A top expert recently predicted the XRP price to hit $10 citing a flurry of reasons, which have sparked optimism among investors amid several positive market trends. Besides, the community also appears to have lauded the declining XRP stake of Ripple on Escrow, which many have deemed as a positive development. Notably, the crypto has gained notable traction lately, especially with the prolonged Ripple Vs SEC case.
XRP Price Targets $10 Rally
The popular figure in the crypto market, Ben Armstrong, also known as The BitBoy on X, shared a bullish forecast for XRP price recently. In a recent podcast with XRP enthusiast Edo Farina XRP, BitBoy predicts the crypto to hit $10, citing several reasons.
Armstrong mentions a clear regulatory path for XRP for the rally ahead, saying that the Ripple SEC lawsuit doesn’t impact its price trajectory anymore. Although the case entered the appeal phase last month, BitBoy noted the case would not affect the crypto like the past bull run.
He noted that previously, investors were concerned about the US SEC’s classification of crypto as a security, which is not the case anymore. He mentioned XRP as the “chosen institutional vehicle”, indicating that the investors are growing confident in the crypto’s potential despite legal hurdles.
Besides, BitBoy also reiterated his belief that Ripple’s native crypto is poised to surpass Ethereum, further fueling discussions. Earlier this month, he said that XRP is poised to hit between $16 and $22 by 2025, potentially flipping Ethereum’s market cap.
Ripple Escrow Stake Declines Sparking Optimism
In a recent X post, pro-XRP lawyer Bill Morgan revealed that Ripple’s escrow holdings of XRP have decreased to below 39% of the total supply. This marks a significant drop from 55% in 2020, which he believes to be a positive development.
Morgan considers this decrease a positive development, contradicting concerns that Ripple’s escrow suppresses the XRP price. The US Securities and Exchange Commission (SEC) previously argued that Ripple’s escrow was used to artificially support the price of the crypto.
However, Morgan disputes this, citing “dozens of reasons” why the escrow’s impact is misunderstood. Ripple maintains that the escrow demonstrates responsible management of its substantial XRP holdings. So, the decline in Ripple’s escrow holdings may alleviate concerns among investors and potentially boost market sentiment.
What’s Next For XRP Price?
Ripple CEO Brad Garlinghouse boosted the market sentiment with his positive remarks on the blockchain firm and its native crypto recently. Precisely, he lauded the soaring institutional interest in the crypto, especially after 21Shares recently filed for XRP ETF with the US SEC. Notably, Bitwise and Canary Capital have also filed previously for the same, indicating the growing market interest in the crypto.
Meanwhile, XRP price traded near the flatline today, and exchanged hands at $0.5053 during writing, while its trading volume jumped 44% to $919 million. The crypto has touched a 24-hour high of $0.508, and CoinGlass data showed that XRP Futures Open Interest fell 1.6% at the same time.
However, the latest volatility could be due to the broader crypto market volatility concerns ahead of the US Election and FOMC this week. Besides, the latest prediction by BitBoy has sparked optimism in the market over a potential rally in the crypto’s price. On the other hand, a recent XRP price prediction hints at a potential rally for the crypto to $0.8 this month.
The post XRP Price Eyes $10 Rally Amid Ripple’s Declining Escrow Stake appeared first on CoinGape.
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