Why Analysts Believe That XRP is a Good Investment in 2023

• XRP, the native token of Ripple Network, is expected to have huge growth in 2023.
• Analysts believe that it will have great potential in the future.

There are more than 24,000 cryptocurrencies in the digital world. But, there are few which have gained the attention of crypto investors and traders. It’s because of their popularity or craze among the people. Such one cryptocurrency is XRP, the native currency used in the Ripple network. 

It’s interesting to know that analysts believe that the coin has a major growth potential in the future. Its price prediction has also been done by famous crypto analysts. So, in this blog, we will know more about it, and try to find out why analysts believe that is a good investment option in 2023. 

XRP – The Native Cryptocurrency of Ripple

XRP is the native cryptocurrency of the Ripple Network. It is based on the XRP ledger, a decentralized blockchain technology that aims to speed up the transactions process. Ripple is a leading crypto-enabled solution provider which helps banks and businesses to make cross-border payments seamlessly.

XRP currently has a market cap of $25 Billion and is ranked as No.6 in trading volume according to Coin Market Cap (CMC). It facilitates the network for transaction purposes as well as being used to power the network. The network charges 0.00001 XRP as standard fees for cross-border transactions. 

Why do Analysts believe That XRP Has a Potential Future?

If you’re a crypto-savvy you know that Ripple and the SEC have an ongoing case in which the SEC has filed a lawsuit against Ripple. It’s a belief that the case is to be on its end and Ripple believes that it will win the case. If it wins the case, then the XRP will move towards the bullish sentiment leading to its increase in prices.

However, there are also some price predictions by which it has been seen that it has a potential future. Crypto traders like Captain Faibik predicted that it will reach $1.40 at the end of 2023. Zach Humphries also predicted that its price will reach $3.81 in the year 2025. 

Also, there is one possibility that the XRP price can be increased with the launch of CBDCs. It is because Ripple provides the governments of various countries a platform to launch their own CBDCs. So, it can implement the XRP in the whole process of CBDCs. 

These all are the anticipations done by the analysts that believe that its price will gain major traction in the future. Its easy accessibility on exchanges and its faster transaction speed can also play a major role in the influence of the price. That’s why it has been considered a low-risk investment with lots of potential rewards. 

Concluding Thoughts

Ripple is the main player behind the XRP. Also, the case of Ripple V/s SEC can be seen as a big  cause for the increase or decrease in the price of the underlying cryptocurrency. However, it is highly unlikely that it will reach $100 in the foreseeable future. Nevertheless, it may easily reach $10 easily if it follows the trend and predictions given by the analysts.