In a notable development, XRP’s buy volume has surged by more than 235% in the past 24 hours. During the same period, XRP’s price saw a significant rise, climbing by over 18% to $0.64 by late Wednesday.
Santiment analysts also reported a 23% increase in the XRP market cap, with wallets holding 1 million to 10 million XRP now holding a record 7.06 billion coins, valued at $4.42 billion. According to the firm, social media discussions about XRP also surged to their highest levels since January, reflecting heightened investor interest.
This surge in XRP’s activity follows a landmark judgment by Judge Analisa Torres on Wednesday, who rejected the U.S. Securities and Exchange Commission’s (SEC) claims that Ripple had acted recklessly and refuted allegations of fraud or intentional misconduct.
The judge also dismissed the SEC’s demand for a $2 billion fine, imposing a $125 million penalty instead related to specific historical sales to sophisticated investors. This resolution marks the end of a highly publicized lawsuit that had cast a long shadow over Ripple and its native cryptocurrency for around seven years.
That said, the last ruling has ignited speculation about XRP’s future trajectory. Analysts are closely watching for a potential breakout, with some predicting that XRP might reach or exceed its 2017 all-time high of $3.20 soon or even surpass it.
“Technical analysis indicates that the current consolidation phase may be nearing its end,” tweeted analyst “Dr. Profit.”
He noted that the XRP price is testing crucial resistance levels inside the 6.5-year-long symmetric triangle pattern, and breaking through these barriers could set the stage for a significant upward movement, suggesting a potential price target of $16, based on historical patterns and Fibonacci levels.
Similarly, analyst Amony supported “Dr. Profit’s” view, predicting that XRP could surge to $16 based on Fibonacci levels before potentially climbing to around $80 if a pattern akin to the 2017 bull run unfolds.
On the other hand, analyst “WorldofCharts” emphasized that the conclusion of the SEC case might trigger a bullish wave. He pointed out that XRP is forming a textbook multiple-year symmetrical triangle and that a successful breakout could push the price toward $3 to $5 in the short term.
Moreover, some investors are placing their confidence in Ripple’s expansive network of over 300 global financial institutions, which includes high-profile partnerships with entities like the European Central Bank and Bank of America. With the European Central Bank planning to launch its CBDC by year-end, XRP stands to gain increased significance and demand, further bolstering its market potential.
Other experts believe the recent court ruling will boost XRP’s acceptance as a payment method among businesses. In a tweet, renowned crypto lawyer Fred Rispoli urged Tesla CEO Elon Musk to announce XRP integration into the XPayments platform. This endorsement could further solidify XRP’s standing in the financial sector.
