Ripple XRP has been fighting to return to $1 in price since 2021. However, there is speculation that the battle is almost over. Ripple Labs has had an up-and-down 2021, in part due to its year-long battle with the SEC. The lawsuit has had a strong hold on the price of XRP, with positive developments in Ripple’s favor boosting XRP. Now with Q4 around the corner, the asset may be ready to soar.
Three catalysts for a potential XRP price boom include whales taking control of the token; positive daily performance; and the nearing resolution of the Ripple vs SEC case. Starting with whales, the largest XRP accumulators have been active throughout 2024. When whales pick up XRP in bulk, it creates bullish momentum around the token. The momentum hasn’t carried to a huge surge yet, but that time may come soon.
Daily technical performance is also important to watch before XRP reaches a potential 3-year high. In the quest for $1 this year, XRP took some time to reach the halfway mark but is now consistently over the $0.55 mark. Despite a bearish market sentiment, XRP has made significant gains over the last few days. The asset is currently green across the board, rallying 10.4% in the weekly charts, 38.4% in the 14-day charts, and 23% over the previous month.
Also Read: Ripple CEO Says SEC Lawsuit to End ‘Soon’ as XRP Surges
What Else Could Caus Ripple XRP To Hit $1?
The speculation of an XRP ETF has also contributed to the recent gains. Following the launch of Ethereum ETFs, another crypto ETF is likely to garner applications next. Whether it be XRP right away or Solana’s SOL token, a development in the XRP ETF project could prove huge for XRP entering Q4.
According to CEO Brad Garlinghouse, the SEC vs. Ripple lawsuit will conclude “very soon.” Garlinghouse is not the only person with this sentiment. According to attorney Fred Rispoli, the lawsuit could come to an end by July 31, 2024. As a settlement nears, traders have responded to every development regarding the asset’s price. Now, its increase can be attributed to an end nearing the legal battle.
Also Read: US Dollar’s Biggest Jump Sends Local Currencies Sliding
Q4 will be huge for Ripple XRP, with many developments signaling a potential rise to $1 and beyond. XRP’s all-time high was back in 2018 and maybe a bit further out of reach. However, a boom past $1 to its best performance since 2021 could set Ripple XRP in the top five overall cryptocurrency assets on the market.
Credit: Source link