XRP, the native token of Ripple, is poised to take part in a $1.2 quadrillion derivatives market following Ripple’s integration into the ranks of the ISDA ushers.
XRP To Enter The $1.2 Quadrillion Derivatives Market
Earlier in August 2023, Ripple, a crypto payments solution, announced its membership with the International Swaps and Derivatives Association (ISDA). The strategic move came as a pleasant surprise to XRP community members, as it positioned XRP to fully partake in the massive $1.2 quadrillion derivatives market.
Ripple’s entry into this prestigious club is seen as a significant milestone, allowing the crypto payments company to stand alongside financial giants such as J.P Morgan, Goldman Sachs, and the London Stock Exchange.
Many XRP enthusiasts are looking forward to a bullish outlook for the XRP token. Some have even mulled over the possibility of XRP breaching the $100 threshold. These expectations are fueled by considerations that a successful performance in the derivatives market could serve as a catalyst for significant price movement in the cryptocurrency.
Presently, the price of XRP has not shown any notable price growth, even with speculation that a Ripple IPO is imminent. Nevertheless, enthusiasts remain vigilant, closely observing the cryptocurrency for any developments that could propel its price upwards. A $100 milestone, if achieved, has the potential to further strengthen the altcoin’s position in the crypto space.
Prediction Suggests $100 Price Increase
The potential Ripple Initial Public Offering (IPO) and the near resolution of the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), have generated positive sentiment about XRP’s future price. Some analysts have predicted large-scale price increases as high as $5,000 for a single XRP token in the future.
One notable prediction by an X (formerly Twitter) influencer stated the price of the token was poised to reach $100. He used metrics from Bitcoin’s upsurge from $0.01 to $69,000 in 2021 as a basis for his prediction, highlighting the unpredictability of cryptocurrencies skyrocketing.
There have been other recent price predictions that show XRP projecting to $10. Changelly predicts that the altcoin’s price will breach its previous all-time high by 2027, and expects that the token’s price will rise above $10 by 2030.
The price of XRP, at the time of writing, is trading at $0.595 according to CoinMarketCap. The price value is more than 83% below its all-time high of $3.84 in 2018.
Price suffer amid crypto market troubles | Source: XRPUSD on Tradingview.com
Featured image from Coingape, chart from Tradingview.com