Ripple and hence XRP The token’s journey in 2023 has seen many ups and downs. Although the positive decisions from the SEC case helped improve the price, the uptrend did not last as long as expected. While the short duration of the trend creates uncertainty among investors, expectations for 2024 remain high.
Ripple company continues to provide various reports and predictions about what it can do in 2024 in the current market and regulatory environment. Rob Grant, vice president of global policy, drew attention with his prediction that a major retailer in the US will enable cryptocurrency payments. pulled. Although this increased hope among the community, it also brought with it a lot of speculation.
1️⃣ A G7 country will have a blockchain-enabled CBDC by the end of this year, using in a new age of government-backed digital currencies.
— Ripple (@Ripple) December 21, 2023
NEWS CONTINUES BELOW
While expectations that the Bitcoin ETF will be approved soon are increasing, the cryptocurrency market is also preparing for important developments. While the approval of a spot ETF could trigger massive investor inflows, a retail giant accepting crypto payments would also create strong leverage.
According to Grant, Ripple’s focus on using the company’s token for global payments could help XRP and other cryptocurrencies become more popular and useful.
In parallel with these predictions, Ripple’s prediction that CBDCs will emerge in 2024 adds a new one to the expectations. Grant predicts that a G7 country will take the CBDC step, signaling a pivotal time when state-backed digital currencies take center stage. The adoption of CBDCs by major economies could revolutionize traditional financial systems and potentially validate and legitimize the broader crypto landscape.
XRP Is Losing Value Despite Positive Developments
As we reported as Koinfinans.com, although many different developments were positive for XRP and Ripple, the price did not react the same. Despite short-term increases, the altcoin, which reached $ 0.69 at the beginning of December, dropped by 11.5% to $ 0.61 as of December 20. The current outlook is for the price to drop even below $0.60.
However, if the bulls want to pull the momentum towards the uptrend, they must first rise above the $0.75 level. Until a move above this level becomes clear, $1 will continue to remain a dream. However, it seems that a clear rise towards $ 1 could lead to a target of even $ 2 and 3.