Earlier today, cryptocurrency influencer John Squire tweeted on X (formerly Twitter), “XRP rise will trigger countless early retirements.”
This brief comment has led many crypto traders to wonder if the market is truly on the verge of a big rally.
John believes that XRP’s price is about to go up so much that people who invest now could make enough money to quit their jobs early.
Meanwhile, the timing of his post is interesting because of the different developments revolving around XRP. Either way, the meeting will contribute to the hype.
First, the SEC (Securities and Exchange Commission) is holding a closed-door meeting that might clarify Ripple’s long-running lawsuit. If Ripple wins, it could allow XRP to grow without legal troubles holding it back.
There are some analysts who believe the lawsuit would be resolved with a settlement soon, and others believe it would take a while.
Another thing is the possible approval of an XRP exchange-traded fund (ETF). An ETF would allow investors to invest in XRP without actually holding it. This could raise the price. According to Polymarket, there’s a 75% chance that an XRP ETF could be approved this year.
However, XRP’s price hasn’t been doing great lately. It has dropped 5% in the last 24 hours, closing below $2. Earlier in the day, it went as low as $1.99 from a daily high of $2.22.
The price drop happened after Ripple unlocked 1 billion XRP tokens, worth about $2 billion. When more coins enter the market, their value often goes down, which is likely why XRP took a hit.
But, despite the drop, trading activity is still strong. CoinGlass data shows that XRP’s Options Open Interest (OI) jumped 6% to $2.3 million, while derivatives trading volume surged 76% to $13.59 billion.
Also Read: XRP Could Hit $10 if US Stablecoin Bill Backs Ripple’s RLUSD
