Back in 2018, XRP saw a brief but massive rally that saw the token’s price reach an all-time high (ATH) of $3.40.
While that surge was short-lived — and the coin spent much of the next three years priced in cents rather than dollars — the 2021 Bitcoin ( BTC ) bull run did help XRP break through the key psychological level of $1 and maintain that level — despite high volatility and multiple ups and downs for much of the year.
Why didn’t XRP rise along with the cryptocurrency market?
However, this year, while Bitcoin reached a new ATH (as it did in 2021), XRP has largely failed to participate in the broader cryptocurrency market rally, and unlike most major coins and tokens, XRP is in the red in 2021. Year to Date (YTD) chart, price at $0.51 at time of publishing.
The SEC’s lawsuit against Ripple Labs and the ongoing legal battle with Ripple Labs is one of the key factors often cited as contributing to the token’s depressed price.
It is for this reason that one can strongly argue that once the court battle is resolved, the cryptocurrency will rebound and soar to $1 — and possibly even higher.
Supporting this case is the fact that despite all the pressure XRP has been under, it remains a popular and heavily traded coin, with nearly 5 million addresses holding at least some of it, according to data retrieved from CoinMarketCap.
On the other hand, it’s worth noting that XRP ownership is quite concentrated, with the top 10 largest holders accounting for 42.48% of the cryptocurrency and the top 100 holders accounting for 73%.
This means that the remaining 27% is spread across nearly 5 million addresses. Additionally, the data shows that all recent transactions by the largest 47 holders have been sales, although trading activity has become more balanced for the remaining 53 of the top 100 holders.
XRP could surge to $1 by the end of 2024
Nonetheless, given recent developments that suggest the legal battle between Ripple and the SEC may be entering its final stages, a broader analysis of upcoming altcoin performance could provide clues as to when XRP could surge to $1.
In fact, prominent cryptocurrency expert Michaël van de Poppe on X recently shared his estimate that the altcoin has completed the correction phase and will continue its upward trend. The analyst went on to say that the slow upward trajectory could turn into a vertical trend sometime in Q3 or Q4 2024.
In fact, considering that XRP’s price has mostly stayed above $0.51 despite all the pressures, a broader altcoin bull run in the second half of the year, and strong signs that the legal dispute is being resolved or the case is about to end, there is a good chance that the coin will surge to $1 by the end of 2024.
Likewise, XRP’s historic performance also strengthens the prospects of this rally, as XRP surged $0.81 following a preliminary favorable ruling for Ripple in July 2023. It is indeed possible that XRP could surge higher.
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