XRP Surges as SEC Drops Lawsuit, Analysts Predict 1100% Gain

XRP, the cryptocurrency associated with Ripple, has seen a significant shift in its regulatory landscape, which has sparked optimism among analysts regarding its future price movements. The U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple, and Judge Analisa Torres ruled that XRP is not a security. This development has removed a long-standing regulatory cloud over the token, paving the way for potential growth.

Several analysts have shared bullish predictions for XRP. Dark Defender, a well-known market commentator, believes that XRP could eventually surpass both Bitcoin and Ethereum in market dominance. This optimism is fueled by the improved regulatory status of XRP, which has been a significant barrier to its growth in the past.

Analyst Mikybull Crypto compared the current price pattern of XRP to the one seen before its famous 2017 bull run. Based on this comparison, the analyst forecasts a price range of $5 to $10 for XRP during this market cycle. Dark Defender offered an even more optimistic view, pointing to a bullish rectangle pattern in XRP’s recent price action that could lead to a surge in value. According to Dark Defender, XRP might reach $11 once the current consolidation phase ends.

Several factors could help drive XRP toward these price targets. One key catalyst is the potential approval of spot XRP exchange-traded funds (ETFs). Market expert Nate Geraci noted that an XRP ETF approval is becoming more likely, with data showing an 87% probability of approval within the year. The approval of spot Bitcoin ETFs in January 2024 opened doors for mainstream and institutional investors. A similar approval for XRP could bring a new wave of investment into the token. Major players like Bitwise and 21Shares filed for XRP ETFs late last year.

Another potential boost could come from XRP’s inclusion in the U.S. Digital Asset Stockpile. This initiative could further legitimize XRP in the eyes of institutional investors. Ripple’s own stablecoin, RLUSD, launched in December, could also play a role in XRP’s growth. The stablecoin is appearing on more exchanges and aims to capture a portion of the stablecoin market. As RLUSD gains adoption, it could increase demand for XRP as a bridge asset for liquidity. This use case strengthens the token’s utility beyond simple value transfer.

While XRP draws attention for its potential growth, other tokens in the crypto space are also catching traders’ eyes. However, the focus remains on XRP’s price movements in the coming months, which will likely depend on broader market conditions, regulatory developments, and progress on Ripple’s various initiatives. Whether it reaches the ambitious targets set by analysts remains to be seen, but the token’s fundamentals appear stronger than they have been in years.