After a 97% Surge, Can the Sixth-Largest Crypto Break $3.30 in 2024?
XRP made a dramatic leap to hit $1, rising 97% this week alone and 24% in the past 24 hours alone. The explosive rally, which has cryptocurrency enthusiasts excited, was driven by factors including Ripple’s legal victory and growing speculation that SEC Chairman Gary Gensler may soon resign.
Learn about the rise of XRP:
The recent surge in XRP prices comes at a critical time in Ripple’s ongoing battle with the U.S. Securities and Exchange Commission (SEC). If Gensler does resign, there is speculation that the SEC may drop its appeal of the ongoing Ripple case, giving the blockchain company a major legal boost.
Ripple has also made progress in its legal battle, with a U.S. judge recently suspending certain claims in a case filed with the SEC. This indicates that Ripple may achieve favorable results, thus increasing investor confidence in XRP’s future.
Furthermore, as the incoming Trump administration shows signs of supporting cryptocurrency innovation and clearer regulation, XRP is expected to benefit from potential advancements such as crypto ETF approval.
XRP’s price surge isn’t just being driven by retail investors. Whale and shark wallets, the largest holders of XRP, have been actively accumulating XRP tokens, and the total number of XRP tokens held by these wallets currently exceeds 45.6 billion. This marks the highest accumulation level since June 2018, further indicating strong bullish sentiment.
Additionally, developments such as the approval of crypto ETFs could further solidify XRP’s place in the broader financial ecosystem, opening new doors for growth and adoption.
Experts are already predicting an explosive rebound ahead. XRP has managed to cross the $1 mark, which was expected by top analysts.
in conclusion:
Looking ahead to 2025, the introduction of XRP’s real-world utility may push its price higher. If XRP experiences a similar rise to that seen in 2017-2018, the price could rise to $3.
