Ripple’s XRP token hit a new all-time high after more than seven years. The asset climbed to $3.65 on July 18, amid a market-wide rally. Bitcoin (BTC) had hit a new peak just a few days earlier, and BNB was also on its way to new highs. While XRP did hit a new all-time high, the asset’s price has never gone beyond the $5 mark. Fans and investors have long sought for XRP to hit the $5 target. And the asset may be right on its way to hit its desired target.
What May Push XRP’s Price To $5?
Ripple’s XRP Ledger has seen an incredible rise in adoption over the last few years. Japanese banks, in particular, have begun using Ripple’s services for cross-border transactions. Ripple has also launched its RLUSD stablecoin earlier this year. The stablecoin launch will likely lead to more people using the XRP Ledger.
Also Read: Japan’s SBI Files XRP/Bitcoin ETF as 80% of Banks Adopt Ripple Tech
Ripple’s move is important because the US House of Representatives recently passed the GENIUS Act to bring more clarity to the stablecoin arena. There is a high chance that RLUSD will see even more adoption over the coming months.
The US is also set to bring in more regulatory clarity for the cryptocurrency space. Like in Japan, banks in the US could begin to implement the XRP ledger for cross-border transactions. Such a development will lead to a massive surge in adoption.
There is also a high chance that we will get a spot XRP ETF sometime this year. There are 11 spot XRP ETFs awaiting approval at the SEC. The SEC now has a pro-crypto head, Paul Atkins. Atkins has said that he is committed to making the US the global cryptocurrency capital. Chances are high that Atkins will approve at least one XRP ETF this year. An ETF approval will likely lead to a surge in institutional inflows for XRP. The development may push the asset’s price beyond $5.
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