Crypto Pundit Andrei Jikh has sparked bullish feelings in the XRP community, rekindling its $100 XRP price target. Analysts outlined several factors that could contribute to a parabolic rally to an ambitious $100 target.
Factors that can contribute to the $100 XRP price target
In a YouTube video, Jikh highlighted the potential end of the Ripple Sec lawsuit, highlighting it as one of the factors that could trigger an increase in XRP prices to its $100 target. He cited the SEC having removed the Ripple case from its website. This indicates that legal pressure is being eased. The committee's agreement with Binance to suspend their ongoing legal battle has also sparked optimism that the ripple lawsuit could soon end.
Jikh has since been implied in a NASDAQ report, saying 80% of Japanese banks are planning to adopt XRP for global payments. Analysts are confident the move will skyrocket adoption, which could contribute $100 to the expected rally. He pointed out that this is a big deal for Altcoin as Japan's banking system is huge.
Additionally, Crypto Pundit highlighted the potential approval of the XRP ETF as another factor that could raise the XRP price to its $100 target. He points out how Bitcoin prices have skyrocketed to new highs after the Bitcoin ETF was approved, and Jihu believes that something similar could happen.
Another factor that Crypto analysts believe can contribute $100 to XRP price gatherings is the possibility that Ripple's payment system will replace Swift. He highlighted the way the global payments industry is worth trillions of dollars. So Ripple, which handles most of these global payments, could cause a surge in XRP utilities and demand, and ultimately affect prices.
Altcoin's other bullish basics
Meanwhile, Jikh has hinted at the XRP ledger (XRPL) and Ripple's Real USD (RLUSD) as factors that could contribute to the XRP price rally. He noted that XRPL handles around 1,500 transactions, making it a potential option for tokenization planning. This is bullish for assets.
If XRPL becomes the go-to platform for tokenizing real assets such as stocks and bonds, this will help increase demand and make crypto more valuable. rlusd stablecoin is also bullish for XRP as the combustion mechanism helps remove XRP from circulation as utility grows.
Ziff then hinted at the possibility that Ripple CEO Brad Garlinghouse could be on the White House Crypto Advisory Board. This is particularly bullish for XRP prices as Garlinghouse joins the council and allows them to solidify their location with the newly created US sovereign wealth fund.
At the time of writing, the asset price was around $2.55, an increase of over 4% over the past 24 hours, according to data from CoinmarketCap.
