- Crypto founder Patrick Riley predicts XRP will hit a new all-time high of $22 in the next bull cycle.
- Riley also predicted that XRP could surpass Bitcoin in the longer term, driven by adoption and ecosystem growth.
- XRP is currently trading at $0.6165, far from its all-time high of $2.4.
In a recent interview with renowned crypto analyst Zach Rector, Patrick L. Riley, founder of Reaper Ascencion Index Ark Institute, predicted that XRP could peak at a new high in the anticipated forthcoming bull market.
Indeed, Riley stated that XRP is well positioned to hit a new all-time high of $22 or higher in the next bull market. According to the founder, the bullish potentials of the token will be pushed by the increasing development of the XRP Ledger and growing adoption.
Furthermore, Riley mentioned that the addition of EVM side chains to XRP will also drive the token’s upside potential. He continued by saying that a lot of projects using ERC20 tokens will switch to XRP to benefit from its fast finality and cheaper costs.
While reiterating his bullish stand, the founder said he expects XRP to maintain a price above $10 in the next bear market. At present, XRP is trading hands at $0.6165 apiece, according to data from CoinMarketCap.
Riley said he sees XRP surpassing Bitcoin as the number one cryptocurrency token in the longer term. Currently, the founder noted that Ethereum is faced with issues that he expects would drive capital inflows to XRP. Furthermore, he said that while he expects Bitcoin to maintain top prices, he clarified that the lack of utility gives XRP an edge over the pioneer cryptocurrency.
Meanwhile, XRP continues to trade significantly lower than its all-time high of $2.4, which it hit in 2018. Following the U.S. Securities and Commission Exchange (SEC) lawsuit against the company, the token’s market cap and price both plummeted.
With the lawsuit expected to close next year, Riley predicted XRP’s legal clarity on its security status would drive more activity to the token. XRP’s $33 billion market cap makes it the fifth-ranked cryptocurrency in the world by market cap. On the yearly chart, the token has surged over 73%.
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