TL;DR

Industry participants believe XRP could soon break out, targeting $2.80 and even $8. One X user speculated that Ripple might secure a banking license, spreading additional enthusiasm across the community.

Explosion Brewing?

The price of Ripples cross-border token might be down on a weekly and monthly scale, but multiple analysts remain optimistic that a bull run could be on the way. 

The popular X user CRYPTOWZRD claimed that an explosion might be brewing, envisioning a bullish breakout to as high as $2.80. Currently, XRP trades at around $2.23 (according to CoinGeckos data), and such a move would represent a 25% increase. 

Several hours later, the analyst chipped in again. They suggested that the assets price dynamics would be heavily influenced by Bitcoin (BTC) in the coming week, adding that geopolitical conditions will continue to play a key role. 

Crypto Beast, who has over 700,000 followers on the social media platform X, argued that XRP hasnt yet reached its market peak, setting a minimum target of $8. 

They reminded about the developments in the case between Ripple and the US Securities and Exchange Commission (SEC), arguing they might cause a further price spike for XRP. 

XRP holders are about to make A LOT of money. When its time to sell, I will announce it here publicly, they added.

Awaiting These News

The legal battle between Ripple and the US SEC has seemingly reached its final point, but an official conclusion is yet to be announced. Last week, both sides announced a proposed deal to settle the remaining financial aspects of the case.

Under the deal, Ripple would pay $50 million to the SEC, while $75 million held in escrow would be returned to the crypto firm. To finalize the matter, the entities requested that the magistrates remove the August 2024 injunction tied to the original $125 million penalty. Back then, Judge Analisa Torres ruled that Ripple had breached certain securities laws. 

Some XRP proponents have speculated that the case could finally become history today (June 16). However, as of this writing, there isnt anything official yet.

The X user John Squire spread another rumor. He suggested that Ripple might secure a banking license and turn into a full-on bank. Such a development would likely have a positive impact on the companys native cryptocurrency, with Squire wondering whether it could become the new financial backbone.