Leading cryptocurrency trader DonAlt believes that the XRP digital currency may soon reach $1, a level it hasn’t reached since November 2021.
The trader sparked rumours among his followers earlier today when he tweeted, “Is $XRP finally going to $1?”
The Ripple-related cryptocurrency XRP has been trading around $0.51 on the major spot markets and would need to roughly double in price to reach the $1 level.
Notably, with a rise of 13.4% over the previous week, XRP has beaten the whole cryptocurrency market.
According to U.Today, XRP has been displaying encouraging indicators with record-high surges in address activity over the course of two days. This might be a sign that the cryptocurrency is on the upswing as it gradually decouples from the rest of the altcoin market.
The categorization of XRP as a security is the subject of a high-profile legal dispute that Ripple is now having with the U.S. Securities and Exchange Commission (SEC). This has made the XRP token’s future questionable.
Brad Garlinghouse, the CEO of Ripple, recently made a suggestion that a resolution would be reached in the coming weeks. If true, this development might eliminate regulatory uncertainty and boost XRP usage.
According to XRP-supporting attorney John Deaton, a favourable verdict in the SEC action might dramatically increase the price of XRP.
Deaton recently stated on Twitter that “FOMO” probably won’t take effect until $2. If these forecasts come true, XRP may experience a surge in popularity over the next few weeks and months.
