XRP Price Predicted New ATH Tembus Thanks To Ripple Partnership And SEC Case Optimism

XRP, Ripple's crypto asset. (Photo; Doc. Guidobitcoin)

JAKARTA - XRP, a crypto asset developed by Ripple, has recorded a significant price increase in recent months. Since the start of the year, the price of XRP has risen more than 78%, and penetrated the level of 0.6 US dollars (Rp 9,290) on December 1. Some of the factors driving the increase in XRP prices are positive developments of the legal case between Ripple and US regulators, strategic partnerships with large clients, and optimistic predictions from crypto analysts.

Ripple is facing a lawsuit from the US Securities and Exchange Commission (SEC), which accuses the company of selling XRP as an illegal securities since December 2020. Ripple denies the allegations and argues that XRP is a digital asset that is not subject to securities rules. Mass trials take place, but Ripple has gained several important wins that strengthen its position.

For example, last July, the judge ruled that Ripple's sales of XRP and other distributions were not investment contract offerings and sales. This decision made the price of XRP touch the level of 0.7938 US dollars (Rp 12,287) at that time.

In addition, Ripple also continues to forge partnerships with key clients who are interested in using the company's blockchain technology for various purposes. In early November, the price of XRP skyrocketed 10% after Ripple announced several new partnerships. One of them is with the Dubai Financial Services Authority (DFSA), which added XRP to the list of assets approved for the Dubai International Financial Center.

The list previously includes Litecoin (LTC), Ether (ETH), and Bitcoin (BTC). Ripple is also establishing an official partnership with the National Bank of Georgia (NBG), which will use Ripple's technology and expertise to develop NBG's central bank digital currency (CBDC) testing project. The project aims to create Digital Running (GEL), Georgia's national digital currency. These partnerships, as well as others that Ripple may achieve, provide support for XRP prospects.

This positive sentiment may trigger XRP accumulation in line with the trial between Ripple and the SEC. For example, recently, an anonymous wallet owner transferred 24.2 million XRP, worth about US$14 million (Rp 216.8 billion), from an unknown wallet to the Bitstamp exchange. Interestingly, the transaction fee for the transfer is only 0.000015 XRP.

XRP Price Prediction

One crypto analyst, Egrag Crypto, predicts that XRP could reach the level of 27 US dollars (Rp 417,968). In a tweet on Twitter, the analyst estimated that the next target for XRP was 1.3 US dollars (Rp 20,129), $3 (Rp 46,452), $5.8 (Rp 89,807), and 27 US dollars. The analyst said that levels 3 and 5.8 US dollars were "critical points," adding that XRP could potentially penetrate levels 6 US dollars (Rp 92,904) and 7 US dollars (Rp 108,388) per coin.

In addition, there are also results from the Federal Open Market Committee (FOMC) meeting which will decide whether to raise interest rates. Although most believe that the Federal Reserve will most likely maintain interest rates, nothing is certain until the meeting takes place. FOMC's decision to raise interest rates at the December 13 meeting could have a significant impact on ongoing crypto rallies and possibly end the period.