So far this year, no cryptocurrency has emerged as a dominant performer. Throughout a noticeable lull in positive performances, tokens across the board have found themselves underperforming. Yet, one asset that has still inspired optimism is Ripple XRP, and the prospect of it reaching $1 in 2024 remains.
A look at the technical performance of Ripple doesn’t inspire confidence that such a feat is possible. However, it still faces a host of ongoing developments that could be hindering its overall growth potential. So, let’s break down some of its legal challenges, and other factors that could determine whether or not surpassing the $1 mark could be in the cards this year.
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SEC, Bitcoin Halving, and XRP’s Quest to $1 This Year
As previously stated, XRP has long been touted for its overall potential as a digital asset investment. However, it is still stuck in an ongoing years-long legal battle with the US Securities and Exchange Commission (SEC). Since 2020, the two sides have faced off in a battle that could forever change the agency’s designation of the asset class.
However, the key determining factor of whether or not Ripple (XRP) could reach $1 in 2024 is its continued connection to Bitcoin. Recently, XRP has returned to its mirroring of BTC’s price performance. SUbseuqnlety, that will have massive implications in the next few months as the asset is set to face its coveted halving.
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Ripple is currently trading at the $0.50 level according to CoinMarketCap. Even with that consideration alone, the $1 price mark is not exponentially far-fetched. In early 2018 the asset reached the mark. Moreover, in 2020 it surpassed the $1 level twice. Moreover, with the legal challenges likely to conclude soon, its alignment with Bitcoin could spell the greatest opportunity.
There is no argument to be made against the prominent status of Bitcoin. It stands alone atop the current digital asset offerings. Yet, Ripple (XRP) has a long history of being impacted by the asset price, and there is no upcoming event with as much anticipation as April’s likely halving.
In 2016, the first halving, Bitcoin increased 2,830% in value. Simultaneously, XRP noted a remarkable 30,405% increase. Thereafter, in 2020, the event led Bitcoin to peak gains of 548%. Alternatively, Ripple reached a peak of 831%. If that continues into this upcoming year, both assets could skyrocket in value.
The Value of Ripple Globally
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Although it is difficult to perceive the asset outside of the cryptocurrency sphere, Ripple has benefitted in such an area. Indeed, the most important part of Ripple’s operations is its money-transmitting business. Their work with more than 70 countries and corporations for international payments has affirmed their place as an important part of global finance.
That is set to continue with a host of expansions into different regions. Moreover, it maintains Ripple as a key name in the overall finance space. Subsequently, in talks of a Spot Ripple XRP ETF, such relevancy provides a solid case.
Although that is not expected to take place in 2024, there is still anticipation surrounding where the asset price could go in the next 11 months. All things considered, many have perceived the asset’s overall price increase to be assured. Whether or not it can reach the $1 mark is something we will only know in time.