The post XRP Poised for $1 Surge: Massive Trading Volume and Settlement Rumors Fuel Rally appeared first on Coinpedia Fintech News
XRP, the seventh-largest cryptocurrency, has struggled to attract investors this year. After months of disappointment, investors are shifting their focus, leading to a 21% increase in trading volume, reaching $2.07 billion. This high trading means more people are interested in XRP and it might soon reach its $1 target price.
XRP Sees Massive Trading Volume
XRP is experiencing a notable rise in trading activity, with its volume surging by 21% to $2.07 billion. Over the past 24 hours, more than 3 billion XRP tokens have been traded. This impressive liquidity suggests that XRP is well-positioned to meet growing market demand.
However, the recent boost in market sentiment is partially attributed to the successful launch of the spot Ethereum ETF, which has spiked market confidence. The positive sentiment surrounding Ethereum is also benefiting XRP, as it rides the wave of optimism.
Ripple Vs SEC Settlement Rumors Arouses
Additionally, there are growing rumors about a potential settlement or ruling in the ongoing lawsuit between Ripple Labs Inc. and the SEC scheduled for today (July 25).
BREAKING NEWS: SEC's private meeting may result in a resolution to the Ripple lawsuit! #XRP pic.twitter.com/eRycGtgSbu
— Brett Hill (@Brett_Crypto_X) July 21, 2024
Speculation about a closed-door meeting hints that the agency is set to discuss several topics, including “Institutions and settlement of administrative proceedings” and “Resolution of litigation claims.”
If these rumors are accurate, a resolution could push XRP’s price, potentially reaching it beyond the $1 mark.
What It Could Mean for XRP
Ripple’s native token has been rallying recently, surging to $0.64 last week and currently hovering at around $0.62. However, it is among the few altcoins that have defied the market-wide correction. Bitcoin (BTC), for instance, is down 3.2% in the past 24 hours, while Ethereum (ETH) has tumbled by nearly 8%.
Many analysts think that if Ripple wins its lawsuit against the SEC, XRP could see big price swings, similar to the surge it had last year to near $1. On the flip side, a negative outcome might lead to significant declines.
