XRP, the fifth-largest cryptocurrency by market value, experienced historic moments in 2023. The positive sentiment stemmed from Ripple‘s consecutive victories in its SEC lawsuit. In July, Ripple achieved a significant victory when a judge declared that XRP was not a security on its own.
Following this, the SEC’s motion for an interlocutory appeal was denied. The SEC then withdrew securities law violation claims against Ripple executives Brad Garlinghouse and Chris Larsen in October. Shortly after the pivotal July decision, XRP’s price surged by up to 100%, reaching the year’s high of $0.932.
Before the price drop, XRP rose to become the third-largest cryptocurrency. The same price surge scenario occurred in October, when the SEC’s request to appeal its devastating loss to Ripple was denied. XRP rose to $0.75 in mid-November but has since consolidated. At the time of writing, XRP has receded by 0.8% in the last 24 hours to $0.61, yet the token maintains an annual increase of 74.4%. Considering the conclusion of events that boosted XRP’s price in 2023, developments stemming from adoption could enhance XRP’s price in 2024.
Expectations for Ripple in 2024
As Ripple CLO Stuart Alderoty predicted, the final part of the SEC’s misguided lawsuit against Ripple will finally conclude in 2024, and this continues to cast a negative sentiment on the XRP price. Ripple’s Senior Vice President of Product, Adrien Treccani, commented on the matter:
A new paradigm will emerge as the industry strives to overcome the issues that troubled it in 2023.
Global banks and industry giants are exploring cryptocurrency solutions to meet their customers’ demand for efficient, transparent, and on-demand financial services. Ripple also announced last year that it had partnered with several global banks.
