Ripple’s XRP token has had a rough few years. The asset has struggled to reclaim the $1 mark since late 2021. Despite the lacklustre performance, XRP has continued to see support from users and investors. The asset is one of the most popular currencies for cross-border remittance.
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Factors Affecting XRP’s Performance and Future Predictions
Why the Poor Performance Over the Last Few Years?
A major obstacle to the price of XRP was the Ripple v. SEC litigation. In December 2020, the financial watchdog sued the fintech company, which claimed it was selling unregistered securities. Since then, XRP has been declining with occasional upswings in price.
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The fintech company was fined $125 million as part of the settlement of the lawsuit. There appear to be no legal issues facing the company, which might lead to an XRP surge.
When Will $1000 Worth of XRP Become $1 Million?
If you buy $1000 worth of XRP tokens right now, you will receive about 1724.13 tokens. For 1724.13 tokens to be worth a million, each coin’s price must reach about $580.
According to Changelly analysts, Ripple’s XRP token won’t hit $580 before 2050, about 26 years from now. The platform anticipates the token reaching a maximum price of $525.55 in 2050.
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Telegaon analysts are even more bearish on XRP than Changelly. Telegaon does not expect XRP to even breach the $110 level by 2050, predicting to hit a maximum price of $105.27 for that year.
Given that Ripple has settled its lawsuit with the SEC, we may witness a surge in the asset’s adoption, which may lead to XRP hitting the $580 level much sooner than anticipated.
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