XRP Price Prediction as Judge Says Ripple Sales of XRP Not Investment Contract - Can XRP Reach $100?
XRP, the cryptocurrency that powers the XRP Ledger launched by US fintech company Ripple back in 2012, just saw a huge price pump.
XRP/USD was last trading at $0.58, up an impressive 25% on the day after Ripple won a verdict that its sales of XRP on exchanges and through algorithms did not constitute the offering of an investment contract.
"XRP, as a digital token, is not in and of itself a 'contract, transaction, or scheme' that embodies the Howey requirements of an investment contract," Judge Torres concluded in a ruling of the US District Court Southern District of New York.
However, the court ruled that Ripple's institutional sales of XRP did violate federal securities law.
Ripple, XRP’s creator, had been locked in a lawsuit with the US Securities and Exchange Commission (SEC) since 2020, with the SEC accusing Ripple of having sold $1.3 billion worth of unregistered securities via its XRP sales.
The SEC’s accusation that XRP is a security has weighed heavily on the cryptocurrency in recent years, dampening its demand in the US, and also weighing on its demand via the stifling of Ripple’s cross-border liquidity business, which leverages XRP.
Price Prediction – Where Next for XRP?
With XRP now at its highest levels in more than a year and above key resistance in the form of earlier yearly highs in the $0.58 area, a swift rally toward the next major resistance area above $0.90 appears to be on the cards.
That could mean further short-term gains in the region of 50% for XRP holders.
Technical buying should support the upside, with XRP having broken to the north of a long-term ascending triangle pattern.
Can XRP Hit $100?
With the cryptocurrency market seemingly in the early stages of a new bull market thanks to increased institutional adoption (i.e. the recent spot bitcoin ETF filings) and improving macro conditions (the Fed’s tightening cycle is nearly over and inflation is falling), XRP could well be headed back to all-time highs in the near-future.
The highest the cryptocurrency ever got was $3.31 in early 2018, around 5.5x up from current price levels.
If XRP was to get back to these levels, its market cap would hit around $170 billion.
Given bitcoin’s market cap is over $600 billion and ether’s is over $230 billion at present, that should be achievable.
But can XRP hit a price of $100?
At the current circulating supply of 52.5 billion, an XRP token price of $100 would imply a market cap of around $5.25 trillion.
Now, we should never say never.
Crypto is still in its infancy as an asset class/technology.
Who knows how far Ripple can grow its cross-border payments business and how far broader XRP adoption goes.
But we could be talking about decades, not years, and certainly not months, before the XRP price hits $100, if it ever does.
Meme Coin Alternatives to Consider
XRP is a good bet right now for high risk tolerance degens who want to secure near-term gains.
But an even better way to secure near-term upside is via successfully picking out small-cap meme coin gems.
The team at Cryptonews.com spends a lot of time parsing through meme coin projects looking for the best risk-reward opportunities.
Here are two projects that they think have a lot of potential.
Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised $14.5 million in just over one month, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.
Thug Life Token ($THUG)
Despite only launching a week ago, brand new meme coin project Thug Life Token has already been able to raise a whopping more than $1.35 million via the presale of its $THUG token.
Various industry observers have tipped $THUG to be a major success given the refreshing take it brings to the meme coin space.
$THUG is not based around out-of-fashion dog memes or short-term social media fads, like meme coins created in response to Elon Musk or Andrew Tate tweets.
Rather, $THUG is themed around the timeless Thug Life movement that was first popularized by hip hop stars such as Snoop Dogg back in the 80s.
As the word of $THUG spreads, more degenerates are expected to pile cash into the project.
That’s because Thug Life Token has all of the makings of the next 100x meme coin.
At the presale price of $0.0007 and total maximum supply of 4.2 billion, the Thug Life Token presale only values the coin at a very conservative $2.94 million fully diluted market cap.
That’s much smaller than most other comparable presale projects and the low presale market cap leaves plenty of room for explosive upside.
Meme coin degens have no time to lose when it comes to getting involved in the project early.
That's because the $THUG presale will end once the $2.058 million mark is hit, or when the 3-day countdown runs out (whichever comes first).
After that, the only way to secure $THUG tokens will be via the project's airdrop and community rewards campaign or at a potentially elevated price on major decentralized exchanges (DEXs).
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.