In 2023, XRP—which is now the fifth-largest cryptocurrency by market capitalization—had several important events.
The reason for the optimism was Ripple’s string of wins in the SEC lawsuits. When a judge ruled in July that XRP is not a security in and of itself, Ripple won a big battle. The SEC’s request for an interlocutory appeal was then turned down. Then, in October, the SEC dropped its accusations of securities law violations against Chris Larsen and Brad Garlinghouse, two executives of Ripple.
Shortly after the historic ruling in July, the price of XRP shot up to 100%, hitting annual highs of $0.932. XRP climbed to become the third-largest cryptocurrency until its price dropped.
When the SEC attempted to appeal its shocking defeat against Ripple, the same kind of price increase occurred in October. Midway through November, XRP hit a high of $0.75, but it has since stabilised.
As of this writing, XRP has dropped 0.8% in the previous day to $0.61, yet it has still increased by 74.4% year.
Tailwinds from adoption might raise the price of XRP in 2024, given how events in 2023 played out and raised the price of XRP.
The final portion of the SEC’s erroneous case against Ripple will eventually conclude in 2024, as predicted by Ripple CLO Stuart Alderoty. This will continue to be positive for the price of XRP.
Ripple predicts emergence of new paradigm
As 2023 draws to an end, Ripple offers its optimistic forecast for 2024. According to Ripple’s SVP of product, Adrien Treccani, a new paradigm will emerge as the sector works to move past the problems that beset it in 2023.
To satisfy customer demand for effective, transparent, and on-demand financial services, major international banks and corporations in the sector are actively investigating digital asset solutions. In the last year, Ripple has established partnerships with a number of international banks.
Ripple anticipates that adoption rates will continue to increase in 2024. Considering that Ripple uses XRP to enable cross-border payments, this is still encouraging.
As cross-border transactions occur, the XRP cryptocurrency, which has come to represent Ripple, is intended to function as a “bridge” currency between different fiat currencies.
