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Industry experts make predictions for XRP based on the outcome of the lawsuit filed by the SEC against Ripple.
Ripple investors have watched in disappointment how badly XRP has performed amid the ongoing lawsuit between the blockchain company and the Securities and Exchange Commission (SEC).
Industry Experts Give Their Opinion on XRP
However, the negative performance of XRP caused by the lawsuit could become a thing of the past, as industry experts believe the coin will hit $2.55 by the end of this year.
The opinions of 36 industry experts were compiled in a report by finance trend survey platform Finder, as part of efforts to understand how the outcome of the lawsuit will influence the price of the sixth-largest cryptocurrency by market capitalization.
The experts predicted that XRP will spike over 260% to hit $2.55 if the outcome of the lawsuit goes in the favor of the blockchain company.
Per the survey, the experts also noted that an outcome against the blockchain company could see the price of XRP plummet to $0.68 by year ending.
Interestingly, the analysts also made further predictions for XRP in the coming years, as they believe a positive outcome in the SEC lawsuit would propel the coin to surge to $3.61 and $4.98, in 2025 and 2030, respectively.
Negative XRP Prediction
Meanwhile, not all the analysts believe the XRP coin will record tremendous growth by the end of the year. According to Daniel Palotsky, the founder of CoinFlip, XRP will only surge as high as $0.90 before the end of 2022.
Similarly, Matthew Harry, the head of funds at DigitalX Asset Management stated that the only time XRP may surge above $5 before the end of the year is when Ripple wins the case, adding:
“The XRP token is worthless for anything other than speculation. The underlying technology is terrific but the token itself does not currently have a use, it simply attracts speculators as it is cheap and an easily digestible value prop – none of which is born out in the token.”
Panelist Conclusion
Of the 36 industry experts that gave their thoughts on the price of XRP following the outcome of the lawsuit, 23% recommended that people should buy the coin, while 45% suggested that investors should keep holding.
Furthermore, 32% of the panelists suggested that people should offload their XRP holdings in order to avoid recording more losses as they do not think Ripple will be victorious.
Meanwhile, the case is fast approaching summary judgment, with all motions and replies expected to be filed by mid-November 2022, suggesting that the case may end before the end of the year.
XRP Bleeds Massively Amid Lawsuit
The price of XRP has suffered greatly based on the lawsuit filed against Ripple in late 2020, with Ripple’s General Counsel Stuart Alderoty describing the development as a rug pull on U.S. investors.
Despite the SEC filing its charges in late 2020, the cryptocurrency has reacted negatively following the build-up of the case in 2018, when William Hinman, the agency’s former finance director, made an Ethereum free pass speech.
ETH immediately surpassed XRP and became the second-largest cryptocurrency by market capitalization at the time.
It is worth noting that Ripple had surged to a high of $3.40 on January 4, 2018, months before Hinman’s speech where he declared that Ethereum was not a security.
However, at the time of writing, XRP is trading around $0.61, down 82.1% from its all-time high.