XRP The coin has experienced a recovery recently. After this, it is a matter of curiosity how quickly the coin can return to the $ 1 level. There are factors that can accelerate this development.
Recently, XRP has been slowly recovering from its lows. Much criticized cryptocurrency The unit rose to $0.58 in the last 24 hours. Additionally, it has gained approximately 9% in value over the past week.
This recovery has revived speculation that XRP may rise to the $1 level in the coming months. Notably, the last time period when XRP was trading around $1 falls in late November 2021, after the crypto market’s previous cycle top.
This confirms that a price movement above $1 is not unusual for XRP. However, there are some factors that may affect how quickly XRP can return to this price level.
Broader Crypto Market Situation
Last month saw a significant increase, with $400 billion added to the global crypto market cap. Much of this new capital BitcoinAs it flowed into , altcoins were also positively affected. In this context, several cryptocurrencies added billions of dollars to their market value during the same period.
This ongoing upward trend can be considered a positive sign for XRP. Many analysts predict that XRP will enter a significant rally like in 2017. In this context, this forecast is supported by favorable market conditions.
Bitcoin’s halving and the crypto market’s historical preparedness for four-year rallies indicate that XRP’s price may gain similar momentum. This could offer potential returns for investors.
However, if this possible scenario occurs, it should be noted that although XRP is likely to test the $1 level, other factors may also affect this development.
Regulatory Developments
Koinfinans.com As we reported on , it is widely known that Ripple’s legal battle with the United States Securities and Exchange Commission (SEC) negatively affected the asset’s performance during the recent bull run.
However, it is noted that there is no guarantee that such an outcome will not be repeated, especially since there is a possibility that Ripple will achieve a complete victory in the case.
On a positive note, Ripple’s legal team expects the case to conclude in 2024. This is promising for XRP investors as an early resolution of the Ripple case could pave the way for the cryptocurrency to join its peers in a possible rally.
It is known that after an important decision in July 2023, XRP rose as high as $0.82. Therefore, it is entirely possible for the coin to rise above $1 if definitive developments such as resolution occur.
Ripple Partnerships and Developments
in 2023 crypto- With the recovery of the markets, Ripple attracted attention, especially with its important acquisitions, including the crypto custody company Metaco.
The company made a strong start to 2024 and recently announced that it acquired Standard Custody, another crypto custody company.
Ripple’s latest acquisitions add to growing evidence that the company is doubling down on custody offerings to bolster its payments capabilities.
However, whether these developments will bring XRP into its network of the largest financial institutions will only become clear over time.
It will also be observed whether these partnerships will encourage greater use of the XRP Ledger and help XRP reach the $1 level faster by creating more awareness and demand for XRP.
Source : The Crypto Basic