The digital currency ecosystem is nosediving, a trend that has allowed XRP to shine. While the combined market has recorded a total liquidation of $300 million on the back of a 2.99% slump in Bitcoin, XRP has broken from the trend, jumping by 0.95% to $0.6090 in the past 24 hours.
XRP 1D Price Chart. Source: CoinMarketCapXRP metric shows bullish strength
XRP has seen not just its price ink an upsurge, but its trading volume has jumped to an unprecedented level. Per data from CoinMarketCap, the volume is up 47% to $2,238,753,637, proof that sentiment in the XRP ecosystem is ripe and driving growth overall.
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The reasons for this uptick are linked to the potential Ripple Labs Inc. versus SEC lawsuit settlement or ruling. There are rumors of a closed-door meeting between the market regulator and the payments company. While earlier schedules for this settlement yielded no results, there are indications both parties may soon have the conversation anytime from now.
If the rumors prove to be true, XRP stands to gain a lot from any settlement. While the amount Ripple will pay for selling the coin to institutional investors may be fairly huge, closing the whole lawsuit will serve as a boost for XRP to soar in the near term.
XRP to $1 Looming?
The price of XRP has remained the most strained digital currency over the past three years ,since the SEC brought on the lawsuit against Ripple. Despite XRP's vindication last year when Judge Analisa Torres ruled that the coin in itself is not an investment contract, the price has not broken the $1 milestone since at least December 2021.
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With the current outlook of the price of XRP, the coin might be gearing up to soar beyond the $1 mark. Should a settlement be announced, this massive rally might be recorded after all.
