In mid-July, XRP (CRYPTO: XRP) looked like it was easily going to soar past the $1 mark. Buoyed by news of a positive court ruling in its long-running lawsuit with the Securities and Exchange Commission, XRP skyrocketed in price from $0.48 to $0.95. For crypto investors, XRP was on a rocketship headed to the moon.
But not so fast. This is the crypto market we're talking about, and volatility is the norm rather than the exception. The SEC has since said it plans to appeal the court ruling, and the legal process now looks like it's far from being over. As a result, XRP has given up all of its summer gains and is now trading under $0.50, the same level it was trading at back in July. So can XRP rally once again this year in order to hit the psychologically important $1 price point?
The ability of XRP to hit the $1 mark depends, to a large degree, on how the lawsuit with the SEC plays out. There are a number of different outcomes possible here. For example, the judge who ruled in favor of XRP might throw out the appeal from the SEC entirely, handing XRP a victory of sorts. Or, Ripple Labs (the company behind the XRP crypto token) and the SEC might come to a mutual settlement, simply in order to bring closure to a lawsuit that has been dragging on since December 2020.
Source Fool.com