XRP is one of the most talked-about and closely watched cryptocurrencies currently. People used to like it because it was fast and cheap, but now it’s trying to get rid of years of legal issues.
Could a resurgence be imminent now that the SEC case is nearing its conclusion and major stakeholders are becoming involved?
Can Ripple really take on SWIFT?
The Securities and Exchange Commission (SEC) has been engaged in a long legal battle with Ripple, the company that created XRP, which has contributed to the controversy surrounding it.
After the Trump Administration took office, regulators stopped trying to overturn a mixed 2023 decision about Ripple’s sale of XRP to institutional investors and public exchanges. The long-standing uncertainty surrounding XRP could soon go away, as per a report by Motley Fool.
Although this trend is positive, several other factors could influence the future price of XRP. There are several things that will affect how well XRP does for cryptocurrency investors, as well as predictions for the next five years.
XRP is the native coin of the Ripple network and is often called the XRP ledger. Ripple was made to help businesses and governments do business across borders.
SWIF, a secure messaging network, is now widely used for sending money across borders.
But SWIFT transfers can take hours or even days to finish and cost up to $50. Parties can send money over the Ripple network for very little cost by quickly turning their payments into XRP.
Ripple and the SEC are currently working to settle their long-running legal dispute. XRP is doing well in the financial markets right now.
For example, CME Group, the largest operator of financial derivatives exchanges in the world, launched XRP futures earlier this year. Institutions are also planning to launch XRP exchange-traded funds (ETFs) and apply for a national banking charter.
As XRP becomes more popular in the financial world, banks, businesses, and governments are expected to use the Ripple network more and more for cross-border transactions.
How much room does XRP still have to grow?
Investors can see what’s coming, so XRP’s value may already be a sign of good news. Even though it has gone up from its lowest point, its market price is still about 20% lower than its highest point. The coin should do well because the Trump Administration supports cryptocurrencies and XRP-based financial products are coming out.
If signs of this happen over the next five years, XRP could do very well from here. Watch for Ripple to work with well-known banks, businesses, or governments, as well as for the number of active accounts and network payments to keep going up.
XRP is still a risky investment, so keep that in mind. It’s good that the law is moving forward, but it’s not done yet. You can adopt, but it’s not a guarantee. Like all cryptocurrencies, its price can change quickly based on news, rules, and how the market feels.
Also read: Crypto Climbs as Inflation Cools and Retail Returns
