As Bitcoin Exchange-Traded Funds (ETFs) inch closer to their final approval stage, the total cryptocurrency market capitalization has ballooned by over 3% in the past day. Yet, for Ripple’s native token, XRP, the scene is even greener. XRP prices have soared more than 30% in the past 24 hours, as Ripple wins SEC lawsuit. The question on everyone’s mind is – why is XRP surging, and is the $1 mark within its reach?
Understanding XRP in 2023
XRP is the digital currency that facilitates transactions on the Ripple network, known as RippleNet. RippleNet is a digital payment protocol that enables fast, low-fee international money transfers. Unlike Bitcoin, which aims to disrupt traditional banking by removing intermediaries, XRP works with the existing banking system to improve cross-border transactions.
The Fall of XRP: SEC Lawsuit and Crypto Winter
XRP had been grappling with two significant challenges that led to its price plummeting below $1. Firstly, the long-standing SEC lawsuit that claimed XRP was an unregistered security. This resulted in fear, uncertainty, and doubt among investors, which in turn suppressed the price. Secondly, the overarching “crypto winter,” triggered by the inflated prices of cryptocurrencies, added to the downward pressure on XRP prices.
Ripple WINS SEC Lawsuit: XRP Prices Spike Over 30%
The last 24 hours have been a rollercoaster ride for XRP, with the price catapulting from $0.47 to a peak of $0.65 before settling around $0.59. This dramatic rise owes its genesis to Ripple’s recent victory in the SEC lawsuit. The judge ruled in Ripple’s favor, declaring XRP is not a security. This verdict effectively extinguishes one of the major threats looming over XRP and has injected a fresh dose of optimism among investors.
XRP Price Prediction: Will XRP Price reach 1$?
Now that the broader crypto market is gradually recovering and Ripple has emerged victorious from the lawsuit, the path appears clear for XRP. Attaining the previous psychological and crucial price point of $1 should no longer be a daunting task for Ripple. As the legal cloud lifts, Ripple’s valuation is expected to regain its allure in the eyes of investors. It appears that XRP’s journey to $1 might be less a question of ‘if’ and more a question of ‘when.’
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