Ripple XRP has been experiencing a significant increase in price, reaching $1.70, the highest level since May 2021. This surge of over 240% in just one month has pushed its market capitalization above $96 billion. The positive momentum can be attributed to various factors such as legal victories and political developments that have favored Ripple.
In July of last year, Ripple won a crucial court case against the SEC, resulting in a court order for the company to pay $250 million instead of the initial $2 billion sought by the SEC. While there is a possibility of an appeal from the SEC, there is growing optimism that the incoming SEC Chair may not pursue further action. President-elect Donald Trump is reportedly considering appointing a pro-crypto individual, Paul Atkins, as the next SEC chair, which has investors feeling bullish about the future.
Anticipation is also building around potential catalysts such as the approval of a spot XRP ETF and the potential Initial Public Offering by Ripple Labs. Additionally, Ripple is working on launching a stablecoin called RLUSD, which is pegged 1:1 to the US dollar. This venture is expected to significantly increase the ecosystem’s revenue.
Despite the strong uptrend in Ripple’s price in recent weeks, technical indicators are showing signs of caution. The Relative Strength Index and Stochastic oscillator have entered overbought territory, indicating a possible retracement in the near future. The next price target for XRP is $1.9716, followed by $2. In the long term, there is a possibility for Ripple to reach a record high of $3.5, which is approximately 110% above the current level.
Overall, the future looks promising for Ripple XRP, with various positive developments contributing to its bullish momentum. Investors are keeping a close eye on upcoming events and potential price targets as the cryptocurrency market continues to evolve.
