- A crypto analyst believes that as the adoption of the XRPL increases, the price of XRP will surge.
- Notable government adoption and partnerships with companies highlight XRPL’s rapid growth.
- The increase in accounts using the XRPL leads to more token burns, contributing to a potential price boost.
Kevin Cage, a distinguished crypto investor and advisor to Iron Key Capital, makes a compelling case for a significant surge in XRP’s value. Cage’s assertion hinges on the increasing adoption of the XRP Ledger (XRPL), the blockchain on which XRP operates.
Contrary to prevailing doubts about XRP’s price trajectory, Cage maintains that the current wave of XRPL adoption will inevitably propel XRP’s value upward. Cage states, “As liquidity, connectivity, and development grow on the XRPL, XRP will likely appreciate too.”
In recent months, XRPL’s growth has been evident as governments and businesses adopt it. The Republic of Palau introduced the Palau Stablecoin (PSC) on XRPL, and Catalyze Research partnered with Ripple to boost XRPL in South Korea, showcasing its rapid rise.
Cage elucidates two fundamental dynamics contributing to his bullish projection. Firstly, he underscores the crucial role of XRP as the native token of the XRPL. Each XRPL account requires a quantity of XRP for transaction execution, enhancing the demand and utilization of XRP within the ecosystem.
Moreover, as XRPL adoption continues to swell, a consequent increase in the number of accounts utilizing the XRPL results in more token burns—XRP tokens being permanently removed from circulation. This, in turn, can potentially drive up the token’s value.
In line with Cage’s positive outlook, several analysts anticipate a rally in XRP’s price, with projections reaching impressive levels. Egrag, a respected chartist, predicts a remarkable surge of over 63,000%, setting a target price of $333, supported by historical patterns.
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