According to U.Today, the digital currency ecosystem is experiencing a significant downturn, with a total market liquidation of $300 million following a 2.99% decline in Bitcoin. However, XRP has managed to break away from this trend, rising by 0.95% to $0.6090 in the past 24 hours.

XRP has not only seen an increase in its price but also a substantial rise in trading volume. Data from CoinMarketCap indicates that the trading volume has surged by 47% to $2,238,753,637, suggesting strong sentiment and growth within the XRP ecosystem. This uptick is believed to be linked to the potential settlement or ruling in the ongoing lawsuit between Ripple Labs Inc. and the SEC. Rumors of a closed-door meeting between the market regulator and the payments company have fueled speculation. Although previous settlement schedules have not yielded results, there are indications that both parties may soon reach an agreement. If these rumors are true, XRP could benefit significantly from any settlement.

The price of XRP has been under strain for the past three years due to the SEC lawsuit against Ripple. Despite a ruling last year by Judge Analisa Torres that the coin itself is not an investment contract, XRP has not surpassed the $1 mark since December 2021. With the current positive outlook, XRP might be preparing to break past the $1 milestone. Should a settlement be announced, a significant rally could follow.