Ripple’s XRP token has surged by almost 80% since the beginning of the year. XRP’s impressive growth could be due to the favorable ruling by a US district court in the SEC vs. Ripple lawsuit. XRP was one of the few projects that did not hit an all-time high in the 2021 bull run. Many analysts attribute the lack of a rally for XRP to the SEC (Securities and Exchange Commission) lawsuit.
Nonetheless, there is a possibility that XRP could hit a new all-time high in 2024. Many market analysts anticipate a bull run for cryptocurrencies in 2024. This bull run will likely come from the high chances of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) and BTC’s halving in April 2024.
What else could push Ripple’s XRP token?
Although Ripple received a favorable verdict from the district court, its legal battle with the SEC has entered the US high court. There is a possibility that the high court will also rule similarly to the district court and say that the sale of XRP to retail clients did not breach securities laws. In such a scenario, XRP might see a sudden spike in adoption, leading to prices surging.
Moreover, Mastercard recently announced a partnership with Ripple, marking a significant jump in the fintech company’s popularity. The firm has also partnered with Japan’s SBI Holdings, among others. An increase in partnerships will also aid XRP’s price.
Ripple’s XRP token is also very popular for cross-border remittances. Analysts expect this metric to rise over the next few years. Moreover, if Ripple receives a favorable verdict in the high court, the number of users might significantly increase.
Furthermore, Ripple’s XRP is down by over 80% from its all-time high of $3.40, which it attained in January 2018, almost six years ago. Hence, it is possible that in the next bull run, XRP will make up for what it missed in 2021.