ripple, it attracts a huge amount of users toward its crypto tokens. It will result in the demand for the XRP, which has a limited supply. Soon, the price will touch the peak in a short time.

Also Read: Elon Musk Teases DOGE Support on Twitter, Price Skyrockets

#3. Ripple Swell and Other Ripple Products

Ripple does not limit its platform to crypto tokens and offers numerous useful and lucrative products and services. RippleX is one of those efficient services with the potential to converge users’ attention to the crypto network. 

RippleX is a service that targets developers and contributes to their operations with open-source codes and tools to add to their efficiency. Ripple Swell is also Ripple’s platform where business leaders operate under the same roof. They brainstorm business ideas with effective analysis and key insights into an organisation with an aim to transform the working style of global payment systems. 

With so many contributions, having more users than any other blockchain-based platform is not a challenge for Ripple. 

Frequently Asked Questions

Should I Invest in XRP?

Like other cryptocurrencies, Ripple offers many risks for investors depending on the amount of money you invest and the market you invest in. Overall, XRP is a viable and lucrative investment as the market is predicted to soar higher. Carrying out your thorough research is a must to avoid any unpleasant consequences. 

Where Will XRP Reach in the Next 5 Years?

The upcoming years are progressive for the growth of XRP due to the plenty of services and contributions from Ripple. Moreover, the court verdict came in favour of XRP, reinstating the trust it had among its users and crypto fans. 

Can XRP Hit $100?

It is a futuristic thought to say that XRP will reach the $100 mark, as it does not seem possible in the next few years. Even if it progresses with a 200% rise annually, it will take about five years for XRP to reach the 100-dollar price.