The cryptocurrency XRP hit a new record high of $2.90 on Wednesday morning, reflecting an impressive 11% increase within 24 hours, according to data from CoinDesk.

Legal Speculations Drive Price Surge

XRP’s price spike is largely fueled by speculation surrounding a potential positive outcome in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. The SEC filed a lawsuit against Ripple in 2020, alleging that the company sold XRP as an unregistered security.

In August 2024, a judge ordered Ripple to pay a $125 million fine for violating investor protection laws—a significantly lower amount than the $2 billion initially sought by the SEC.

However, the SEC appealed the ruling in October, and investors are now closely watching the opening arguments for the appeal case, scheduled for Wednesday. A favorable ruling for Ripple could further propel XRP’s price.

Bold Predictions for XRP

Chart analyst Ali Martinez has projected strong upward momentum for XRP. “XRP presents two entry points. The first is the rising trendline of the pennant at $2.05. The second is a breakout beyond the pennant at $2.50. Regardless of the entry point, the target remains $10!” Martinez stated. He predicts that XRP could climb to over $10 by February 2025, representing a 245% increase.

While such targets may seem ambitious, Versan Aljarrah, founder of Black Swan Capitalist, envisions an even more dramatic scenario. He views XRP not just as a crypto asset but as a key element of the future global financial system.

Aljarrah claims that an XRP price of $10,000 is “inevitable.” He anticipates that central banks and financial institutions will set a high initial price for XRP—similar to initial public offerings (IPOs)—to cement its role in global financial transactions.

His forecast assumes that the XRP Ledger will become the leading platform for tokenizing global assets. In August 2023, Aljarrah likened owning XRP to owning a stake in the global money supply, suggesting that a $5,000 investment in XRP could theoretically grow to over $2 million.

An Asset for the Future?

Aljarrah believes XRP offers access to an entirely new financial ecosystem. Investment coach Linda Jones shares this optimism, comparing XRP ownership to early shares in Berkshire Hathaway. She encourages investors to remain patient and focus on long-term gains.

Skepticism Persists

Critics, however, argue that Aljarrah’s projections are overly optimistic. They point out that a $10,000 price per XRP would require an unrealistically high market capitalization.

Despite the skepticism, the buzz around XRP continues to grow, with both enthusiasts and skeptics closely monitoring the cryptocurrency’s developments and its potential impact on the broader financial system.