XRP Coin failed to deliver the expected performance in the 2021 bull market, and the token sales by the founders also had an impact on this. Of course, this was not the only problem; the ongoing struggle with the SEC also increased the demand for Ripple (XRP) Coin. So, when will the eagerly awaited $1 target be achieved by investors?
Reviews of the Ripple Case
Recent developments suggest that the case could last until 2025. Starting from March of next year, Judge jury trials will begin on a specific date. This is now the final stage of the case, but the SEC’s intention to appeal the summary judgment will prolong the process. The appeal process, expected to extend until mid-2025, aims to include token sales on exchanges in the classification of securities.
We will not see a settlement between the SEC and Ripple. The regulatory agency wants a clear victory in this case, which is extremely critical for all altcoins. Moreover, the Judge’s comments in the Terraform Labs case also stated that token sales on exchanges are securities.
Will XRP Coin Reach $1?
Yes, it is possible, and the price had come very close to this when the summary judgment was announced. However, the price of Ripple (XRP) has not been able to recover $0.70 since the beginning of August and has slipped to fifth place in the global crypto rankings during this period. The price has been below $0.70 for the past 11 days. However, on-chain indicators suggest a possible new rally on the horizon.
Despite the recent downward trend in prices, XRP has seen a noticeable increase in network activity in the past two weeks. According to Santiment data, XRP reached 182,860 active addresses on August 8. After a slight decline, it rose again towards 135,000 active addresses at the close on August 10.
The above graph shows that when daily active addresses exceed 100,000, the XRP price generally enters a double-digit rally.
The following graph shows that whales had a cumulative balance of 4.64 billion XRP at the end of July. However, remarkably, as of August 11, this figure has risen to 4.69 billion.
So, whales also see the dip as an opportunity. Finally, the MVRV data supports the rise. If the price can reclaim the $0.70 threshold in the coming days, it could reach $1 after a long break. This expectation seems valid as long as there are no closings below $0.55.
So there is hope in XRP ?