Native token of Ripple company XRP It has recorded an average growth of 80% since the beginning of the year. The most important reason for this increase in the token price seems to be related to the decision made by a district court in the USA in favor of Ripple. The altcoin was one of the few assets that failed to reach its peak price during the 2021 bull run, according to analysts, the main reason for this was the lawsuit filed by the SEC.
However, there is actually a possibility that XRP will reach its all-time high in 2024. Many market analysts predict that in 2024 cryptocurrencycontinues to predict a bull run for alar. This bull run will likely occur based on the approval of a spot Bitcoin ETF and BTC’s halving, which will occur in April 2024.
Although Ripple received a ruling in its favor from the district court, its legal battle with the SEC continues in the US supreme court. There is a possibility that the Supreme Court will rule similarly to the district court and say that the sale of XRP to retail customers does not violate securities laws. In such a scenario, the token may experience a sudden increase in adoption, leading to a rise in prices.
Moreover, Mastercard recently Ripple He announced that he had established a partnership with , marking a significant jump in the popularity of the fintech company. The firm has also partnered with Japan’s SBI Holdings, among others. The increase in partnerships will also help the price of XRP.
The token continues to be frequently used for cross-border transfers, in other words, its functionality is still high. Analysts expect this metric to rise over the next few years. Moreover, if Ripple receives a positive decision in the supreme court, the number of users could increase significantly.
The token has fallen over 80% from its all-time high of $3.40 on average, reached six years ago in January 2018.