updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Crypto analyst Egrag Crypto recently shared an interesting story of his discussion with a top banker regarding the XRP price. The discussion centered around XRP, with Egrag and the banker analyzing how the altcoin could be worth $2,500 in the near future.
Talks about XRP hitting $2,500 arose when the banker challenged Egrag to explain how 40,000 XRP could end up equalling $100 million. The banker was aware of Egrag’s knowledge of technical analysis and, from the story, seemed to have posed the question to see if Egrag believed XRP could attain such heights of $2,500.
The crypto analyst took up the challenge and explained to the banker, using a chart that he shared in his post, how XRP will hit $2,500. Egrag did justice with his explanation as the banker had nodded in agreement. The banker also went on to pinpoint how the financial cycles were aligned for the token to achieve this price action.
From the chart, the XRP price hitting this price level could happen by 2029. That is why the banker sees the altcoin as a long-term investment, as he says that holding the altcoin till then could yield incredible rewards. The crypto analyst provided insights into this banker’s wealth of experience as he is said to boast connections across all spheres in the banking and finance sector.
The banker had also alluded to how Ripple’s CTO, David Schwartz, had raised the prospect of 40,000 ETH being equal to $100 million. Then, it might have sounded implausible to many, but it has somehow materialized. He sees the same thing happening with XRP, just that this time, it could take longer, considering that ETH hit $2,500 in a shorter period.
Token price still showing strength Source: XRPUSD on Tradingview.com
Egrag has continued to reiterate that patience is key if XRP holders want to enjoy huge returns on their holdings. Going by this recent prediction, the XRP price could make a 390,000% gain for investors by 2029. However, it will require a lot of belief and perseverance if these holders hope to partake in such a mammoth gain.
In the meantime, the analyst is encouraging the community to accumulate as much XRP as they can. He stated that the banker told him that the crypto token could be the “ultimate savior” for liquidity when the tides slow down. This is a possibility, especially considering that a crypto founder had recently asserted that the crypto will surpass Bitcoin.
At the time of writing, the XRP price is trading at around $0.64, up by over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from CoinMarketCap, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
This move holds significant implications for the case as it introduces a new perspective to the legal proceedings.
In a recent development, Judge Analisa Torres has granted permission for an investment banker declarant to make an appearance in the legal proceedings involving Ripple Labs Inc and the US Securities and Exchange Commission.
An investment banker declarant is an individual who provides expert testimony and insights based on their professional experience in the financial and investment sector. In this case, Andrew A. Kunsak, a representative from the law firm Sidley Austin LLP, will serve as an investment banker declarant in the SEC vs Ripple Labs lawsuit.
One of the main issues in the ongoing case is the rejection of the SEC’s plea to seal documents related to the Hinman speech. This speech, delivered by former SEC official William Hinman in 2018, has immense significance as it could potentially shed light on the SEC’s stance on whether XRP qualifies as a security.
Simultaneously, Ripple’s request to seal information about XRP sales, including programmatic and institutional sales, further adds to the complexity. Amidst these intricate legal maneuvers, Kunsak’s role becomes pivotal. As an expert in the financial and investment sector, his insights hold the potential to reshape the court’s understanding of XRP’s nature and implications.
Kunsak’s objective aligns with safeguarding stakeholders- a group that encompasses investors, market participants, and Ripple itself. His expert testimony will seek to present a holistic view of the financial aspects surrounding XRP, offering a counterpoint to the SEC’s arguments.
Meanwhile, the SEC is seeking an interlocutory appeal following Judge Analisa Torres’ verdict, marking a significant shift in the legal proceedings. The verdict, which ruled that programmatic sales of XRP did not fall under the classification of securities as per the Howey Test, has implications that resonate beyond the immediate case.
The SEC’s appeal seeks to challenge this determination and potentially redefine the regulatory boundaries for digital assets like XRP.
Additionally, the SEC has taken the additional step of requesting a suspension of ongoing proceedings until its concerns are adequately addressed through court clarification. This move, while procedural, holds the potential to influence the pace and trajectory of legal proceedings.
In response to these developments, Ripple’s Chief Legal Officer, Stuart Alderoty, has offered a clarification that sheds light on Ripple’s intentions. Alderoty emphasized that the organization’s pursuit of court authorization to lodge an appeal is not indicative of a challenge to the ruling on XRP’s classification.
This clarification underscores Ripple’s commitment to pursuing legal avenues within the established framework. Recently, some lawmakers in the US have chastised the SEC for using enforcement action against the crypto business rather than developing a solid framework for legal clarity.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.