In 2021, Bitcoin experienced two major peaks, and most altcoin investors made substantial profits in the right projects. XRP Coin was not a good project during the last bull season. Limited demand due to the ongoing lawsuit and the founders’ billion-dollar token sales exerted significant pressure on the price. Now, both issues have been resolved.
XRP Coin Review
XRP Coin investors are now in a completely opposite situation compared to the 2021 bull market. While most altcoins have rebounded from yearly lows, XRP Coin has started targeting $1 and above. The XRP price saw an incredible 100% gain on the same day as the landmark decision in the securities lawsuit. The price increase occurred after Judge Analisa Torres of the Southern District of New York ruled that the US Securities and Exchange Commission did not classify the sale of XRP to individual investors as a security.
As interest in XRP is revived, technical and network usage data indicate a short-term pullback. According to Coinglass data, the open interest volume for XRP futures contracts, representing the total value of open positions, reached $1.19 billion on July 20, the highest point since November 2021.
Will XRP Coin Reach $1?
Technically, the XRP/USD pair has been resisting the long-term downtrend line since the 2018 peak. A weekly close above this level should strengthen investor sentiment and indicate the end of the downtrend. If buyers fail to maintain the upward momentum, XRP/USD will likely test the $0.54 support level before making a move to higher levels.
The fact that open interest has exceeded $1 billion confirms that a significant price fluctuation is about to occur. It is not surprising that most investors are holding long positions with expectations of further upside. This also strengthens the possibility of downward volatility.
However, there is an important price catalyst for XRP Coin to reach the $1 target this month. That is the possibility of setting dates for the settlement conference. This week, the judge said, “If there is a potential settlement, determine the dates.” If the parties agree on the dates, it will be interpreted as the end of this lawsuit and Ripple being able to finish the match with a draw. Naturally, with the case completely resolved, buyers can become more enthusiastic, which will help the price exceed $1.
In summary, while the current outlook indicates a decline, we have a strong potential price catalyst that could trap the bears.
