Ripple’s XRP token has struggled to find ground in 2024. The asset is down by 1.8% in the weekly charts, 2.4% in the 14-day charts, and 10.5% over the previous week. Nonetheless, XRP has maintained some of its gains from last year, up by over 27% since January 2023.
Also Read: Ripple XRP: $100 Investments Turns Into $1.4 Million in Feb 2024
The recent decline could be due to the SEC (Securities and Exchange Commission) getting the court’s favor in accessing Ripple’s financial records. Investors may have seen the ruling as a minor loss for the fintech company in its ongoing lawsuit with the financial watchdog.
$1000 can turn into $1 million if Ripple’s XRP does this
At current prices, $1000 will get you around 2000 XRP tokens. The value of the 2000 tokens can surge to $1 million if XRP’s price hits $500. However, reaching $500 is no easy task for XRP. The growth would translate to a rise of over 99,000%.
According to Changelly, XRP could reach the $500 target sometime in 2050, about 26 years from now. Telegaon, on the other hand, does not anticipate XRP to hit $500 even by 2050. According to the platform, the asset could reach a maximum price of just $35 by 2050.
Also Read: Ripple: ChatGPT Explains How XRP Can Rally 96% and Hit $1
However, there is a possibility that Ripple’s XRP token could breach the $500 level much sooner. However, there are some factors to consider. Firstly, Ripple will need a favorable verdict in its ongoing legal battle with the SEC.
Secondly, the company will need more global adoption. Ripple’s XRP is already one of the most popular currencies for cross-border remittance. However, the asset will need more people under its umbrella to hit a higher price.
Thirdly, Ripple’s XRP could surge under favorable market conditions and a bull run. XRP did not hit an all-time high during the 2021 bull run, likely due to the ongoing lawsuit with the financial watchdog. However, if the company can secure a win in court, a bull run might skyrocket XRP’s price.