XRP Holds Strong as Bulls Return: New All-Time High Coming?
Highlights
- XRP price saw 20% upside in 30 days as Ripple nears final $50M SEC settlement approval.
- Whale wallets have accumulated close to 900M XRP, fuelling bullish sentiment amid growing ETF speculation.
- Macroeconomic optimism and easing US-China tensions are supporting XRP rally, but risks remain.
Ripple’s XRP is not for the faint-hearted. The token has sustained multiple crypto winters and regulatory hurdles. Yet, XRP price continues to remain almost 40% below its all-time high (ATH) of $3.84 way back in early 2018. By the 2022 crypto winters, the token had fallen to one-tenth of its ATH, trading at $0.34.
However, in the last one month, XRP has seen a major rally, gaining almost 20% in 30 days. On Saturday, May 10, the XRP price hovered around $2.38, up 1.5% in the last 24 hours.
Multiple Factors Contribute to XRP Rally
This rally is in line with the bullish sentiments across the crypto market. XRP continues to outperform most other crypto tokens thanks to Ripple-specific positive developments as well.
The primary factor is Ripple coming very close to a $50 million final settlement with the US Securities and Exchange Commission (SEC) in the legal tussle that has dragged on since 2020. However, the final court approval is still pending, adding some uncertainty for the investors.
Macroeconomic factors are also aligning to help XRP rally. The US and China are back at the negotiating table as trade tensions appear to be easing. Institutional interest also continues to grow for the overall crypto market. As the world’s largest asset management company, BlackRock, met SEC officials this week, rumors point towards an imminent XRP ETF.
XRP Price: ATH soon?
Considering the potential clearing of these legal and institutional hurdles, Standard Chartered’s head of digital asset research, Geoffrey Kendrick, recently forecast XRP price to double by year-end and climb to $8.00 by 2026. Moreover, large holders of the token have reportedly accumulated close to 900 million XRP in recent weeks.
The current momentum seems bullish, no doubt! But the ongoing trade talks, India-Pakistan tensions, and regulatory macro factors still pose a risk. Experts urge investors to be cautious and track the latest developments with the SEC legal proceedings and larger market dynamics.
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