After a 97% Surge, Can the Sixth-Largest Crypto Break $3.30 in 2024?

XRP has made a dramatic leap, hitting $1, up 97% this week alone, with a 24% rise just in the last 24 hours. This explosive rally has crypto enthusiasts buzzing, driven by a combination of factors including Ripple’s legal victories and growing speculation that SEC Chairman Gary Gensler may soon step down.

Understanding XRP’s Rise:

The recent surge in XRP’s price comes at a pivotal moment in the ongoing battle between Ripple and the U.S. Securities and Exchange Commission (SEC). If Gensler does indeed resign, there’s speculation that the SEC could drop its appeal in the ongoing Ripple case, giving the blockchain company a significant legal boost.

Ripple has also made progress in its legal battle, as a U.S. judge recently paused certain claims in its case with the SEC. This signals a potential favorable outcome for Ripple, boosting investor confidence in XRP’s future.

Additionally, with the incoming Trump administration showing signs of supporting cryptocurrency innovation and clearer regulations, XRP is expected to benefit from potential advancements like crypto ETF approvals.

XRP’s price surge isn’t just driven by retail investors. Whale and shark wallets—large holders of XRP—have been aggressively accumulating the token, with the total amount held by these wallets now surpassing 45.6 billion XRP tokens. This marks the highest level of accumulation since June 2018, further indicating strong bullish sentiment.

Furthermore, developments like crypto ETF approvals could further solidify XRP’s place in the broader financial ecosystem, opening new doors for growth and adoption.

Experts are already predicting an explosive rally ahead. Here’s what top analysts are expecting now that XRP has successfully broken the $1 mark.

Conclusion:

Looking ahead to 2025, the introduction of real-world utility for XRP could push its price even higher. If XRP were to experience similar gains to its 2017-2018 run, the price could rise as high as $3.