Ripple’s XRP token seems to be following the larger market rebound, rallying 0.9% in the daily charts, 13.7% in the 14-day charts, and 28.2% over the previous month.
The latest market recovery is likely due to Bitcoin (BTC) inching closer to the $70,000 mark. BTC’s rally, on the other hand, is likely due to Donald Trump making bullish comments on the original cryptocurrency at the 2024 Bitcoin conference. There is some speculation that Trump might start a Bitcoin reserve policy if he comes to office.
Also Read: Here’s When XRP Will Climb Above $1 Again
How to be a millionaire when Ripple’s XRP hits $1.5?
To have a million dollars worth of XRP at $1.5 per coin, you will need about 666,666.66 coins. The price of 666,666.66 XRP right now is about $400,000. If XRP hits $1.5, your investment would have grown by about 150%.
The question now becomes when will XRP hit $1.5. One of the most significant barriers to XRP’s price is the ongoing lawsuit between the SEC and Ripple. The SEC sued the fintech company in December 2020 for the alleged sale of unregistered securities. XRP’s price has faced significant headwinds after the SEC’s suit. While other assets were hitting all-time highs during the 2021 bull run, XRP failed to do so, likely due to the SEC vs. Ripple lawsuit.
Also Read: Ripple: Why XRP May be Headed its Highest Price Since 2021
Last year, a district court ruled partially in favor of Ripple, leading to a sudden price spike for XRP. The lawsuit is currently pending in the high court. If the high court rules similarly to the district court, we may witness a sudden surge in XRP’s adoption and price. Many anticipate the lawsuit to reach a conclusion very soon. XRP’s price is unlikely to make any major movements without the lawsuit coming to a close.
Credit: Source link