Ripple (XRP) Witnesses Historic Moments in 2023, Becoming the 5th Largest Cryptocurrency by Market Cap
Optimism arises from Ripple’s consecutive victories in the legal actions taken by the Securities and Exchange Commission (SEC).
A major victory occurred in July when a judge ruled that XRP is not a security in itself. Following this, the SEC’s request for preliminary injunction was denied. The SEC later withdrew its securities violation lawsuits against Ripple executives Brad Garlinghouse and Chris Larsen in October.
XRP’s price skyrocketed by up to 100% shortly after the historic ruling in July, reaching its yearly high at $0.932. Before its price retraced, XRP had become the third largest cryptocurrency.
A similar price surge occurred in October when the SEC’s request for appeal against its devastating loss to Ripple was rejected. XRP reached its peak at $0.75 in mid-November but has since stabilized.
At the time of writing this report, XRP’s price has dipped by 0.8% in the past 24 hours, reaching $0.61. However, the token remains up by 74.4% annually.
Considering the events of 2023 that bolstered XRP’s price, the tailwinds resulting from adoption may further enhance XRP’s price in 2024.
Ripple CLO Stuart Alderoty predicts that the last part of the misleading lawsuit brought by the SEC against Ripple will finally end in 2024, serving as another tailwind for XRP’s price.
Ripple foresees the emergence of a new model, sharing its bullish projections for 2024. Adrian Trinkani, Ripple’s SVP of Product, expects that as the industry seeks to overcome the challenges faced in 2023, a new model will emerge.
Global banks and industry giants are strongly exploring digital asset solutions to meet customer demands for efficient and transparent financial services on demand. Ripple announced its collaborations with several global banks last year.
READ MORE Ripple's Legal Battle: A Chronicle of Victories and the Path Ahead in 2024
In 2024, Ripple expects adoption rates to continue rising. This remains a positive sign as Ripple utilizes XRP to facilitate cross-border payments.
XRP, designed as a cryptocurrency synonymously associated with Ripple, serves as a “bridge” currency facilitating transactions across borders between fiat currencies.
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