The digital currency ecosystem is falling, and this trend has allowed XRP to shine. While the combined market saw a total liquidation of $300 million as Bitcoin fell 2.99%, XRP broke out of the trend, jumping 0.95% to $0.6090 in the last 24 hours.
XRP Metric Shows Bullish Strength
Not only has XRP seen its price rise, but its trading volume has also jumped to unprecedented levels. According to CoinMarketCap, volume has increased by 47% to $2,238,753,637, proving that sentiment in the XRP ecosystem has matured and is fueling overall growth.
The reasons for this surge are related to a potential settlement or court decision by Ripple Labs Inc. against the SEC. There are rumors of a closed meeting between the market regulator and the payment company. Although earlier schedules for this settlement have not yielded any results, there are signs that the two sides could soon hold talks at any time.
If the rumors are true, XRP could benefit greatly from any settlement. While the amount Ripple would pay to sell the coin to institutional investors could be quite large, the resolution of the entire lawsuit would provide a boost to XRP in the near term.
Is XRP Coming to $1?
XRP remains the most stressed digital currency in the last three years since the SEC filed its lawsuit against Ripple. Despite XRP being vindicated last year when Judge Analisa Torres ruled that the coin itself was not an investment contract, the price has not broken above $1 since at least December 2021.
With the current XRP price forecast, the coin could be poised to soar above the $1 mark. If an agreement is announced, this massive rise could still be recorded.
