The price of XRP experienced a significant rally, surging over 10% to reach $3.33 amidst market optimism fueled by the resolution of the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs.
This price jump represents an 8.32% increase over the past 24 hours and a substantial 40.13% growth over the past 30 days. Analysts attribute the bullish momentum primarily to the removal of regulatory uncertainty surrounding the cryptocurrency following the conclusion of the long-running legal battle, marking a pivotal moment for XRP.
Market speculation is now focused on the potential for regulatory approval of an XRP Exchange-Traded Fund (ETF). Analysts suggest such approvals could propel the price beyond $4 in the near future. Adding to these expectations, ETF Store President Nate Geraci has indicated his belief that asset management giant BlackRock may be among the firms preparing to file for an XRP ETF.
While the outlook appears positive, technical analysis presents a slightly more cautious view. Some indicators are showing mixed signals regarding XRP’s long-term price trajectory despite the recent strong performance.