XRP, the popular cryptocurrency, recently hit a notable milestone, soaring to levels not seen since January 2018, despite ongoing legal pressures. The digital coin saw its value rise to a seven-year peak of $3.20, before settling back to a steady $3.09. This impressive surge, which equates to an uptick of over 32% on the weekly chart, arrived even as the US Securities and Exchange Commission (SEC) reaffirmed its intent to appeal a previous court judgement in its case against Ripple Labs.
Despite this legal challenge, sentiment around Ripple Labs has remained positive. Many investors are cheering the firm’s partial legal wins against the SEC. Ryan Lee, a chief analyst at Bitget Research, explains that these victories, coupled with avid anticipation for more explicit crypto regulations, are likely responsible for XRP’s recent price rally.
Aside from these legal boosts, the ongoing adoption of RippleNet has increased XRP’s market appeal. This sentiment is further fuelled ahead of the upcoming inauguration of President-elect Donald Trump, an event that’s expected to bring more regulatory clarity for the crypto sector globally.
Analysts speculate that one strong boost for XRP’s value in 2025 could come from the possible approval of the first spot XRP exchange-traded funds (ETFs) in the US. If validated, these could draw in between $3 billion to $6 billion in new investments. Major asset managers including VanEck, Grayscale, 21Shares, Bitwise and Canary Capital have already submitted applications for a Solana ETF.
Experts now anticipate XRP to potentially reach double digits in 2025. Crypto analyst Steph Is Crypto, based on a bullish pennant form on the daily chart, predicts that XRP’s price could even attain $14. This positive market outlook shows that despite ongoing legal hurdles, investor confidence in XRP remains robust.