XRP, once one of the most promising cryptocurrencies, has struggled to regain momentum since its high-profile lawsuit with the U.S. Securities and Exchange Commission (SEC) began. With prices fluctuating within a narrow range and a tough market climate, investors are increasingly curious about XRP’s future. This article delves into XRP’s price movements, its challenges, and the scenarios that could influence its value, particularly as the 2024 presidential election approaches.
XRP Price Movements: A Flat Line Since the SEC Lawsuit
Since the onset of its lawsuit with the SEC, XRP has seen relatively limited price action compared to other major cryptocurrencies. Currently, XRP’s price hovers between $0.50 and $0.70, with a present value of $0.51, positioned just above a key support level. This narrow range has persisted for months, signaling consolidation but little excitement for traders looking for price swings.
XRP/USD 1-day chart - TradingView
In terms of year-to-date performance, XRP has fallen by approximately 18%, a statistic that highlights its struggle amid regulatory uncertainty. Despite the overall market recovery in 2024, XRP has failed to keep pace, largely due to the unresolved legal concerns hanging over Ripple Labs, the company behind XRP.
XRP’s Slow Growth Compared to the Broader Crypto Market
While XRP has managed a modest 65% growth over the past five years, this performance pales in comparison to other cryptocurrencies that have more than doubled in the same period. The SEC lawsuit and the overall regulatory pressure on the cryptocurrency market have undoubtedly contributed to this underwhelming growth, raising questions about whether XRP can remain competitive.
XRP performance YTD vs Solana vs Bitcoin - TradingView
XRP’s lackluster performance relative to its peers underscores its sensitivity to regulatory developments, especially in the U.S. This factor has created a mixed sentiment among investors, who are waiting for clear signals on the legal front before committing to long-term positions.
XRP Price Prediction: Political Outcomes and Legal Resolutions
Looking ahead, two major scenarios could shape XRP’s price trajectory. If former President Donald Trump were to win the 2024 U.S. presidential election, analysts believe this could lead to favorable outcomes for XRP, as Trump’s stance toward cryptocurrencies is relatively neutral compared to other policymakers. This could ease regulatory pressure on XRP and pave the way for price growth.
Alternatively, if Kamala Harris becomes the next president, the Ripple community anticipates that her administration might resolve the SEC lawsuit, as several Ripple executives have publicly backed her. A lawsuit settlement could provide the clarity XRP needs, though it’s unlikely to create the explosive rally some investors hope for due to prevailing negative sentiment in the broader crypto market.
In both scenarios, XRP’s price is likely to appreciate, albeit with varying degrees of growth.
Psychological Target: XRP’s Path to $1
Despite the mixed outlook, XRP’s primary price target remains the psychological milestone of $1, representing a potential 100% increase from current levels. Achieving this target would mark a significant recovery, signaling XRP’s resilience in the face of regulatory challenges. However, reaching this price point will depend heavily on a favorable outcome in the SEC case, as well as a broader uptick in cryptocurrency sentiment.
XRP/USD 1-day chart - TradingView
Whether this milestone can be reached in 2024 remains uncertain, but for now, $1 stands as a significant target for XRP in the minds of investors.
