Ripple’s XRP token has breached the $1 mark for the first time since November 2021. The asset has faced significant hurdles over the last few years. The project’s lackluster performance could be due to the SEC’s lawsuit against the fintech company.
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XRP’s Biggest Rally Since 2021
XRP’s latest surge came after Bitcoin (BTC) reached the $99,000 mark. The original cryptocurrency hit an all-time high of $99,645.39 on Nov. 22, 2024. BTC’s price spike triggered a market-wide rally.
XRP is up by 0.3% in the daily charts, 27.2% in the weekly charts, 138.9% in the 14-day charts, 180.6% over the previous month, and over 133% since November 2023.
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3 Reasons Why XRP Could Surge To $5
1. Alternative To The SWIFT System
Ripple’s XRP token is a popular cryptocurrency for international transactions. SWIFT has dominated the global financial industry for years. Ripple could provide a blockchain-based alternative to the SWIFT system. This could lead to a massive surge in XRP’s price.
2. Settlement of The SEC vs. Ripple Lawsuit
The SEC vs. Ripple lawsuit presented a substantial barrier to XRP’s price. Because of the lawsuit, the asset did not reach its peak during the 2021 bull run. The fintech company paid a $125 million fee to resolve the lawsuit earlier this year. With the suit settled, the asset could begin its upward movement.
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3. Lenient Regulations Under Trump’s Leadership
Many analysts and market participants anticipate lenient crypto regulations under Donald Trump’s leadership. The President-Elect may also select a “crypto czar” in the coming days. This development could lead to a significant market rally, and XRP’s price could skyrocket.