Top Causes of the XRP Price Boom Despite the SEC Lawsuit

[Sophie Robert]

Despite the ongoing SEC v. Ripple case, XRP is nevertheless popular all across the world, with a 24-hour trading volume of almost $1.58 billion.

Rising XRP Holders - Coinmetrics' on-chain analysis showed a sharp rise in the proportion of XRP addresses holding more than $10k. With this increase, they are almost at their all-time high (ATH), a sign of rising demand for and investment in XRP.

Social Volumes on XRP Hit Yearly High - Data from Santiment shows an impressive increase in XRP social volumes, which reached their greatest level in almost a year. The price of XRP has increased by over 22 percent over the last 19 days, making it the highest trending digital asset.

Lawsuit’s Impact on the Altcoin Industry - The outcome of the Ripple vs SEC lawsuit will have significant repercussions for the altcoin market, particularly for ERC20s on the Ethereum network. The price of XRP has increased since March, according to data from Messari, driven by good news about the litigation.

XRPL Revenue Surges - Notably, Messari reports a substantial increase in XRPL revenue since March, paralleling a 34 percent surge in XRP’s underlying value. These developments underscore the market’s confidence in XRP and its potential for growth.

Coinpedia has a XRP forecast that says the price of Ripple will continue to climb as well, but is much more bullish than XRP Coin Price, as by 2030 they expect that the price of Ripple could climb to as high as $5.81.