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Four prominent crypto entities could trigger a significant rally for XRP, potentially taking the asset’s price to $10 per token.
XRP has witnessed slight gains over the past few days after Donald Trump emerged as the winner of the just-concluded U.S. presidential election.
XRP Gains Stability After Plunging 14% Amid SEC Appeal Notice
Recall that XRP’s price crashed significantly after the SEC filed an appeal notice in the Ripple lawsuit last month as part of efforts to overturn Judge Analisa Torres’ verdict, which gave the company a partial victory.
Before the filing, XRP was trading around $0.60 on October 2, when the SEC filed the appeal notice. However, the token’s price plummeted to $0.5102 the following day, marking a decline of around 14.96% in less than 48 hours. Since the October 3 plunge, XRP witnessed a slight uptick, currently trading around the $0.55 price range.
Currently, XRP is up 6.4% over the past week, with the token changing hands at $0.5514.
These 4 Entities Could Take XRP Price to $10
Amid the recent uptick, several analysts expressed confidence about XRP’s potential to secure a spot-based exchange-traded fund (ETF). Over the past months, XRP has made significant strides towards getting an ETF, thanks to Grayscale Investments, Bitwise, Canary Capital, and 21Shares.
These four companies have brought XRP an inch closer to having its own ETF, like other top cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).
As reported last month, Grayscale relaunched its XRP Trust, a closed-end fund that grants institutional investors exposure to the cryptocurrency. Following the fund’s launch, Grayscale revealed a four-stage growth cycle that could transform the XRP Trust into a spot ETF.
One month later, the asset manager filed with the SEC to convert its Digital Large Cap Fund (GDLC), containing five cryptos like XRP, to a spot ETF.
Prior to Grayscale’s filing with the SEC, crypto asset manager Bitwise had submitted an XRP ETF application with the regulator on October 1. The company first applied with the state of Delaware to launch an XRP ETF. A few hours after the Bitwise ETF filing appeared on Delaware’s Division of Corporations website, the company officially applied with the SEC to launch an ETF for XRP.
Additionally, Canary Capital joined the list of companies seeking to introduce an XRP ETF into the market. On October 8, the investment company submitted an S-1 filing to the SEC, confirming plans to launch a spot-based ETF tied to XRP.
Furthermore, 21Shares also applied to launch an exchange-traded fund for the seventh-biggest cryptocurrency by market capitalization.
XRP ETF Could Take XRP to $10
While it remains unclear whether the SEC would approve any of these applications, investors have debated how the fund could positively impact the token’s price.
Some market observers assert that the product will likely attract institutional capital into the XRP ecosystem, boosting the token’s price to jaw-dropping targets, such as $10.
With XRP currently trading at $0.5514, the token must surge 1,713% to reach the $10 target. At that price, a 100,000 XRP portfolio worth $55,140 today would soar to $1 million.
XRP to $10 Predictions
Even though the $10 prediction requires XRP’s price to increase by 1,713% from the current level to reach the target, many analysts believe the forecast is realistic.
Last month, popular community figure General Radahn predicted that Grayscale’s relaunch of XRP Trust could potentially take the token’s price to $10.
In August, widely followed market watcher EGRAG emphasized that XRP’s price could surge to $10.4 if Bitcoin clinches a target of $80,000. However, the analyst suggested that both assets must maintain a correlation of $0.00013 before the prediction could play out.
In the same month, analyst Spectre left XRP enthusiasts stunned after they projected that the token would hit the $10 target in the 2024/2025 market cycle.
Interestingly, Oliver Michel, the CEO of Frankfurt-based exchange Tokentus Investment AG, mentioned factors such as the Ripple IPO, XRP ETF, SEC lawsuit resolution, and growing adoption of the Ripple payments solution as catalysts that could take XRP’s price to $10 this year. Besides the widespread adoption of Ripple’s payment solution, the other three factors have yet to play out.
Whether XRP hit the $10 price target in this market cycle remains to be seen. However, with Bitwise, Grayscale, Canary, and 21Shares interested in launching ETFs for XRP, combined with factors such as its legal clarity and increased use in cross-border payments, the token could hit the $10 target in the near future.
It is imperative to note that nothing is guaranteed in the crypto world. Hence, this article is for informational purposes and should not be taken as investment advice.