XRP, the cryptocurrency associated with Ripple Labs, is making headlines once again. Recently, Coinbase, one of the largest cryptocurrency exchanges, announced that it has delisted XRP for its New York-based clients. This marks a significant turnaround after Coinbase delisted the token across its U.S. markets in January 2021 due to a lawsuit filed by the Securities and Exchange Commission [SEC] against Ripple.
Despite this positive news of resisting, XRP has not experienced the immediate surge that some investors might have hoped for. At press time, XRP is trading at $0.5207, reflecting a 1.86% daily dip. This dip comes amid broader market fluctuations and investor uncertainty. However, relisting on Coinbase is a positive development, signaling a potential thaw in regulatory relations, but the legal uncertainty still looms large.
The SEC lawsuit was initiated back in December 2020. The lawsuit accused Ripple of conducting unregistered securities offerings by selling XRP. This legal battle has cast a long shadow over the altcoin. It has impacted both price and market sentiment throughout the years.
Also Read: Coinbase Enables Ripple (XRP) Trading in New York
Market Predictions
According to Changelly, a cryptocurrency price prediction platform, Ripple’s XRP is expected to reach the $1 mark only in 2025. For 2024, Changelly forecasts that XRP will trade at a minimum price of $0.9518, with an average price of around $0.9871. Lastly, it entails the potential of reaching a maximum price of $1.18. These projections suggest a slow but steady climb toward the $1 threshold, contingent on overall market conditions and ongoing legal outcomes.
Currently, the overall sentiment remains mixed. The relisting news comes as a bullish signal. But the market’s reaction was rather tempered. Nevertheless, several other factors could influence XRP’s ascent towards $1. This includes regulatory clarity, market adoption, broader crypto market trends as well as technological developments.
Also Read: Ripple (XRP) Price Prediction: May End 2024