Ripple’s XRP token surged by almost 80% in 2023. The token’s price began to rally after a district court ruled that selling XRP to retail clients did not breach securities laws. XRP’s price surged to a high of $0.82 soon after the verdict. However, price levels did not hold, and it began to plummet. The SEC‘s (Securities and Exchange Commission) lawsuit against Ripple has entered the high court, and investors are awaiting a ruling.
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Despite the gradual decline from the $0.82 level, there is a possibility that Ripple’s XRP token will reclaim its all-time high of $3.40 in 2024. However, to achieve this target, a few developments need to take place.
How can Ripple’s XRP reclaim its all-time high in 2024?
Firstly, Ripple will need a favorable verdict in its lawsuit with the SEC. The original trial date is for April 23, 2024. However, delays are common in cases like this, and we may anticipate the same.
Secondly, the cryptocurrency market will need to enter a bull run, like it did in 2021, if not better. Many analysts have said we may enter a bull run in 2024, fuelled by the possible approval of a spot BTC ETF (Exchange Traded Fund) and BTC’s halving event in April.
Also Read: Ripple (XRP): Analyst Projects 500% Rally to $3 in 2024
Thirdly, XRP will need to see a surge in adoption. This development could become a reality if Ripple receives a favorable verdict from the high court. Moreover, the fintech company has a line of partnerships with several financial institutions, which could further aid XRP’s price.
The regulatory uncertainty behind Ripple’s XRP’s status is one of its biggest barriers. In 2021, while other significant crypto projects hit their respective all-time highs, XRP did not move much. The lack of a rally is probably due to the SEC vs. Ripple lawsuit, which was going on in full motion. However, once the legal barriers are gone, XRP could surge to new highs.
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