Ripple Surges 40% as XRP Rally Reignites $1 Price Hopes

Ripple, the popular cryptocurrency, has seen a significant surge in value over the past week, with XRP up more than 40%. This rally has renewed hopes among traders that XRP could potentially surpass the $1 mark by the end of the year. The asset’s price reached over $0.6 on Wednesday, marking a 4.2% increase in the last 24 hours, according to CoinMarketCap.

Throughout the month of July, XRP has experienced a 52% surge, signaling a potential reversal in its value. Earlier in the year, the asset struggled to break out of the $0.5 range, showing little movement. However, recent developments suggest that XRP may be gearing up for a significant surge, especially as its long-standing lawsuit with the US Securities and Exchange Commission (SEC) nears a conclusion.

The ongoing legal battle between Ripple and the SEC has been a major point of contention for the cryptocurrency community. A closed-door meeting between the two parties is scheduled for July 18th, with many speculating that a settlement could be on the horizon. Legal experts have forecasted that the lawsuit could come to an end by the end of July, further fueling the current price rally.

Onchain analyst firm Santiment has noted a shift in trader activity, attributing it to “bullish narratives” surrounding XRP. Ripple’s recent transfer of 150 million XRP tokens, valued at over $87 million, has also contributed to the price rally. Similar transactions in the past have created uncertainty in the market, potentially influencing the current surge in XRP’s value.

Overall, the recent developments in the XRP market have reignited hopes for a $1 price target in 2024. Traders and investors are closely monitoring the ongoing legal proceedings between Ripple and the SEC, as any resolution could have a significant impact on the future value of XRP.