XRP Soars as Price Nears $1.20 Amid Ongoing Rally

Ripple’s native token, XRP, has been on an impressive rally, inching closer to the $1.20 mark as it gains nearly 10% in just the past 24 hours. At the time of writing, XRP is trading at $1.17, marking a significant climb from its price just days ago. This price surge continues a trend that began in early November, with XRP reaching a high of $1.19 on November 17.

According to data from pinetbox.com, XRP has surged by 9.49% in the past 24 hours, and the token has seen a staggering increase of 101.94% over the past week. In the last month alone, XRP has skyrocketed by 114.33%.

With a market capitalization of $66.5 billion, XRP currently ranks as the 6th largest cryptocurrency by market cap. Its fully diluted valuation exceeds $116 billion, with a circulating supply of nearly 100 billion tokens.

XRP Rides Bitcoin’s Coattails

The surge in XRP’s price follows a broader trend seen across the cryptocurrency market, with many major tokens benefiting from Bitcoin’s recent all-time highs. As Bitcoin has continued to set new records, other cryptocurrencies, including XRP, have capitalized on the growing market optimism.

One analyst, using the handle @Cryptoinsightuk on X, has noted that XRP “looks ready to erupt” as part of the ongoing rally. Other crypto traders also seem to share similar sentiments, with some predicting continued growth for XRP in the coming weeks.

Ripple’s token experienced a particularly sharp 30% surge on November 17, adding to its recent momentum. As the market continues to watch XRP’s performance, predictions for its future price range from as low as $0.69 to as high as $3.09, with an average price target of $1.66, according to Coincodex. DigitalCoinPrice, meanwhile, forecasts a range of $2.46 to $2.96, with an average target of $2.80.

Legal Battle with SEC Looms Over XRP’s Future

While the rally in XRP’s price is largely attributed to the bullish sentiment in the broader crypto market, the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has also played a role in the recent surge. Ripple’s legal troubles stem from accusations that the company sold XRP as an unregistered security, which the SEC argues violates federal securities laws.

In a significant development in July 2023, the court ruled that certain XRP sales did not qualify as securities transactions, marking a partial victory for Ripple. However, the SEC filed an appeal, arguing that the court’s ruling contradicted “decades of Supreme Court precedent.” In response, Ripple filed a cross-appeal in October 2024, signaling that the lawsuit is far from resolved.

In addition to the ongoing legal case, rumors that SEC Chairman Gary Gensler may step down have added fuel to the optimism surrounding XRP. These rumors have sparked speculation that a shift in leadership could pave the way for a more favorable outcome for Ripple in its legal battle.

As the legal drama continues to unfold, the market remains hopeful that a resolution may be on the horizon, potentially providing further upside for XRP’s price.

Despite the uncertainty surrounding the SEC case, XRP’s impressive rally continues to capture attention, with many investors and analysts keeping a close eye on the token’s price action in the coming weeks.