As fluctuations continue in the cryptocurrency market, positive signals for XRP keep emerging. The dramatic increase in wallet addresses and specific formations seen in technical analysis have heightened the growth potential for Ripple’s altcoin. Additionally, the possibility of concluding the ongoing lawsuit between Ripple 
$1 and the U.S. Securities and Exchange Commission (SEC), coupled with the potential approval of a spot XRP ETF in the U.S., are important factors that could significantly boost prices.
Record Surge in Wallet Addresses
One of the key bullish signals for XRP is the record-high number of wallet addresses, according to on-chain data. Analyst Ali Martinez shared that the total number of XRP wallet addresses has climbed to 6.87 million, indicating a growing interest in XRP among investors and increased network usage.
Martinez noted that XRP has broken upwards from a symmetrical triangle formation it has been forming since 2018. He suggests that this upward movement could continue, proposing a potential price target of up to $15 for XRP, indicating the beginning of a bullish market for the altcoin.
Conversely, some market commentators are making even bolder predictions for XRP. The analyst EGRAG CRYPTO believes XRP could reach between $27 and $222, but this would require XRP’s market capitalization to exceed $1.5 trillion, a scenario that currently seems challenging.
Significant Developments on the Horizon for XRP
Two critical developments could significantly impact XRP’s price. The first is the potential conclusion of the four-year-long lawsuit between Ripple and the SEC, with U.S. lawyer Fred Rispoli suggesting that the process could wrap up by April 16. Recent SEC actions withdrawing lawsuits against various crypto firms and changes in management may bolster the chances of a settlement with Ripple.
The second major factor is the likelihood of at least one spot XRP ETF being approved in the U.S. Major financial firms like Grayscale, 21Shares, and Bitwise have submitted ETF applications for XRP to the SEC. Analysts estimate a 76% probability of an ETF approval by the end of the year.
The direction of XRP’s price and investor interest appears dependent on the outcomes of these developments. Therefore, investors should closely monitor the progress of the ETF applications and the results of the SEC lawsuit.
