XRP prices crashed heavily and lost traction when the SEC lawsuit was first announced back in December 2020. Most XRP hodlers feared the worst as the token got delisted from several big exchanges including Coinbase. However, there is today renewed optimism around Ripple in 2024. Is XRP a good investment in 2024? Will XRP price go up in 2023 and the SEC lawsuit gets resolved? Here’s what we know so far.
Why Ripple has a lawsuit with the SEC?
The United States Securities and Exchange Commission (SEC) sued Ripple Labs, Inc. in December 2020, saying that the business had sold unregistered securities in the form of XRP, a digital currency that Ripple developed and disseminated. According to the SEC’s lawsuit, Ripple and its two co-founders, Christian Larsen and Brad Garlinghouse, raised more than $1.3 billion by selling XRP to retail investors without legally necessary registration as a security with the SEC.
XRP Relisted on Bitmart: Good News?
Trading activity for XRP on Bitmart, a significant cryptocurrency exchange, has already reached and beyond $600,000 just hours after it was reinstated. Bitmart reinstated XRP trading after delisting it in the summer of 2021 due to the legal dispute between Ripple and the SEC.
Such trade volumes on Bitmart immediately place the exchange in the top 20 of all centralized cryptocurrency platforms for XRP trading. There is only one trading pair, though, and it is currently against USDT.
Will Ripple win over the SEC?
Ripple has pledged to contest the action in court and has refuted the claims made in the SEC’s complaint. The matter is still pending, and it’s unclear how it will be handled just yet. However, Brad Garlinghouse often stated that he believes Ripple will prevail in the legal battle.
Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2024 is the year we will (finally!) see a breakthrough. A thread on why…
Ripple Lawsuit date: When will Ripple win?
Ripple was supposed to complete its legal issue with the SEC by Q4 2022. (or at the very least have a settlement in the works). The resolution, however, was delayed and now won’t be completed until 2024.
Analysts believe the case will be settled in the last quarter of 2024. The cost of XRP might soar if Ripple’s plans come to fruition. On the other hand, according to the most recent FTX outcomes, the FTT token was a security. This worried Ripple investors because it suggested that there may be a precedent in the Ripple case.
XRP Price Prediction 2024: How High can XRP reach?
XRP prices have been consolidating between 30 cents and 50 cents since mid-2022. Currently, XRP price is sitting around 35 cents. Analysts expect prices to rise slowly, before the lawsuit resolution towards 50 cents, then at least double to reach 1$ after the resolution. This should also coincide with the renewed uptrend of the crypto market.
However, it is important to keep a stop-loss trigger below 30 cents as prices might drop further in case the lawsuit went south.
