"Perhaps the price of XRP can rise to that level, but not in the near future."
The Securities and Exchange Commission (SEC) filed an interlocutory brief to appeal a decision by Judge Analisa Torres that could result in Ripple (XRP) not being considered a security when sold on the secondary market.
In the wake of the SEC appeal creating uncertainty among XRP investors, selling pressure has erupted causing the price of XRP to slide over 10% in the past 14 days.
While it is still uncertain how the price of XRP will continue to rise again, there are certain factors that could push the digital asset to climb higher than its current price.
Among them is market sentiment, where a positive outlook for XRP could not only lead to a significant increase in price and interest but also massive adoption if the SEC fails in its appeal.
The overall state of the crypto market also played a significant role in determining XRP's price movement following many digital assets previously hitting all-time highs as the crypto market saw a rise between mid-2020 and late 2021.
Not only that, the price of XRP can soar when it introduces new technological advances or its use cases plus there is clarity of rules regarding digital assets.
Recently, former SEC official John Reed Stark ridiculed rumors that the Republican victory in the United States (US) election could lead to more crypto-friendly policies including clearer regulations.
It is already known that XRP managed to jump 710% in six months, so it is not impossible for its price to rise by 700% to cross $5 if those factors come true but it should be remembered that it is also capable of different situations.
As of this writing, XRP price has slipped by 3.63% at $0.60 in the last 24 hours with a market cap of $32 billion further recording a decline of around 4.76% over the last week.
