This week, the digital asset market has seen assets like Bitcoin (BTC) and Ethereum (ETH) surge. As the former continues ascending toward its all-time high, could other digital assets be quick to follow? One of the most optimistic assets, Ripple could be poised for a big rally, leading us to observe when XRP could breach the $1 level
Ripple has had a rather underwhelming start to 2024 thus far. However, many are optimistic that the asset can return to an upward trajectory in the coming months. Subsequently, could the table be set for XRP’s climb back to $1 for the first time since February 2018?
Ripple to Benefit From Current Market Surge?
Also Read: Ripple XRP: Can XRP Rally 80% and Reach $1 In March 2024?
Heading into the new year, the digital asset market had high expectations. Bitcoin was poised to lead the way, as the US Securities and Exchange Commission (SEC) was set to approve 11 Spot Bitcoin ETFs for the very first time. Subsequently, the rising tide was bet on to lift all boats, bringing a host of cryptocurrencies to abundant rallies.
For the most part, that has taken place. Bitcoin has broken through $61,000 as it rockets toward its all-time high. Moreover, Ethereum has firmly surpassed the $3,400 level with the $4,000 benchmark in its sight. Yet, many investors were optimistic about Ripple. With the market surging, when could the asset surpass $1?
Currently, XRP is trading at $0.60 and up almost 6%, according to CoinMarketCap. That increase is notable, as it has seen the digital asset finally break through the $0.53 level, where it had long been consolidating throughout February. Any kind of impending increase for Ripple would have to come despite its ongoing legal proceedings with the SEC.
When Could XRP Finally Cross $1?
Also Read: Ripple (XRP): How High Can XRP Surge This Week?
Ripple Labs and the SEC have been engaged in a years-long lawsuit with no real end. Although Ripple CEO Brad Garlinghouse assures the SEC has already lost, an official conclusion would do wonders for its overall price.
Yet, that is still in the hands of the agency, which has just requested yet another deadline extension during the proceedings remedies phase. Specifically, this extension would reschedule the agency’s opening brief. Indeed, the SEC is seeking the date to be delayed until March 22nd.
According to Changelly, Ripple (XRP) is predicted to surpass $1 in early 2025. Throughout that entire year, the asset is forecasted to have a minimum price of $1.08, with $1.33 being its high. Yet, the platform does not expect XRP to surpass the $0.90 level throughout 2024.
That projection is subject to change, but with so much legal uncertainty, it does appear to be the most likely outcome. The ongoing legal issues make it difficult to foresee a massive surge for XRP. However, the entire digital asset market is in a state of positive sentiment. Subsequently, that could propel the asset to heights it has not enjoyed in almost 5 years.