Everyone is discussing when the price of XRP, one of the biggest uncertainties in the world of cryptocurrency, might rise again. The never-ending lawsuit between Ripple and the SEC is thought to be suppressing the XRP price. Despite this, there are opinions that the lawsuit could end soon, as indicated by company officials. So, what might the future hold for the XRP price?
Future of XRP Coin
March 2024 could perhaps be called the month when cryptocurrencies revived. Nevertheless, in 2024, Ripple’s native token, XRP, has lagged behind other altcoins in terms of market volume and has only provided a return of 4.5% from the beginning of the year to date.
XRP has not been able to recapture its peak value from January 2018. However, the overall cryptocurrency market, unlike XRP, has seen a noticeable expansion of 55%.
Significant events associated with XRP’s poor performance include the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC) against Ripple, which has been ongoing for over three years and has created significant pressure on XRP.
Last year, a court ruled that Ripple’s sales of XRP to institutional customers constituted an illegal securities sale. The regulatory body has now requested a federal judge to impose a $2 billion fine on Ripple.
Despite this negative outlook, according to Evai CEO Matthew Dixon, there is a possibility that the events could turn in favor of XRP. Dixon suggests that the “sleeping giant” might awaken, potentially driving XRP prices to new heights, depending on the April Consumer Price Index (CPI) report due on May 15. An unexpectedly high CPI could yield favorable results for XRP bulls.
Economists predict that the CPI for April might have increased by 0.3% on a monthly basis before the report on Wednesday, which could reduce hopes for a Federal Reserve rate cut in the summer of 2024. However, lower than expected figures could benefit large altcoins like XRP and other risk assets.
How Much is XRP in Turkish Lira?
Despite facing sales pressure both before and after the lawsuit process over the past five years, XRP remains in a consolidation phase. The XRPArmy is highlighting a significant price breakout that could surpass the $5 milestone and set a new record.
Stuart Alderoty, Ripple’s Chief Legal Officer and a key figure in the Ripple vs. SEC case, recently stated that the nearly 4-year legal battle is almost over.
The cryptocurrency community continues to eagerly await the outcome of this long-standing lawsuit. Experts believe a final decision could be reached in September.
Meanwhile, looking at the current price of XRP in Turkish Lira, 1 XRP/TRY is at 16.30 TL, representing an increase of 0.08%.
