It is no surprise that the now infamous ‘Wolf of Wall Street,’ Jordan Belfort was trotting through the cryptocurrency landscape. However, his next prediction for XRP left many puzzled, and many others, excited about what this could mean for the market.
Belfort’s bag of XRP
Belfort took to Twitter to offer updates to his followers about his new talk in support of the non-fungible tokens [NFTs]. It was when an XRP enthusiast asked Belfort about his thoughts on the ongoing Ripple vs SEC lawsuit, that he revealed his six-figure XRP holdings. Belfort shared,
I am a large holder of XRP(six figures)! My TV guy thinks it’s the best thing since sliced bread. Thinks it’s going to $10,000. I hope he’s right, but I’ll settle for $10
— Jordan Belfort (@wolfofwallst) October 28, 2021
A former stockbroker and a convicted felon, Belfort’s prediction appeared bold considering the price of the digital asset and its continuing feud with the United States’ Securities and Exchange Commission [SEC]. The more striking part was his interest in the contentious asset.
To put things in perspective, many XRP enthusiasts have been expecting a parabolic rise in its value. However, Belfort’s estimate of $10 puts XRP’s market cap close to $500 billion.
XRP to hit $10?
Although XRP has maintained support at $1, the price has been reacting to Bitcoin’s volatility. Bitcoin witnessed a growth of nearly 43% in October and the second-largest cryptocurrency, Ethereum surged over 50%. Meanwhile, XRP registered a growth of 20% at the same time. While most altcoins were registering new all-time highs, the XRP value has not even closed into $3.
While the ongoing lawsuit left many XRP holders concerned, Ripple has been expanding its reach worldwide. With its on-demand liquidity solution, Ripple has bridged the gap between various banks across the globe and it is pushing expansion in the Asia-Pacific region.
Apart from that, it recently announced a partnership with a blockchain-based financial services technology company in the Middle East and Africa to use XRP for cross-border payments.
In fact, as per Santiment data, XRP has been reporting increased social media attention along with the number of addresses interacting on the XRP network in October.
? $XRP is getting increased social media attention, & our data objectively shows that there has been a significant rise in addresses interacting on the #XRPNetwork in the month of October. Historically, these divergences inevitably lead to price upticks. https://t.co/eUFQhF1IEm pic.twitter.com/Oh1rAogOgo
— Santiment (@santimentfeed) October 26, 2021
Furthermore, Coinbase CEO, Brian Armstrong opined that the abovementioned lawsuit was “going better than expected.” Armstrong stated,
“The Ripple case seems to be going better than expected. Meanwhile, the SEC is realizing that attacking crypto is politically unpopular (because it harms consumers).”
XRP and Ripple have been receiving support from various players in the industry and also some nations like Japan. There was no roadmap of developments awaiting XRP yet, but the team of developers along with extended community could push for the coin’s utilization, like Ripple. Until then, the real value of the token will be difficult to chart.