After an eye opening week long rally, the native token of Ripple XRP is on the verge of trading above the $1.20 ledge. In the last 24 hours the cryptocurrency has increased by 9.49%, selling at $1.17 at the time of writing and so far in seven days has risen over 101.94%.
This epic performance sees XRP rank as one of the leaders in the crypto market’s top gainers as it capitalizes on Bitcoin’s record-breaking rallies. During the past month, XRP price has increased a massive 114.33% as investors imbibe strong confidence in the token’s prospects.
Ripple’s Legal Battle With SEC Continues
At the current market cap, XRP is now the sixth highest ranked cryptocurrency, with a market cap of $66.5 billion and a fully diluted valuation of over $116 billion. Its circulating supply is hovering right around 100 billion tokens, meaning it’s quite a prominent player in the cryptocurrency world.
Ride the momentum of bitcoin’s dominance and a wave of bullish sentiment in and of traders, the crypto market is glowing, and XRP is riding the tides. XRP “looks ready to erupt” observers say following an increased volume of posting by notable crypto analyst @Cryptoinsightuk.
The price predictions for XRP tokens as they become more popular are all over the map. According to Coincodex, the price could hit between $0.69 to $3.09, with the average prediction at $1.66. During this time, according to DigitalCoinPrice price predictions, the token will reach from $2.46 to $2.96, averaging $2.80.
Ripple Labs’ legal battle with the U.S. Securities Exchange Commision (SEC) has also fueled speculation and that rally of XRP also hasn’t been uncorrelated. XRP has been experiencing newfound optimism in the sector after rumors that SEC Chairman Gary Gensler might step down.
The dispute began in December 2020 when Ripple Labs accused that it was been sold XRP as an unregistered security. In July 2023, a court threw Ripple a partial victory when it ruled some XRP sales were not securities transactions. The SEC’s appeal in October 2024 and Ripple’s cross appeal of the same, however, indicates there’s a long way to go before the case is over.
While the XRP legal challenges continue, the latest market performance demonstrates the asset’s resilience and the community’s eagerness for good news out of the Ripple Labs camp.
As XRP’s price gets closer to the $1.20 mark, XRP continues to be the talk of the town for traders and investors alike. But how high it goes will depend on the market rich, and on how the legal battle around Ripple plays out.
XRP’s rally just now represents a congregation of market optimism, the avid speculation, and bitcoin’s staying relevance.
