The majority of assets in the cryptocurrency market have started the week with gains, leaving investors and analysts wondering if any of the currently progressing altcoins can experience a stronger surge and significantly increase in value. One altcoin that comes to mind is the beloved XRP. Historical data shows that if history repeats itself, Ripple‘s XRP could achieve growth of 100, 200, and even over 500 times its current value.
XRP’s Over 500x Example Growth
XRP demonstrated its capacity to significantly increase its price within a short period of time. In just a few days in January 2018, it managed to increase its price from $0.25 to $3.40, a 1,260% surge, reaching its all-time high. This means that XRP, which traded at $0.006385 just a year before in January 2017, successfully increased its value by over 500 times in just 12 months.
According to CoinMarketCap data, XRP, the fourth-largest altcoin with a market capitalization of $32.29 billion, is currently trading at $0.6028, recording a 6.8% increase in the last 24 hours. The data shows that the popular altcoin has increased by 16.97% in the last 30 days and by 31.24% in the last year.
Currently, XRP has all the necessary fundamentals to continue increasing its price, but experts believe that achieving a growth of 500x or more in the short term is unlikely. However, the unpredictability of the cryptocurrency market and the ability for things to rapidly change indicate that such a surge might be in the cards.
Catalysts That Could Support XRP’s Rise
Despite its price being significantly below this record level, there are several catalysts that could boost XRP’s price. One of them is gaining regulatory clarity, including through the Securities and Exchange Commission’s (SEC) lawsuit against Ripple. Additionally, significant progress has been made in other areas that could potentially help XRP replicate this success.
As known, the SEC accused Ripple of illegally selling XRP as a security. However, on July 13, 2023, US Judge Analisa Torres ruled that individual sales of the altcoin do not meet the criteria for securities sales, reinforcing XRP’s image as a non-security asset and alleviating investors’ concerns about illegality. Finally, the US regulatory agency decided to completely withdraw from the lawsuit against Ripple’s top executives, CEO Brad Garlinghouse and co-founder Chris Larsen, dropping all charges and putting an end to the long-standing court deadlock that surrounded the crypto world.
Furthermore, XRP has a vast community that includes not only altcoin holders and enthusiasts but also numerous legal experts such as James K. Filan, John E. Deaton, and Jeremy Hogan, who keep the public informed about every development during the court proceedings. Moreover, XRP’s development team is working intensively to build the XRP Ledger (XRPL) ecosystem, including adding a new on/off-ramp to the best self-custody wallet for 14 cryptocurrencies, Xumm, through the Internet of Value wallet gateway, GateHub.
