Ripple’s XRP token has fallen by 2.4% in the daily chart and by 4.4% in the weekly. However, the asset is still up by 2.9% in the 14-day chart and 1.3% over the previous month. Moreover, XRP has surged by nearly 41% since February 2023.
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XRP’s latest correction could be due to Bitcoin (BTC) falling below $52k. The original cryptocurrency is currently down 1.2% in the daily charts and 2.1% in the weekly. Moreover, Ripple’s ongoing lawsuit with the SEC (Securities and Exchange Commission) may have slowed XRP’s growth. Despite a favorable ruling from a district court in 2023, the SEC vs. Ripple lawsuit has entered the high court, and investors await a verdict.
Ripple IPO soon, along with an XRP ETF?
According to former Ripple executive Sean McBride, we may see an XRP ETF (Exchange Traded Fund) in 2024 or 2025. The SEC made a historic move and approved 11 spot BTC ETFs in January. The development has opened the doors for more crypto-based ETFs in the future.
McBride also said we may see a Ripple IPO (Initial Public Offering) outside the US in 2025. Rumors about Ripple going public have circulated online, but there is no official confirmation from the company.
If we get an XRP ETF and a Ripple IPO, we may see a surge in the asset’s price. Going public could mean more money for the company to innovate. Furthermore, if Ripple receives a favorable ruling from the US High Court, it will propel the asset’s price even further.
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XRP hit its all-time high in January 2018, over six years ago. While other major assets hit their peaks in 2021, XRP did not make much noise. The lack of movements from XRP during the 2021 bull run is likely due to Ripple’s lawsuit with the SEC. If the company receives a favorable ruling, and the market enters another bull run, XRP could hit a new all-time high.