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XRP has been experiencing a rather stagnant price between $0.5762 and $0.6565 since early December, while other altcoins gained value due to an increase in market capital. This slow pace might be attributable to recent developments around the potential rejection of Bitcoin ETF applications by the US Securities and Exchange Commission (SEC). This situation has indebted uncertainty in the crypto market, resulting in a 10% decrease in XRP’s price, nudging it towards the $0.500 threshold.
Regardless of these challenges, a potent catalyst might turn this sluggish pace around – the ongoing legal battle between Ripple Labs and the SEC is concerning XRP sales. Esteemed Crypto analyst Egrag Crypto expressed optimism for XRP’s prospects, stating that a whopping 40X or 50X boom could be on the cards for XRP. He referenced the impressive performance of the cryptocurrency during the last cycle, despite the SEC lawsuit. If XRP were to follow this trajectory, a 40X surge could raise the price to around $11, going off its cycle low of $0.28. A 50X jump may take XRP’s value to roughly $14, drawing a comparison to Ethereum’s previous 58X cycle multiplier, estimating a potential value of $16 for XRP at $0.28.
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