XRP slid to $2.4 on Friday and continued going south throughout October. Its price is unable to hold the resistance level, as fears loom that it could fall below $2. Investors who took an entry position when it boomed in price mid-year are all underwater.
However, the bulls are confident that Ripple’s native token could reach $4 and $6. The confidence stems from gaining the SEC approval for an XRP ETF in November, which is yet to be confirmed. XRP maxis are already beating the drum on social media, citing that approval is imminent.
Also Read: XRP Could Become a Trillion-Dollar Cryptocurrency by 2035
Odds of XRP Reaching $6
The odds of XRP reaching the $6 mark are slim but not impossible. It requires a combination of favorable outcomes to consider hitting the price target. The combinations include increasing Ripple’s fintech adoptability, SEC XRP ETF approval, and a major influx of funds from institutional clients.
Only one out of the three combinations is on the right track, which is Ripple’s fintech adoptability. The financial firm is forging new partnerships with banks and other institutions to provide fintech solutions using blockchain technology. The other two, the SEC XRP ETF and bigger institutional funds, are missing for now.
Also Read: Analyst Predicts XRP To Reach $21, Gets Flagged
Most importantly, a fourth factor comes into play, which will be considered as a wild card entry. The factor is that it requires a favorable market environment to surge in price. However, the market is a league of its own and barely delivers ‘favorable conditions’. Without this, XRP’s odds of reaching $6 are extremely slim. Considering that the world economy is rattled by tariffs and trade wars, a favorable environment might occur until Trump is at the helm.
In conclusion, Ripple’s native token meets only one criterion out of the four. So, XRP reaching a new high and the odds of it hitting the $6 milestone have less chance. It is better to invest in Bitcoin or Ethereum, as they are mostly rallying in the indices.
