Ripple's XRP token has surpassed the $1 mark for the first time since November 2021. This asset has faced significant hurdles over the past few years. The poor performance of the project may be due to the SEC lawsuit against the fintech company.
The Biggest Price Surge of XRP Since 2021
The latest price surge of XRP occurred after Bitcoin (BTC) reached the milestone of $99,000. This original cryptocurrency hit an all-time high of $99,645.39 on November 22, 2024. The BTC surge triggered a rally across the market.
XRP is up 0.3% on the daily chart, 27.2% on the weekly chart, 138.9% on the 14-day chart, 180.6% compared to last month, and over 133% since November 2023.
3 Reasons Why XRP Could Soar to $5
1. Alternative Solution to the SWIFT System
Ripple's XRP token is a popular cryptocurrency for international transactions. SWIFT has dominated the global finance industry for many years. Ripple could provide a blockchain-based alternative solution to the SWIFT system. This could lead to a strong increase in the price of XRP.
2. Resolving the Lawsuit Between SEC and Ripple
The SEC lawsuit against Ripple has created significant barriers to the price of XRP. Due to the lawsuit, this asset did not reach its peak during the 2021 price surge. The fintech company paid a $125 million fee to settle the lawsuit earlier this year. Once the lawsuit is resolved, this asset may begin to increase in price.
3. Lenient Regulations Under Trump's Leadership
Many analysts and market participants predict that cryptocurrency regulations will be more lenient under Donald Trump's leadership. The elected president may also choose a 'crypto mogul' in the coming days. This development could lead to a significant price surge in the market, and the price of XRP could skyrocket.