Is XRP's Surge Creating a Ripple Effect in the Alt-Coin Market?

#Uptober is continuing its run as Ripple's XRP rallied over 11% overnight, around 15% over the past five days, and more than 31% over the month.

Amid the recent rally, XRP knocked BNB from the fourth position in the largest cryptocurrencies by market capitalization. At the time of writing, XRP slipped back to fifth but trading volumes of over $3 billion suggest it could regain its position.

Already having surpassed the $0.70 mark, the question on everyone's mind now is: can XRP hit the fated $1 mark?

Ripple vs SEC

For the crypto world, Ripple's battle with the SEC is a tale as old as time. Dating back to 2020, the SEC's lawsuit alleges that Ripple conducted $1.3 billion in unregistered securities, triggering the debate as to whether crypto should be classified as a security.

However, last month the SEC dropped its charges against Ripple's top executives, Chris Larsen and Brad Garlinghouse. This move by the SEC marks a significant victory for Ripple and the wider crypto space.

Whilst the fate of XRP is yet to be determined, the SEC's decision could establish a standard for the regulation of digital assets in the United States. The SEC dismissing allegations against Ripple signals a change in the wind, suggesting the regulator could be becoming more accommodating to the sector.

Prominent cryptocurrency attorney John Deaton believes that a settlement of $20 million or less would constitute a significant legal triumph for Ripple. He argued that the lawsuit's result is 90/10 in favour of Ripple against the SEC, not 50/50.

In a similar fashion, Bitcoin's recent pump has been attributed to the impeding Bitcoin ETFs which are awaiting approval from the SEC. In light of the SEC softening its stance on crypto, the market believes these applications are more than likely to be approved.

Confidence in Ripple is being shared across the altcoin market. Even the likes of Dogecoin and Cardano saw increases of 10% and 20% respectively.

Dubai & Georgia

Earlier this month, XRP received approval for use within the Dubai International Financial Centre (DIFC). The agreement allows over 4,300 companies to integrate XRP into their operations and virtual asset services. XRP joins Toncoin, Bitcoin, Ethereum and Litecoin as DIFC official tokens.

The agreement is a significant one for Ripple, which has 20% of its customers located in the Middle East and North Africa.

On Twitter, Garlinghouse praised Dubai regulators for their "proactive approach" and added in a press release, "It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth."

The National Bank of Georgia (NBG) also partnered with Ripple last week for its Digital Lari (GEL) pilot project, leveraging Ripple's CBDC technology to explore its potential benefits across the public sector, businesses, and retail users.

This initiative is part of a broader engagement, as Ripple has collaborated with various governments and central banks on pilot programs in Bhutan, Palau, Montenegro, Colombia, and Hong Kong, extending its CBDC solutions to foster digital advancements in the financial sector.

Wen $1?

With XRP flexing its recent strength, and being further bolstered by Bitcoin's tenacity, the market is eyeing the $1 mark for the former.

Analysts believe that $0.65 is serving as XRP's support level but with selling volume being weaker than buying pressure, XRP could rebound stronger if it reaches it.

$0.82 is the next target, after which XRP's price is set to surpass resistance at $0.912, which could set it on the trajectory to hit $1.

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