XRP Weekly Close at $0.64 Sets New 2024 High, But SEC Appeal Deadline Looms Over Bullish Momentum

XRP price has been on the rise over the weekend, hitting a high of $0.6622. At the time of writing this, it was trading at $0.6518. This marks a 6% increase in 24 hours which has taken the token to its highest weekly close for the year.

XRP price showed remarkable resilience last week, surging to a high of $0.6622 and outperforming the broader market. At the time of writing, XRP was trading at $0.6518, up by 6% over the past 24 hours. This surge also marked a new highest weekly close for the year.

Notably, XRP price last saw this level in March 2024, indicating that the token had reached its highest price in six months. Furthermore, XRP also surpassed Circle’s USDC in terms of market capitalization, with a current valuation of $36.8 billion.

With strong buying pressure observed and keeping most of its gains even as the market corrected slightly, the rally may not be over just yet. XRP price remained elevated, suggesting that the bulls were still in control.

The broader crypto market also rallied, with Bitcoin surging toward the $70,000 price level. This also provided the necessary boost to XRP, which was among the best performing altcoins.

While XRP price surged to new highs, the upcoming U.S. Securities and Exchange Commission (SEC) appeal in the Ripple case could impact the token’s price trajectory.

The SEC has until October 6, 2024 to file an appeal, and there are speculations that the agency may challenge the July 2023 summary judgment that ruled XRP is not a security.

An appeal by the SEC could introduce uncertainty and potentially disrupt the rally. However, legal analysts anticipate that the appeal process will be lengthy.

According to Fred Rispoli, any final decision on the appeal may not be reached until 2026. Nevertheless, XRP price could still be affected in the short term, depending on how the market reacts to the potential legal developments.

As XRP price continues its rally, discussions regarding the future price of the digital asset have been reignited. Based on the current trend and some market analysts as well as XRP enthusiasts, the token may still surge to even astronomically higher price levels as high as $1000.

This potential largely depends on the usefulness of the token in processing several financial operations and the acceptance of this token by large financial companies. Everyone saying 1k XRP is a fantasy doesn't understand how the utility of XRP will drive price to unbelievable levels. Just to give you an idea of how high XRP will need to be I'll give you some examples…Swift does approx $5-7 trillion in daily volume….

Ripple’s use of XRP in cross-border payments through RippleNet positions it for massive adoption in the future if more institutions decide to integrate with it.

If even a few percent of global trade volume were to be settled with XRP, the liquidity required would naturally propel the price upward. However, this is only possible if the community utilizes the native token and supports a large and liquid XRP Ledger.