Japanese Financial Giant SBI Predicts XRP Price to Hit $0.62

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By BitcoinWiki News

Key Takeaways:

– SBI VC Trade, the crypto exchange arm of Japan’s SBI Group, predicts a slight surge in Ripple’s XRP token.
– The exchange projects an increase in XRP’s price to $0.62 from the current price of $0.56.
– The recent legal battle between Ripple and the SEC has affected the price movements of XRP.
– XRP initially soared after a summary judgment on July 13, but fell due to profit-taking sell-offs.
– The price of XRP retraced all gains after the SEC filed an interlocutory appeal on August 9.
– XRP fell further on August 18 when Bitcoin plummeted.
– Judge Analisa Torres rejected the SEC’s motion to file an interlocutory appeal on October 3, pushing XRP’s price above $0.548.
– XRP rose again on October 24 following expectations for a Bitcoin spot ETF approval.
– The report highlights that XRP is a risky asset due to market volatility and external border issues.
– Risk factors underlying XRP include the Russia-Ukraine conflict, the Hamas-Israel war, slower US inflation, concerns about US fiscal deterioration, and high long-term interest rates.
– It is difficult to actively purchase other crypto assets besides XRP in the current situation.

Japanese crypto exchange SBI VC Trade predicts a slight surge in the price of Ripple’s XRP token following recent market developments. The exchange foresees an increase in the price of XRP from the current $0.56 to $0.62. SBI VC Trade also highlights the positive impact of recent developments in Ripple’s legal battle with the US Securities and Exchange Commission (SEC) on the acceptance of XRP by individual investors. However, the exchange acknowledges the volatility and risk associated with XRP, citing factors such as market volatility and geopolitical issues. Despite these risks, the report suggests that it is difficult to find crypto assets more attractive than XRP in the current market conditions.

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