XRP Price Eyes $10 Rally Amid Ripple’s Declining Escrow Stake

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As an analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear runs, and the current XRP market scenario has piqued my interest. The recent predictions by industry experts like Ben Armstrong, also known as The BitBoy on X, and the declining Ripple stake on Escrow, have stirred optimism among investors.

A highly respected analyst has forecasted that the price of XRP could reach $10, offering numerous justifications that are fueling investor enthusiasm due to favorable market conditions. Moreover, the reduction in XRP ownership by Ripple on Escrow has been met with approval from the community, being viewed as a promising sign. It’s worth mentioning that XRP has experienced significant growth recently, particularly amidst the ongoing legal dispute between Ripple and the SEC.

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 suggests a defined regulatory route for XRP moving forward, stating that the ongoing Ripple vs. SEC lawsuit no longer influences its future price trends significantly. Despite the case progressing to the appeals stage recently, as per BitBoy’s assessment, this legal battle is unlikely to impact the crypto in the same way it did during the previous 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.

In addition, BitBoy reinforced his opinion that Ripple’s native cryptocurrency has the potential to outperform Ethereum, sparking more debate. Earlier this month, he predicted that XRP could reach between $16 and $22 by 2025, which might result in it overtaking Ethereum’s market cap.

Ripple Escrow Stake Declines Sparking Optimism

In his latest update on social media platform X, attorney Bill Morgan shared that Ripple’s control over XRP has shrunk below 39% of the entire available amount. This represents a substantial decline from the 55% ownership they held in 2020, and Morgan interprets this change as a promising sign.

Morgan views this reduction as a favorable progression, going against worries that Ripple’s escrow mechanism might be keeping the XRP price in check. Previously, the US Securities and Exchange Commission (SEC) suggested that Ripple’s escrow was employed to inflate the crypto’s price artificially.

Contrarily to this viewpoint, Morgan challenges it by presenting numerous arguments suggesting that the effect of the escrow is not well-comprehended. On the other hand, Ripple asserts that the escrow serves as evidence of its prudent handling of a vast quantity of XRP. Thus, the decrease in Ripple’s escrow holdings could help alleviate investor concerns and possibly enhance market optimism.

What’s Next For XRP Price?

As a researcher, I’m excited to share that my recent observations align with Brad Garlinghouse’s positive stance on the blockchain firm and its native cryptocurrency. Specifically, his praise focuses on the increasing institutional appetite for cryptocurrencies, particularly following 21Shares’ recent filing of an XRP ETF with the US Securities and Exchange Commission (SEC). It’s worth noting that Bitwise and Canary Capital have also previously filed for similar ETFs, signaling a burgeoning market interest in this particular crypto.

Currently, as a crypto investor, I’m observing the relatively stable price of XRP hovering around $0.5053 today. The trading volume for this digital coin surged by approximately 44%, reaching a significant level of $919 million. Interestingly, XRP touched a 24-hour high of $0.508 during the same period. Simultaneously, data from CoinGlass indicates that the Open Interest for XRP Futures contracts decreased by 1.6%.

Yet, the current market turbulence might stem from broader apprehensions about the crypto sector, particularly in light of the upcoming US Election and FOMC meeting this week. Simultaneously, BitBoy’s latest projection has fueled market optimism regarding a possible price surge for cryptos. Additionally, some XRP price predictions indicate a potential increase in its value to $0.8 by the end of this month.

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2024-11-04 10:16