Digital currency XRP could be heading toward $1, a level it has not seen since November 2021, according to leading cryptocurrency trader DonAlt.
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.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.