‘Sleeping Giant’ XRP Is About to Wake Up – Why Ripple’s $5 Explosion of XRP Now Looks Close

Throughout 2024, Ripple’s Conversely, the broader cryptocurrency market has grown significantly, gaining around 55% during 2024. Same time zone.

The main reason for XRP’s underperformance is the pending lawsuit against Ripple by the US Securities and Exchange Commission (SEC). Last year, a court ruled that Ripple’s sales of XRP to institutional customers constituted illegal securities sales. Regulators have now asked a federal judge to impose a $2 billion fine on the fintech startup.

However, according to Evai CEO Matthew Dixon, the tide may soon turn in favor of XRP. Dixon suggested that the April Consumer Price Index (CPI) report, scheduled to be released on May 15, could awaken a “sleeping giant” and push the price of XRP to new heights. He expects the CPI index to fuel XRP strength by a week longer than expected.

Ahead of Wednesday’s report, economists estimate CPI rose 0.3% in April from the previous month, which will cast doubt on expectations of a Federal Reserve interest rate cut this summer. Nonetheless, the lower-than-expected numbers will benefit risky assets such as major altcoins like XRP.

Is XRP set to rise quickly to new highs?

Despite facing extreme selling pressure over the past five years, XRP is still in a consolidation phase and XRPArmy is carefully looking for a massive breakout that could push the price past the magical $5 milestone and set new records.

Ripple and the SEC are currently in the lawsuit relief phase. Stuart Alderoty, Ripple’s chief legal officer, recently revealed that the nearly four-year legal battle is almost over, as ZyCrypto reported.

As the cryptocurrency community eagerly awaits the outcome of the long-running lawsuit, experts expect a final ruling to be issued around September. Meanwhile, Ripple is ready to launch its XRPL enterprise solutions to the Japanese market through a strategic partnership with HashKey DX, a Tokyo-based consulting firm.