As market volatility continues, positive signals are emerging for XRP. A record surge in wallet addresses and key technical formations are boosting the altcoin’s bullish potential. Additionally, the resolution of Ripple’s legal battle with the SEC and the potential approval of a spot XRP ETF in the U.S. could trigger a massive price rally.
XRP Wallet Addresses Hit Record Highs
One of the strongest indicators of a bullish trend for XRP is the record-breaking increase in wallet addresses. According to data compiled by analyst Ali Martinez via Glassnode, the total number of XRP wallet addresses has surged to 6.87 million. This uptick signals growing network adoption and heightened investor interest.
Martinez also pointed out that XRP has broken out of a symmetrical triangle formation that has been developing since 2018. He suggests that this breakout could mark the beginning of a bull market for the altcoin, reinforcing his earlier prediction that XRP could reach $15.
Meanwhile, some analysts are making even bolder predictions. EGRAG CRYPTO believes XRP could surge to anywhere between $27 and $222. However, for XRP to reach these levels, its market capitalization would need to exceed $1.5 trillion—a challenging scenario under current conditions.
Major Developments That Could Shape XRP’s Future
Two key events could significantly impact XRP’s price trajectory. The first is the long-awaited resolution of Ripple’s legal battle with the SEC, which has been ongoing for four years. U.S. attorney Fred Rispoli suggests that the case could be settled by April 16. Recent developments, including the SEC withdrawing lawsuits against several crypto firms and internal leadership changes, have increased the likelihood of a settlement.
The second major factor is the potential approval of a spot XRP ETF in the U.S. Leading financial firms like Grayscale, 21Shares, and Bitwise have already submitted ETF applications to the SEC. The regulatory body has begun reviewing some of these applications, and analysts estimate a 76% chance of at least one XRP ETF receiving approval by the end of the year.
XRP’s price movements and investor sentiment will largely depend on these developments. Investors should closely monitor the progress of ETF applications and the outcome of Ripple’s legal battle to gauge the altcoin’s next major move.
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