XRP Breaks Out: Trading Volume Surges 21%, Price Nears $1

Published by

Mustafa Mulla

July 25, 2024

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.

Trading Volume Takes Off

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: What’s Next?

Adding to the excitement are rumors about a potential resolution in the ongoing lawsuit between Ripple Labs Inc. and the SEC, with a key update expected today (July 25). Speculation suggests that the SEC might be discussing topics like “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.

XRP Stands Strong, But What’s Next?

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.

Is XRP ready for a major breakout? Let us know your thoughts.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.