With Bitcoin (BTC) officially passing $52,000 all eyes are on the market as a whole. Indeed, many expect certain assets to gain big from the optimism that is abounding. Subsequently, in this Ripple XRP price prediction, we explore if Ripple could be on its way to $1 sooner rather than later.
This week, Ripple made headlines through its acquisition of Standard Custody and Trust Co., which brings forth a massive licensing win to the asset. Therefore, could the coming week provide a perfect storm that catapults the asset to new heights? Let’s delve a little bit further into the possibilities.
Ripple Price Could Have $1 On The Horizon
Also Read: Ripple: Here’s When XRP Could Reclaim Its All-time High of $3.40
For the final few months of 2023, anticipation over Ripple’s continued performance in the new year was at a very high level. Indeed, many expected the asset to continue to establish legal victories that could pave the way for its continued upswing. However, just a few months into the year, those increases have yet to arrive.
However, that could be changing, especially amid some important developments for the asset as a whole. Subsequently, this Ripple XRP price prediction explains how the asset could be on its way to $1 shortly. Especially as the market, and the company itself, arrive at some positive developments.
Bitcoin Passes $52K
Also Read: Ripple vs SEC Lawsuit: A Settlement on the Cards?
The first circumstance that could help propel the asset in mid-February is the continued ascension of Bitcoin. Like XRP, the most prominent cryptocurrency experienced a rather slow start to the new year. However, that was far more surprising considering the landmark Spot Bitcoin ETF approvals that arrived just ten days into the new year.
Since then, the asset has started to benefit from the massive institutional interest in it. Specifically, it made headlines this week as it barreled through the $50,000 mark. Moreover, it continued its rise, eventually surpassing $52,000 at the midpoint of the week.
For the entire digital asset sector, Bitcoin has often acted as the token leading the charge. Therefore, many expect that the increase of the token could propel other assets. Subsequently, Ripple XRP could be poised to increase alongside Bitcoin due to its coinciding with some other crucial developments.
Ripple Back in the USA
Also Read: Ripple XRP To Rise Back over $0.60? Retest To Come Soon
Currently, Ripple is trading at $0.53 according to CoinMarketCap. However, that figure is already a notable 2.5% increase over the last 24 hours. Not only has positive sentiment established a positive trajectory for the token, but so too has its remarkable announcement.
This week, Ripple announced the acquisition of New York-based Standard Custody and Trust Co., which is a massive deal for the firm. Specifically, this acquisition heavily benefits the overall licensing stand of the firm. Moreover, it is an exceptional benchmark for its continued presence in the US.
For the last several years, Ripple has been entrenched in a legal battle with the US Securities and Exchange Commission (SEC). Despite several noted victories, the court case is not yet settled. Although proceedings are in the remedies phase, the ongoing conflict threatened its place in the North American country.
However, that situation is in a much better position after the acquisition. Indeed, Ripple CEO Brad Garlinghouse has celebrated the acquisition. Moreover, he posted that the firm now has almost 40 US Money Transmitter licenses, an MPI license from MAS, and a VASP registration with the Central Bank of Ireland.
In the near term, Ripple is going to face a tough retest at the $0.60 level. However, the journey of the asset toward that figure is not out of the realm of possibility considering the circumstances. Subsequently, if it can prove successful there, then Ripple XRP could be well on its way to the critical $1 mark since April 2021.