It's no surprise that Jordan Belfort, the now-famous "Wolf of Wall Street," was galloping around the Bitcoin scene. His next forecast for XRP, on the other hand, left many people perplexed, while others were ecstatic at the prospect of what this may imply for the market.
XRP in Belfort's luggage
Belfort used Twitter to keep his fans up to date on his upcoming lecture in favour of non-fungible tokens (NFTs). Belfort disclosed his six-figure XRP holdings when an XRP fan questioned him about his opinions on the impending Ripple versus SEC case. Belfort confessed, Belfort, a former stockbroker and convicted crook, made a daring forecast, given the price of the digital currency and its ongoing dispute with the Securities and Exchange Commission [SEC] in the United States. The fact that he was interested in the controversial item was even more apparent.
To put things in perspective, many XRP supporters were anticipating a parabolic surge in the currency's value. The market valuation of XRP, according to Belfort's estimate of $10, is close to $500 billion.
Is XRP on its way to $10?
XRP's price has been responding to Bitcoin's volatility, although maintaining support near $1. In October, Bitcoin increased by about 43%, while Ethereum, the second-largest cryptocurrency, increased by more than 50%. XRP, on the other hand, grew by 20% within the same period. While other cryptocurrencies have reached fresh all-time highs, the value of XRP has yet to reach $3.
While many XRP investors are anxious about the current case, Ripple has been expanding its reach globally. Ripple has bridged the gap between various banks throughout the world with its on-demand liquidity solution, and it is driving development in the Asia-Pacific area.
Aside from that, it recently announced a cooperation with a Middle East and African blockchain-based financial services technology business to utilize XRP for cross-border payments.
In fact, according to Santiment statistics, in October, XRP saw a spike in social media interest as well as the number of addresses participating on the XRP network. In addition, Coinbase CEO Brian Armstrong stated that the case was "doing better than expected." According to Armstrong.
"The Ripple lawsuit appears to be progressing more quickly than anticipated. Meanwhile, the SEC is learning that going after cryptocurrency is politically controversial (because to consumer harm)."
XRP and Ripple have received backing from a number of industry heavyweights as well as several countries, such as Japan. Although there was no strategy for XRP development as of yet, the team of developers, together with the wider community, might campaign for the coin's adoption, similar to Ripple. Until then, determining the token's true worth will be challenging.
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