XRP has been a standout performer in the recent crypto rally, surging over 40% in the past week. This bullish momentum has reignited discussions about XRP reaching a much-anticipated price target of $10. While this may seem like a distant dream considering XRP’s current price of around $0.60, several factors could propel the token towards this ambitious goal during the ongoing 2024–2025 bull season.
Firstly, Ripple, the company behind XRP, has fueled speculation with a potential Initial Public Offering (IPO) in the US. CEO Brad Garlinghouse’s recent share buyback program adds weight to this theory. While an immediate IPO seems unlikely due to the current SEC leadership, a shift in leadership or a potential overseas listing next year, as suggested by former Ripple director Sean McBride, could trigger a surge in investor confidence and XRP’s price.
Secondly, the launch of an XRP exchange-traded fund (ETF) could be another game-changer. With Bitcoin and Ethereum ETFs already gaining approval, XRP is a strong contender for the next spot. Asset managers like VanEck have already filed for a SOL ETF, paving the way for similar filings for XRP. Both McBride and Garlinghouse anticipate an ETF by 2025, further bolstering the possibility.
Thirdly, the ongoing legal battle between the SEC and Ripple has been a major roadblock for XRP’s growth. The lawsuit has undoubtedly prevented Coin from reaching new highs alongside its peers in 2021. However, with a resolution expected by the end of the year, as suggested by Garlinghouse and others, a positive outcome could significantly improve investor sentiment and unlock XRP’s true potential.
Finally, the widespread adoption of XRP for cross-border payments remains a key driver. Ripple‘s ODL (RippleNet Payments) solution utilizes coins as a bridge currency, facilitating faster and cheaper international transactions. Regulatory hurdles, particularly the SEC lawsuit, have limited US adoption. However, a favorable resolution could open doors for US financial institutions, leading to a significant increase in XRP demand and a potential price surge towards the $10 target.
Reaching $10 will undoubtedly be a challenge for the coin, requiring a nearly 1,600% increase. However, considering the confluence of these factors—a potential Ripple IPO, an XRP ETF, a positive SEC resolution, and wider adoption for cross-border payments—the 2024–2025 bull season could see XRP make a significant push towards this ambitious target.
