YEREVAN (CoinChapter.com) — XRP, the native cryptocurrency of Ripple, has seen several significant developments in 2023. The controversial token has seen a series of ups and downs. The most significant rally came in July, which sent the XRP price above the $0.80 mark. But will XRP Price Rally in 2024?
Year to date, XRP’s price has increased by 77%. This growth came at the heels of Ripple’s successes, including legal victories and recognitions. In a landmark decision, the United States district court in New York ruled that XRP was not a security.
At the time of writing, the XRP price was $0.612848, according to crypto portfolio tracking firm CoinStats.
Will XRP Price Rally in 2024??
Although broadly positive, analysts’ expectations about the future price of XRP vary. One analyst, for instance, predicts an 800% rally, which, if it takes place, will see XRP reach around $5.50.
Positive sentiments also stem from the expectations of a spot Bitcoin ETF getting approval.
Lawyer John Deaton, who represents XRP holders in the ongoing Ripple lawsuit, believes the development will be positive for the token. According to him, once the US Securities and Exchange Commission (SEC) approves spot BTC ETFs, the firms that have applications pending will jump into a marketing frenzy.
The Super Bowl LVIII is due on Feb. 11 in the Las Vegas, Nevada, Allegiant Stadium. Given the size and popularity of the event, one of the firms will surely utilize this to promote spot Bitcoin ETF. This will send the markets pumping and impact XRP price in 2024.
Despite the legal complications, Ripple has received several awards and recognitions. This has helped maintain XRP’s popularity among investors.
In August, Ripple was listed among People’s Magazine’s “100 Companies Who Care“. The company also ranked highly in Fortune Magazine’s top workplaces in technology for 2023.
Moreover, Ripple also won the UK’s PAY360 Award in October, recognizing its leadership in cryptocurrencies and financial services. More recently, the Central Bank of Ireland (CBI) added Ripple’s Irish subsidiary, Ripple Markets Ireland Limited (Ripple Markets), to its list of registered Virtual Asset Service Providers (VASPs).
The firm’s popularity and continuous successes against the SEC could propel it to chart new highs during the next crypto bull run.
Moreover, the tokens strong market position, as the fifth-largest crypto by market cap, is another factor that makes it a major player in the space. Owing to these developments, will XRP rally in 2024?
Brad Garlinghouse bets on the 2024 US Presidential Elections
With the US Presidential elections due in November 2024, several crypto companies are lobbying for candidates that will support the industry. Among them is also Ripple.
In a recent post on X (formerly Twitter), Ripple CEO Brad Garlinghouse expressed his company’s intentions to fund candidates.
“Team Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates… 2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation and a compliance-first approach. Team Ripple and I won’t squander it,”
he wrote.
Among the current contenders, those that support crypto innovation from the Republican party include entrepreneur Vivek Ramaswamy, his party mate, and former Arkansas Governor Asa Hutchinson.
According to Ramaswamy, Bitcoin provides “an opt out of the broken financial system created by the US Federal Reserve system.”
Democrat Representative Dean Phillips of Minnesota’s 3rd congressional district is also a supporter. Presidential Hopeful Robert F. Kennedy Jr., who started his campaign as a Democrat but has since become independent, is also an ardent Bitcoin (BTC) supporter.
With Ripple promising to fund pro-crypto candidates, public sentiment for the XRP at the runoff to the elections next year will surely become more favorable.
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