XRP, the native cryptocurrency of the Ripple network, has always seen a rather roller-coaster ride. Despite withstanding multiple crypto winters and regulatory hurdles, XRP price continued to remain almost 40% below its all-time high (ATH) of $3.84 way back in 2018.
However, the last one month has been a boon for the token, with almost 20% gains in 30 days. On Saturday, May 10, the XRP price hovered around $2.38, up 1.5% in the last 24 hours.
Multiple Factors Contribute to XRP Rally
This rally is in line with the bullish sentiments across the crypto market. XRP continues to outperform most other crypto tokens thanks to Ripple-specific positive developments as well.
The primary factor is Ripple coming very close to a $50 million final settlement with the US Securities and Exchange Commission (SEC) in the legal tussle that has dragged on since 2020. However, the final court approval is still pending, adding some uncertainty for the investors.
Macroeconomic factors are also aligning to help XRP rally. The US and China are back at the negotiating table as trade tensions appear to be easing. Institutional interest also continues to grow for the overall crypto market. As the world’s largest asset management company, BlackRock, met SEC officials this week, rumors point towards an imminent XRP ETF.
XRP Price: ATH soon?
Considering the potential clearing of these legal and institutional hurdles, Standard Chartered’s head of digital asset research, Geoffrey Kendrick, recently forecast XRP price to double by year-end and climb to $8.00 by 2026. Moreover, large holders of the token have reportedly accumulated close to 900 million XRP in recent weeks.
The current momentum seems bullish, no doubt! But the ongoing trade talks, India-Pakistan tensions, and regulatory macro factors still pose a risk. Experts urge investors to be cautious and track the latest developments with the SEC legal proceedings and larger market dynamics.
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