In 2018, XRP experienced a brief but massive surge that saw the token reach its all-time high (ATH) of $3.40.
Although the rise was short-lived – and the token was valued in cents rather than dollars for much of the following three years – Bitcoin’s (BTC) bull run in 2021 helped XRP reach the key psychological level of $1 to break through and hold – albeit with high volatility and numerous ups and downs – for most of the year.
The question many crypto traders are asking is when and if the cryptocurrency can rally high again and reach the all-important $1 price before hopefully aiming for its old record prices.
Why hasn’t XRP recovered with the crypto market?
However, despite Bitcoin hitting a new high this year – as it did in 2021 – XRP has largely failed to participate in the broader crypto market rally and, unlike most major coins and tokens, is trading in the red on the year-to-date (YTD) chart is priced at $0.51 at the time of publication.
The Securities and Exchange Commission’s lawsuit against and ongoing litigation with Ripple Labs is one of the key factors often cited as the cause of the token’s low price.
This is precisely why a strong argument can be made that the cryptocurrency will rise and rise toward $1 – and possibly beyond – once the court battle is resolved.
This case is supported by the fact that despite the pressures it has faced, XRP remains a popular and widely traded token, with nearly 5 million addresses holding at least a portion of it, according to data retrieved CoinCarp.
On the other hand, it is also noteworthy that XRP ownership is quite centralized, with the top 10 holders accounting for 42.48% of the cryptocurrency and the top 100 holders accounting for 73%.
This means that the remaining 27% is spread across almost 5 million addresses. Additionally, the data shows that all recent transactions by the top 47 holders were sales, although activity has become more balanced among the remaining 53 of the top 100 holders.
XRP expected to rise to $1 by the end of 2024
Given that recent developments suggest that the legal battle between Ripple and the SEC is entering its final stages, it is possible that a more comprehensive analysis of upcoming altcoin performance could provide an indication of when XRP will hit $1 could rise.
In fact, Michaël van de Poppe, a well-known crypto expert on X, recently shared his assessment that altcoins have completed their correction phase and will continue their upward trend. The analyst further stated that the slow uptrend could turn vertical sometime in the third or fourth quarter of 2024.
Given that XRP has largely maintained a price above $0.51 despite the pressure, this points to a broader altcoin bull run in the second half of the year, coupled with either the resolution of the legal dispute or a strong indication that that the case is pending Finally, there is a good chance that the token could rise to $1 by the end of 2024.
Again, the prospect of a rally from the historical performance of will indeed likely help XRP soar.
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