In a rather surprising development, Ripple is up more than 40% in the last week, with XRP renewing hope that it can surge past the $1 mark this year. The asset continued its recent rally, surpassing $0.6 Wednesday with a 4.2% surge in the last 24 hours, according to CoinMarketCap.
In the month of July, the token has surged 52% as it continues to take part in a monumental reversal. The asset had struggled to break out earlier in the year. For months, it maintained its value at $0.5, with little movement. Now, it could be preparing for a monumental surge as its years-long lawsuit with the US Securities and Exchange Commission (SEC) is nearing a conclusion.
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Ripple Could Target $1 in 2024 Amid July Rally
This week, Ripple hit a multi-month high when it surpassed $0.62, as traders felt renewed hope for a $1 XRP at some point this year. For many, a settlement to its ongoing SEC legal battle could pave the way for a massive surge. The question is, when could that settlement take place?
The SEC and Ripple are taking part in a closed-door meeting on July 18th. However, former SEC lawyer Marc Fagel noted that the meeting is yet another aspect of the ongoing legal proceedings. Still, there are many who expect the case to end this month.
Legal expert Fred Rispoli recently forecasted the lawsuit to end on July 31st. That anticipation has likely fed into the ongoing price surge. The crypto market has long expected the value of XRP to skyrocket once the legal battle finally does come to an end.
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Onchain analyst firm Santiment has recently noted a shift in crypto trader activity. Specifically, the firm notes that this is due to “bullish narratives” erupting over the last week. The platform noted XRP was “making an emergence,” with little change regarding Ripple news.
Ripple had recently transferred 150 million XRP tokens, only further driving speculation. Worth more than $87 million, the stash has added fuel to the price rally. The move does mirror the same number of tokens Ripple transferred on July 10th. These kinds of transactions create uncertainty within the market. This could be a factor in the surprising rally XRP has enjoyed.