Although the cryptocurrency market is entering the greens, Ripple’s XRP token is struggling to gain momentum. The asset has rallied 4.7% in the weekly charts but is down 1.2% in the 14-day charts and 7.9% over the previous month.
Also Read: Ripple vs SEC Lawsuit: A Settlement on the Cards?
XRP’s slow growth could be due to its ongoing legal battle with the US SEC (Securities and Exchange Commission). The SEC alleges that Ripple selling XRP tokens breaches securities laws. Although the fintech company received a partially favorable verdict in a district court last year, the lawsuit has entered the high court, and investors are awaiting a ruling. Recently, the SEC received the court’s permission to access Ripple’s financial documents. Investors may have seen this as a bearish development, slowing XRP’s growth.
When will Ripple’s XRP reclaim its all-time high of $3.40?
XRP reached its all-time high of $3.40 in January 2018, over six years ago. While many top crypto projects reached all-time highs in 2021, XRP did not bulge, likely due to the SEC’s suit against Ripple.
According to Changelly, XRP could reclaim its all-time high in 2028, with a maximum price of $3.57 for the year. As for 2024, the platform anticipates XRP to reach a high of $0.79122087. Reaching $0.79122087 would translate to a growth of over 50% from current levels.
Also Read: Ripple XRP Eyeing 3400% Rally to $18.22: Predicts Analyst
Telegaon, on the other hand, paints a more bullish picture for Ripple’s XRP token. The platform anticipates XRP to reach its all-time high as early as 2025, predicting a maximum price of $3.97 for the year. Moreover, the platform predicts a maximum of $2.28 in 2024. Reaching $2.28 would translate to a growth of over 330% from current levels.
However, if the US high court rules in favor of Ripple, similarly to the district court, XRP may reclaim its all-time high much sooner than anticipated.