XRP, the seventh-largest cryptocurrency, has struggled to attract investors this year. After months of disappointment, investors are moving their concentration, leading to a 21% increase in trading volume, reaching $2.07 billion. This high trading volume means that more people are interested in XRP and it could soon reach its target price of $1.
Trading volume takes off
XRP is seeing a notable increase in trading activity, with its volume increased by 21% The price of XRP has reached $2.07 billion. Over the past 24 hours, over 3 billion XRP tokens have been traded. This impressive liquidity suggests that XRP is well-positioned to meet the growing market demand.
However, the recent improvement in market sentiment is partly attributed to the successful launch of Ethereum Spot ETF, which has boosted market confidence. The positive sentiment surrounding Ethereum is also benefiting XRP as it rides the wave of optimism.
Ripple vs. SEC: What’s Next?
Rumours of a possible resolution to the ongoing lawsuit between Ripple Labs Inc. and the SEC are adding to the excitement, with a key update expected today (July 25). Speculation suggests that the SEC could discuss topics such as “Institutions and Settlement of Administrative Proceedings” and “Dispute Resolution”.
If these rumors are accurate, a resolution could be imminent. XRP Pricepotentially surpassing the $1 mark.
XRP Remains Strong, But What’s Next?
Ripple’s native token has seen a recent surge, reaching $0.64 last week and currently hovering around $0.62. However, it is among the few altcoins that have defied the market-wide correction. Bitcoin (BTC), for example, has fallen 3.2% in the last 24 hours, while Ethereum (ETH) has dropped nearly 8%.
Many analysts believe that if Ripple wins its lawsuit against the SEC, the price of XRP could see wild swings, similar to the surge it experienced last year to nearly $1. Conversely, a negative outcome could lead to significant declines.
Also read: Ripple News Today: 21Shares Considers XRP ETF Amid Record Ethereum ETF Launch
Is XRP Ready for a Major Breakout? Let Us Know Your Thoughts.