Highlights:
- An analyst has taken to X to highlight six XRP price surge drivers.
- The conclusion of the legal dispute between Ripple and SEC could become a game changer in the XRP price trajectory.
- XRP has shown resilience with significant market bounce-back recorded in market actions.
A renowned expert on X has shared a video spotlighting six reasons why he thinks an XRP price surge seems imminent. At the time of writing, the post has garnered over 62K views, underscoring marked interest in XRP.
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XRP’s Future Seems Bright Courtesy of its Market Readings
Meanwhile, on its part, XRP has displayed a massive bounce back, evidenced by significant spikes across several indices. The cross-border token is changing hands at about $0.62, following a 3.6% upswing in the past 24 hours.
In the past week, fourteen days, and month, XRP registered spikes of roughly 2.5%, 43.6%, and 31.8%, respectively. Hence, it underscores remarkable recoveries from the bearish trend that hindered most crypto ascents in June and early July.
Other relevant market statistics revealed that XRP has ascended higher in cryptocurrency rankings. The Ripple native token is ranked the sixth most valuable token with a $34.88 billion market capitalization. In addition, the coin’s 24-hour trading volume recorded a 3.18% surge and is worth approximately $1.8 billion.
Court Case Resolution Spotlighted as a Catalyst
In a video making rounds on X, Zach Rector called his over 37K followers’ attention to six catalysts driving the XRP surge. Per the market expert, the first factor with the potential to spike the XRP price will stem from the resolution of the protracted lawsuit. Ripple, XRP’s largest distributor, and the U.S. Securities and Exchange Commission (SEC) have been at loggerheads since December 2020. The rift between both parties stemmed from the regulatory body tagging XRP as a security asset.
Consequently, several court battles have broken out, with Ripple taking an early lead following many favourable decisions. Around July last year, the court, headed by the presiding Judge, Analisa Torres, declared XRP sales non-security transactions.
Eventually, it culminated in XRP’s spontaneous surge to a 2023 all-time high around the $0.9 price region. While Rector asserted that the court case could end soon, Ripple CEO Brad Garlinghouse shared a similar sentiment in a recent interview.
Developmental Project Roles in Future XRP Price Surge
Progressing in his XRP’s market drivers catalysts, Rector highlighted two significant developmental projects. According to the expert, presenting XRP-based payment solutions to U.S. customers could become a turning point in the token’s future. The XRP-based payment will likely roll out after the court case conclusion.
The second developmental Project spotlighted in Rector’s video was Ripple’s Stablecoin, RLUSD’s anticipated launch. The payment outlet stablecoin will launch on Ethereum and XRP Ledger blockchains. Therefore, it boasts a high chance of orchestrating XRP’s unprecedented rally.
XRP ETFs and Inflation Could Drive XRP’s Price Surge
Advancing his list further, Rector spotlighted XRP Exchange Traded Funds (ETFs) as another XRP price surge driver. According to him, XRP ETFs will bring liquidity into BTC. Finally, the market expert identified inflation as another price appreciation catalyst. He noted that the inflation pressure would likely stem from whoever eventually emerges victorious in the United States election. Rector concluded by encouraging XRP enthusiasts to set their minds to accumulating tremendous profits from their XRP investments.
6 Reasons #XRP will pump 👇 pic.twitter.com/pKQXf6qEAD
— Zach Rector (@ZachRector7) July 24, 2024
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