- Crypto analyst says XRP could topple USDT as the third largest cryptocurrency if the token reaches $1.80.
- XRP price surged following the court’s decision but has since lost steam.
- SEC victory at appeal could result in Ripple being unable to offer XRP on crypto exchanges.
Still, in the excitement of the Ripple victory, a crypto analyst says the cryptocurrency has the potential to hit new all-time highs and strides. Ripple’s native currency XRP rose to mainstream attention as the SEC victory rally simmered into the crypto ecosystem. Even though the rally has lost steam, the crypto analyst says the cryptocurrency still has room for growth.
In a video posted on YouTube, the analyst estimates that XRP’s price hitting $1.80 would take the token higher than what it is. Notably, it put the cryptocurrency ahead of USDT as the third cryptocurrency by market capitalization.
XRP hits its all-time high of $3.36 in the bull market of 2018. However, since then, the cryptocurrency has struggled to replicate similar successes. Its closest attempt was in April 2021, when it hit $1.76. The winds of the 2022 crypto winter, coupled with the prolonged case against SEC, adversely affected the token, causing it to shed the value it built over the years.
Data from CoinMarketCap show that the token is exchanging hands at $0.6274. Even though the token has hit impressive numbers since the rally, the overall market slowdown has also affected the token’s price. However, its current price is still far from its all-time low of $0.0026 in 2014.
Elsewhere, the token continues to be the subject of a continued dispute between Ripple and the SEC. Despite Judge Torres ruling in XRP’s favor, the SEC has mentioned that it plans to appeal the decision. Similarly, SEC chairman Gary Gensler said the regulator is disappointed at the decision reached by the court.
However, there is a twist to the appeal. According to Jeremy Hogan, partner at the law firm Hogan & Hogan, the SEC is not appealing the ruling that XRP is not a security. Instead, the regulator is appealing “programmatic and individual sales issues.”
Should the SEC win the appeal, Ripple could be stopped from using exchanges to facilitate sales of the XRP token.
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