Ripple’s XRP token is showing recovery signs after the recent market selloff, rallying 2.8% in the last 24 hours. However, the asset is still down by over 1% in the weekly charts, more than 8% in the 14-day charts, and 20% over the previous month.
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According to CoinCodex, Ripple’s XRP token may witness a rally over the next few days. According to the platform, XRP could hit $0.54 by Feb. 4, 2024 (Sunday). The price increase would translate to a growth of around 8% from current levels. Moreover, CoinCodex anticipates XRP to hit $0.68 by Feb. 6, 2024 (Tuesday). Hitting $0.68 would translate to a rally of about 36% from current price levels.
However, CoinCodex predicts XRP’s price to head down through the rest of the month.
Changelly also anticipates Ripple’s XRP to rally in the coming days. The platform predicts XRP to hit $0.54 on Feb. 3, 2024 (Saturday) and $0.629510 on Feb. 4, 2024 (Sunday). Reaching $0.62 would translate to a rally of around 24% from current levels. However, like CoinCodex, Changelly also anticipates XRP to dwindle by the end of February.
Can Ripple’s XRP hit new highs in 2024?
One of the most significant barriers to XRP’s price is the ongoing legal battle between the US SEC (Securities and Exchange Commission) and Ripple. The SEC alleges that Ripple’s sale of the token breaches securities laws. However, last year, a US district court ruled that selling XRP to retail clients did not breach securities laws. The lawsuit has entered the high court, and investors await a verdict.
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If the high court rules similarly to the district court, we may see a surge in XRP’s price. Moreover, the asset is one of the most popular currencies for cross-border remittance. A favorable ruling could lead to a spike in adoption as well.