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XRP, presently the fifth-largest cryptocurrency by market capitalization, had historic moments in the year 2023.
The optimism stemmed from Ripple’s streak of consecutive victories in the SEC legal action. Ripple achieved a significant victory in July when a judge declared that XRP is not a security in and of itself. Following that, the SEC’s request for an interlocutory appeal was denied. The SEC then withdrew its securities law violation claims against Ripple executives Brad Garlinghouse and Chris Larsen in October.
The price of XRP increased by up to 100% shortly after the landmark verdict in July, reaching yearly highs of $0.932. Before its price fell, XRP rose to become the third-largest cryptocurrency.
The same scenario of a price climb played out in October, when the SEC’s request to appeal its earth-shattering loss against Ripple was denied. XRP reached a high of $0.75 in mid-November but has since consolidated.
At the time of writing, XRP was down 0.8% in the last 24 hours to $0.61, although the token remains up 74.4% yearly.
Given the playout of events in 2023 that lifted the XRP price, tailwinds stemming from adoption might boost the XRP price in 2024.
As predicted by Ripple CLO Stuart Alderoty, the last bit of the SEC’s misguided lawsuit against Ripple will finally come to an end in 2024, this remains a tailwind for the XRP price as well.
Ripple predicts emergence of new paradigm
As 2023 comes to a close, Ripple shares its bullish outlook for 2024. Adrien Treccani, the SVP of product at Ripple, predicts that as the industry seeks to move past the issues that plagued it in 2023, a new paradigm will emerge.
Global banks and industry giants are aggressively exploring digital asset solutions to meet client demand for efficient, transparent and on-demand financial services. Ripple has announced collaborations with several global banks in the past year.
In 2024, Ripple expects adoption rates to continue to soar. This remains a positive sign, given that Ripple uses XRP to facilitate cross-border payments.
The XRP cryptocurrency, which has become synonymous with Ripple, is designed to operate as a “bridge” currency between one fiat currency and another as transactions cross borders.