The digital asset market has faced a positive year for the most part. Although April began with a price correction, it was following a March full of gains for the market as a whole. Many experts have predicted further gains to come, which is why Ripple (XRP) is still $1 bound in 2024.
Throughout last month, Ripple was unable to take advantage of the positive developments. However, that does not appear to be a trend that should continue for the rest of the year. Specifically, three key examples exist to ensure that the asset is set to regain a level it hasn’t seen for several years.
Also Read: Ripple: XRP Forecasted To Rise 200%
Three Reasons XRP is Set to Reach $1 in 2024
SEC Lawsuit
Also Read: What’s in Store for Ripple XRP Post It’s SEC Court Case Verdict
Any discussions about Ripple’s performance for 2024 are heavily dependent on the ongoing US Securities and Exchange Commission (SEC) lawsuit. The ongoing issue is approaching a resolution, but its conclusion is still up in the air according to many experts and analysts.
The most recent update saw the SEC seek a judgment ruling that required Ripple (XRP) to pay $2 billion worth of fines. As one can imagine, the request was met with an unfavorable response from Ripple leaders. The two sides are currently in the remedies phase, with an end time frame starting to be established.
Ripple enjoyed a crucial victory in the lawsuit when Judge Torres ruled XRP as a non-security. Throughout the next month, both sides will be able to respond on both sides, while meeting to asses what should be revealed to the public. Moreover, those developments should present a clearer picture of when the lawsuit could end. That information is likely to be the catalyst for a massive surge in value for XRP.
Bitcoin Halving
Also Read: Ripple: XRP to Reverse Trend, Seeks $0.75 Amid Bitcoin Halving
The digital asset market as a whole is anxiously awaiting the Bitcoin halving event. Similar to many other assets, Ripple (XRP) should be able to ride the wave in its ascension to the $1 mark in 2024.
Throughout the year so far, Bitcoin has proven to be the tide that lifts all boats. Its rise in March to an all-time high of $73,000 led the way for the massive monthly surge. Moreover, the halving event, which cuts the circulating supply of BTC in half, should have similar impacts on assets across the board.
Currently, the halving event is slated to take place on April 20th, according to our Bitcoin Halving Countdown. Subsequently, that development could coincide with an important SEC lawsuit development. If that takes place, it could push the asset into a brand new territory for the year.
Advancements & Adoption
Also Read: How High Can Ripple XRP Rise This Week?
Finally, Ripple (XRP) could be $1 bound in 2024 due to their technological advancements and increase in adoption. These two things go hand in hand, with the former informing the latter. However, their presence often goes unnoticed along more prominent stories like the BTC Halging and SEC case.
Ripple has been adamant about its ongoing technological innovations. This is clearly shown in their integration of automated market makers (AMM). Moreover, they will likely have a pretty expansive impact on the asset price direction as the year continues.
The efforts taken in aiding the user experience for Ripple could lead to massive gains over the next several months. Improve cost-efficiency and speed are always things that have been a strength for Ripple. This fact, in concert with the previously mentioned contextual elements, could lead to clear increases in both adoption and overall value.