XRP is riding a wave of renewed optimism as its price hovers at $2.45.

This surge in attention comes on the heels of a landmark development: the U.S. Securities and Exchange Commission (SEC) has officially dropped its long-standing lawsuit against Ripple Labs, a move that one analyst says could propel XRP to new heights, forecasting a $10 price tag by 2030.

XRP price hovered at $2.45 early Monday morning, while the U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple Labs (NYSE:SE).

What Happened: The SEC's decision to abandon the lawsuit, which began in 2020, removes a major barrier to XRP's broader adoption and could propel the token to new highs.

One analyst at Bitget predicts that XRP could hit $10 by 2030 if it breaks through the crucial resistance level of $2.50.

"The resolution of the SEC lawsuit marks a turning point for XRP," said Ryan Lee, an analyst at Bitget. "A breakout from the current $2.35-$2.55 range could lead to extensive moves in either direction, but the upside potential is substantial, setting the stage for long-term targets as high as $10 by 2030."

After hitting a high of $3.92 in March 2021, XRP price slipped to a low of $0.378 in December 2022, remaining in a downtrend throughout 2022. However, the token has shown signs of a strong recovery in 2023.

Must Read: Bitcoin, Ethereum, Binance Coin Price Analysis

The analyst further noted that a sustained move above $2.50 could pave the way for Fibonacci-related price levels to be reached in the coming years, ultimately presenting an opportunity for XRP to rally towards the $10 mark.

"With the lawsuit now dropped, traders can recalibrate their expectations accordingly, and the consensus is becoming increasingly bullish," Lee added.

"Considering the technical outlooks and Ripple's strategic moves to expand its ecosystem, there is a strong possibility that XRP could hit $10 by 2030 if the bulls manage to maintain control."

Top Gainer: In the past 24 hours, XRP price rose 1.17%, and the token is trading at a price of $2.44 at the time of writing. The token's 24-hour trading volume is $2.8 billion, showing a 6.36% increase.

With a market cap of $142.12 billion, XRP is now the fifth-largest cryptocurrency, trailing Tether's stablecoin (USDT) by a small margin of $1.6 billion in the third-largest spot.

The analyst's prediction of $10 by 2030 seems far-fetched, but with the SEC lawsuit now dropped and Ripple continuing to expand its ecosystem with products like RLUSD stablecoin, anything is possible.