Ripple’s native token XRP, has recorded over $1.02 billion in entries in the last 24 hours, pushing its value above $0.40. The altcoin has been in accumulation mode at these levels for more than a week and has had an opportunity to rise with the massive inflow of funds. The token has managed to attract attention by going up to $ 0.43 in the past days. It now signals that it can surpass the next resistance at $0.45.
XRP’s market cap reached $21.5 billion after the $1.02 billion inflow was recorded, with its price up 5% in day trading. The buying pressure has pushed the token above $0.43 and is now aiming to rise above $0.50.
Will XRP Reach $1?
XRP started 2023 ahead, gaining about 23% in the last 14 days. However, the gradual price increase is fueled by broader factors as momentum favors a rally. For XRP to target $1, it must rise steadily above $0.50 in the coming weeks.
Although it took nearly three months for XRP to regain its holding above $0.40, reaching $1 despite a rally will not be easy. SEC and the Ripple case remains a dark cloud hanging over the price expectation hindering its growth in the indices.
As of January 24, 2023, both Ripple and the SEC have submitted their final submissions. Interim decisions will likely affect the progress of the case.
Moreover, Ripple CEO Brad Garlinghouse recently expressed optimism that the decision will likely be in their favour. This led to an increase in the price of XRP, but it would be wrong to say that the decision in its favor is certain. Therefore, it seems highly unlikely that the asset will reach $1 in the near term unless the litigation is over.
Koinfinans.com As we know, at the time of this writing, XRP was trading at $0.43 and was up 4.2% in 24-hour day trading. It fell 87.5% from its all-time high of $3.40, which it reached in January 2018.