XRP, the popular cryptocurrency, experienced a significant surge in price following a favorable legal ruling in the US SEC v. Ripple Labs lawsuit. The decision by Judge Torres led to a remarkable 70% increase in XRP’s value within a short period, leaving traders optimistic about the possibility of the price reaching $1 and beyond.
On-Chain Data and Analysts Point to Impending XRP Rally
According to a recent report from Kaiko, a crypto research platform, the XRP perpetual futures volume-to-open interest ratio has remained consistently above average on most crypto exchanges. This suggests substantial speculative interest in XRP’s price, indicating potential price movement shortly.
Notably, XRP is the top gainer of the year 2023, with its trading volume showing a remarkable surge after the legal ruling in the Ripple vs. SEC lawsuit. Although other popular altcoins like Dogecoin, Solana, and BNB also witnessed notable trading activity, none could match the popularity of XRP.
In addition to the surge in trading volume, the number of XRP whale wallets holding 100 million or more coins has risen to 199, marking the highest count since May 13. This surge in large holders signifies growing confidence in the future potential of XRP.
Ripple’s Global Expansion
Ripple, the company behind XRP, is striving to expand its global presence by applying for licenses in the UK and Ireland. Despite their commitment to the US, Ripple’s focus has shifted due to regulatory challenges from the US SEC and Gary Gensler’s approach to the crypto market in recent years.
As of the latest data, XRP’s price stands at $0.71, reflecting a 2% increase in the past 24 hours. The trading volume has also seen a slight uptick, indicating a growing interest among traders in cryptocurrency. Some even predict that XRP might reach $15 by 2024. However, with continuous legal fights, a 500% rise won’t be easy.