XRP is having a bit of a tough time lately, trying to climb back up to that important $0.56 mark while the whole crypto gang is making a comeback. Bitcoin is up by 4% in the last few days, breaking through $42,000 and eyeing up $43,000. It’s like a crypto rollercoaster, and XRP is in the mix, working hard to find its place. With so much going on, keeping an eye on these levels is like catching the vibe of what’s happening in the crypto neighborhood. Yet, XRP price could skyrocket in 2024. Let’s take a look at the potential 3 reasons.
XRP is making moves in the crypto arena, currently tagged at $0.523009 with a bustling 24-hour trading volume hitting $1.22 billion. It holds its ground with a market cap of $28.44 billion, flexing its muscles with a market dominance of 1.74%. In the last 24 hours, XRP dipped slightly by -1.57%, riding the waves of the crypto rollercoaster.
Casting our minds back, January 4, 2018, was the glory day for XRP, hitting an all-time high of $3.92. On the flip side, July 7, 2014, saw the lowest point, snuggling down to its all-time low of $0.002802. Post its peak, XRP experienced a low of $0.113268 during a cycle low, while the highest after that low was a solid $1.977930 during a cycle high.
Checking the market vibes, the current XRP price prediction sentiment is leaning bearish, but the Fear & Greed Index is flashing a 55 (Greed).
Talking tokens, XRP boasts a circulating supply of 54.37 billion out of a max supply of 100.00 billion XRP. With a yearly supply inflation rate of 8.19%, roughly 4.11 billion XRP were minted in the last year. In the Layer 1 sector showdown, XRP proudly sits at the 5th rank. It’s a crypto tale unfolding, and XRP is right in the mix.
Top 3 Reasons Why XRP Price Could Skyrocket In 2024
Reason 1: Ledger’s governance Proposal
XRP Ledger developer David Fuelling has thrown a proposal into the ring, suggesting a shakeup in the governance structure of the XRP Ledger Foundation. This move carries weight, as Fuelling advocates for decentralization and a more member-driven governance approach. Ripple CTO David Schwartz didn’t just brush this off; he acknowledged Fuelling’s proposal, deeming it a “straw man” designed to spark conversation within the XRPL community.
According to Schwartz, this proposal serves as a starting point for collaborative efforts among developers to enhance the transparency and democracy of the Ledger, aligning it with the community’s collective vision. Fuelling’s pitch revolves around giving stakeholders in the XRPLedger community more say and formal influence over the foundation’s affairs. The idea is to introduce a more structured membership system, fostering increased engagement and contributions from stakeholders in the form of time, money, and resources to propel the XRPLedger foundation to greater success.
Reason 2: SEC v. Ripple Legal Battle: Favorable Case Law Outcome For XRP?
The SEC and Ripple are delving into the nitty-gritty of remedies-related discovery. Post this phase, the SEC gears up to present a remedy-related brief on March 13, advocating for a stern penalty. Ripple, on the other hand, has until April 12 to file its own remedy-related brief, with the SEC required to respond by April 19. This week, Judge Analisa Torres could make a call on the SEC’s Motion to Compel, a move Ripple has opposed to obtain financial statements and contracts post-complaint.
The SEC’s focus likely revolves around determining if Ripple continued violating securities laws post the July 13, 2023, court ruling. Judge Torres had previously ruled that Ripple breached Section 5 of the 1933 Securities Act by not registering XRP as a security when selling to institutional investors.
Should the Motion to Compel be denied, the SEC might pivot to pre-complaint facts, but precedent leans towards a less punitive penalty for securities law violations. While the SEC pushes for a stern penalty, Ripple may leverage cases like Morrison v NAB, Liu v SEC, and SEC v Govil to argue against punitive disgorgement. These cases establish jurisdiction limitations, cap disgorgement at net profits, and require evidence of investor financial losses, respectively.
Despite potential legal support for Ripple, the SEC’s plan to appeal the Programmatic Sales ruling poses a challenge. In July 2023, Judge Torres found that programmatic sales of XRP did not meet the third prong of the Howey Test. The legal tussle continues with both parties navigating the intricate web of regulatory scrutiny.
The urgency for Ripple to conclude its legal battle with the SEC is paramount. Until a definitive settlement is reached, the regulatory uncertainty remains a dark cloud over the company. This lingering risk poses a significant challenge, hindering Ripple’s ability to forge ahead with fresh strategic initiatives linked to its Ripple payment platform. A resolution with the SEC is not just a legal necessity but a crucial step for Ripple’s forward momentum and the pursuit of its strategic goals. Therefore, if XRP wins the case against SEC then its price will definitely rise massively.
Reason 3: Ripple IPO
Ripple’s possible IPO is generating quite a stir, with people speaking enthusiastically about whether it will be the next big crypto business to go public. The conjecture doesn’t stop there; many are now wondering what this means for the price of the XRP cryptocurrency. Some optimistic voices expect a significant increase in its worth.
But let’s get back to reality for a bit. While the prospect of an IPO financial influx supporting Ripple’s worldwide XRP projects is appealing, there remains a significant obstacle to overcome. The continuing legal dispute between Ripple and the SEC adds another degree of uncertainty. With the regulatory storm still developing, the key issue remains: Will the SEC approve Ripple’s IPO filing right now? It’s like waiting for the next twist in a fascinating court thriller.
While a 10x increase might seem a bit too hopeful, there’s a growing excitement in the air around the XRP coin, and this could translate into a notable surge in its value over the coming months.
Where to Buy XRP in 2024?
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