Over the past week, XRP has predominantly shown positive trading activity, maintaining a steady position above the crucial $0.50 support level. Amidst lingering uncertainties in the crypto market regarding XRP's ability to break free from the prolonged consolidation phase witnessed for several months, a notable crypto analyst has hinted at a potential significant move for the token.

Egrag Crypto, the analyst, highlighted in a recent X post on April 23, the emergence of a double bottom formation in XRP's chart, signaling robust bullish momentum and fostering confidence in an imminent upward surge. This analysis suggests that XRP might be on the verge of a notable price movement, potentially breaking out of its consolidation pattern.

Moreover, the analyst identified the consolidation zone as a supply zone and the wicking range, indicating a favorable setup for XRP's price to initiate a notable upward movement. Expanding on the potential bullish momentum, the market expert suggested that XRP could surge to approximately $1.4, presenting a remarkable 180% gain from its current price levels.

This projected surge could reignite investor interest in XRP, which has generally lagged behind the broader market rally. Currently, the token seems to be garnering momentum from ongoing developments surrounding Ripple and its legal battle with the Securities and Exchange Commission (SEC).

One significant aspect revolves around Ripple's response to the SEC's request for a hefty $2 billion fine against the company. Ripple addressed the SEC's request in its filing, disputing most of the regulator's claims and urging the judge to impose a much lesser penalty, capped at $10 million.

Ripple argues that the SEC has failed to provide substantial evidence of recklessness or fraud regarding the sale of XRP tokens. The company emphasized the lack of evidence regarding future violations and highlighted the modifications made to XRP sales and contracts to prevent such violations from occurring.

Additionally, Ripple refutes claims regarding on-demand liquidity buyers, asserting that the SEC has not proven any financial losses suffered by institutional buyers due to Ripple's unregistered status.

Meanwhile, the bullish sentiment surrounding XRP is further evidenced by other on-chain metrics. Data from crypto analysis platform Santiment reveals that, as of April 2023, the number of wallets holding at least one million XRP stands at 2,013, almost matching the previous peak recorded in June 2023 and nearing an all-time high by merely one wallet. This surge in XRP millionaires indicates growing confidence and interest in the token's future prospects among investors.