Ripple (XRP) is facing significant challenges as it grapples with ongoing legal troubles with the US Securities and Exchange Commission (SEC). The cryptocurrency has experienced a serious decline of 84.7% since its all-time high in 2018 of $3.40 and has not yet recovered even a portion of its peak value.
XRP’s decline has been steady over the past 30 days, with a 20% decrease in its value. While there was a slight recovery last week, most of the gains were lost, and there has been a 2.3% decrease in the last 24 hours.
Despite this downward trend, there is optimism about XRP’s future. Analyst Armando Pantoja predicts that XRP’s value could reach between $8 and $20 by 2026, representing a significant increase of up to 3,557.6% compared to current values.
Pantoja believes that XRP’s value could increase based on historical examples of its bull run in 2017, where it saw a 650-fold increase to its peak. Institutional acceptance is also seen as a strong factor in determining XRP’s future price. Ripple has already integrated with major financial institutions like Bank of America and Royal Bank of Canada. Furthermore, Ripple’s partnerships in Japan with HashKey DX and collaboration with SBI Ripple Asia to offer XRP Ledger-based solutions could drive XRP’s price upward.
Efforts are being made to further accelerate adoption of XRP. Ripple’s development arm, RippleX, is bringing significant upgrades to the XRP Ledger (XRPL), simplifying the participation process by streamlining the distribution of free XRP. These developments are crucial for expanding the role and usage of XRP in the cryptocurrency economy.
As for the ongoing legal battle with the SEC, Ripple has denied the allegations of violations related to XRP’s institutional sales and presented a detailed response. The SEC has demanded a penalty of $2 billion from Ripple, but the company’s defense proposes a fine under $10 million. The case is nearing its conclusion, and the outcome will be eagerly awaited by the crypto community, as it could determine whether XRP can surpass its previous high levels.
It is important to note, however, that the optimistic forecast by the analyst may not be very realistic. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
