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XRP to $1? Top Trader Speculates

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Wed, 31/05/2023 - 18:10
XRP to $1? Top Trader Speculates
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Digital currency XRP could be heading toward $1, a level it has not seen since November 2021, according to leading cryptocurrency trader DonAlt.

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The trader tweeted earlier today, "Is $XRP finally going to $1?" sparking speculation among his followers.

XRP, the cryptocurrency associated with blockchain firm Ripple, has been trading at $0.51 on major spot exchanges and would need to nearly double its value to reach the $1 mark.

Notably, XRP has outperformed the broader cryptocurrency market, gaining 13.4% over the past week.

As reported by U.Today, XRP has been showing promising signs with record-high spikes in address activity over two consecutive days, potentially indicating an upward trend for the cryptocurrency as it mildly decouples from the rest of the altcoin market.

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Ripple is currently embroiled in a high-profile lawsuit with the U.S. Securities and Exchange Commission (SEC) over the classification of XRP as a security. This has injected uncertainty into the XRP token's future.

However, Ripple CEO Brad Garlinghouse recently hinted at a possible resolution in upcoming weeks, a development that could potentially clear regulatory uncertainties and lead to increased adoption of XRP.

The potential positive outcome in the SEC lawsuit could significantly propel the XRP price, a sentiment echoed by XRP-friendly lawyer John Deaton.

Deaton recently tweeted that "FOMO" will not likely kick in until $2. Should these predictions come to fruition, we could see a new wave of interest in XRP in the coming weeks and months.

Despite this potential optimism, it is important to note that XRP is still down 84% from its record high of $3.40 set back in January 2018.

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