Ripple’s XRP has been languishing below the psychological $0.30 level for the last couple of months. Ripple’s woes worsened after class-action lawsuits were filed against Ripple by early investors who claimed the company sold them unregistered securities.
This confusion around XRP’s classification is likely making some potential investors wary of the asset. But what if XRP was finally classified as a commodity putting to rest all the ongoing lawsuits, how high could the price of XRP rise?
The XRP Ultra Bullish Scenario
XRP has recovered from recent lows to $0.232639 at press time. However, its status remains a grey area. Even though the US Securities and Exchange Commission (SEC) officials have announced publicly that rival ethereum is a commodity, they have remained disturbingly quiet on XRP’s status.
Some XRP proponents reckon XRP’s price would climb to as high as $589 if XRP was declared a commodity. However, such a prediction should be taken with a grain of salt as there is no solid indication to support it.
Others are more optimistic. Another XRP enthusiast, Jungle Inc, believes XRP will moonshot to $692 on the premise that most of the international payments will turn to XRP in the near future. At the moment, nearly $10 trillion in international payments is transferred on a daily basis. If most of these cross-border payments instead start flowing via XRP, then Jungle Inc asserts that the XRP price will likely surge by an eye-popping 2000% to $692.
Ripple is still embroiled in a securities lawsuit. In December, the San Fransisco company filed the last motion to dismiss at the United States District Court for the Northern District of California. However, Judge Phyllis J. Hamilton did not give a verdict on January 15 as was expected. But, Ripple CTO David Schwartz recently hinted that the firm is not distraught about its legal troubles after tweeting that their lawyers “have the best words.”
XRP’s Short-Term Perspective
On a more realistic note, XRP could revisit 2019’s high above $0.47 if Ripple wins the case and United States courts declare XRP a commodity. This would be followed by a possible break above the highly elusive $1 mark.
Meanwhile, analyst CryptoGainz recently opined that XRP could soon launch a rally to 0.00003715BTC, which would be a huge move from the present 0.00002698 sats. He captions a chart that can be seen below which indicates that this significant upside move might be seen in the coming weeks.
It’s worth noting that CryptoGainz is not the only analyst that believes XRP is poised to print massive gains in the near future. Crypto analyst CJ is expecting XRP to soon rise above its midrange equilibrium (EQ) which could trigger a move to the $0.40 zone.