XRP price bounced by more than 15% yesterday after CEO Brad Garlinghouse confirmed that the SEC will dismiss its appeal in the Ripple case. The end of this lawsuit has caused positive sentiment towards XRP, with traders anticipating rising adoption from banks and pro-crypto financial institutions like MicroStrategy. If this development turns Michael Saylor’s attention away from Bitcoin to XRP, would the price rise to $100?
XRP Price Prediction If Michael Saylor Buys Ripple Instead of BTC
XRP price today trades at $2.47 with a 7% gain in 24 hours. As Coingape earlier reported, XRP can realistically hit $100 if US banks and institutions start buying Ripple after the lawsuit ends. The possibility of Saylor being one of the institutional buyers would make this target attainable within a few years.
Earlier this month, Saylor discussed Ripple’s legal status in an interview with CNBC. He noted that XRP was a token that needed a clear regulatory framework to allow its issuance. Saylor also added that buying XRP was like supporting an investment because Ripple is a US-based company.
MicroStrategy has bought nearly 500,000 BTC since it started buying in 2020. These coins were acquired for around $33 billion, suggesting that the company spends an average of $6.6 billion per year on buying Bitcoin.
If Saylor changed his business model at MicroStrategy and started to use $6.6 billion every year to buy XRP, it could drive significant demand that could fuel an XRP price rally to $100.
MicroStrategy’s XRP purchase could also draw the attention of other major institutions like BlackRock. Experts predict that BlackRock is preparing for an XRP ETF filing, which might also push the price towards $100.
Analyst Forecasts Massive XRP Rally as Open Interest Soars
XRP’s open interest has surged by more than $600 million in the last 24 hours according to data from Coinglass. This increase comes after bullish sentiment rose following the end of the SEC vs. Ripple lawsuit.
Popular analyst Gert van Lagen has also identified a seven-year double-bottom pattern on Ripple’s two-week chart. In the analysis, he noted that XRP price has bounced from the neckline at $1.96, and is now ready for an over 1,400% rally towards $38.
Lagen added that XRP completed a similar pattern in 2014 that pushed the price from around $0.003 to $0.40. If history rhymes, XRP could easily outperform the broader crypto market.
XRP/USDT: 2-Week Chart
Conclusion
The end of the SEC vs. Ripple lawsuit has stirred speculation about whether US-based financial institutions like MicroStrategy will begin buying XRP. If this happens, XRP price could easily rally past $100 and emerge as the biggest altcoin by market cap.
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