Ripple: 3 reasons why XRP is linked to $1 in 2024

The digital assets market has had an overall positive year. Although April began with a price correction, it followed a March full of gains for the broader market. Many experts predict further gains to come, which is why Ripple (XRP) is still limited to $1 in 2024.

Throughout the last month, Ripple was unable to take advantage of positive developments. However, this trend does not seem likely to continue for the rest of the year. Specifically, three key examples exist to ensure that the asset is on track to return to a level it has not seen in several years.

Also read: Ripple: XRP expected to increase by 200%

Three reasons why XRP is expected to hit $1 in 2024

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SEC Lawsuit

Also Read: What lies ahead for Ripple XRP Post This is the SEC court verdict

Any discussion of Ripple’s performance for 2024 is heavily dependent on the ongoing lawsuit with the United States Securities and Exchange Commission (SEC). The current problem is close to being resolved, but its conclusion is still up in the air according to many experts and analysts.

The most recent update saw the SEC seek a judgment requiring Ripple (XRP) to pay fines worth $2 billion. As one might imagine, the request was met with an unfavorable response from Ripple executives. Both sides are currently in the repair phase, and a final timetable is beginning to be set.

Ripple scored a crucial victory in the lawsuit when Judge Torres ruled that XRP was not a security. Throughout the next month, both sides will be able to respond, while meeting to assess what should be revealed to the public. Additionally, these developments should provide a clearer idea of ​​when the trial might end. This information is likely to be the catalyst for a massive increase in the value of XRP.

Bitcoin halved

Also Read: Ripple: XRP to Reverse Trend, Seeks $0.75 Amid Bitcoin Halving

The digital asset market as a whole is eagerly awaiting the Bitcoin halving event. Like many other assets, Ripple (XRP) should be able to ride the wave as it climbs to the $1 mark in 2024.

Throughout the year so far, Bitcoin has proven to be the tide that lifts all boats. Its rise in March to an all-time high of $73,000 set the stage for a massive monthly increase. Additionally, the halving event, which halves the circulating supply of BTC, is expected to have similar impacts on assets across the board.

Currently, the halving event is scheduled to take place on April 20, according to our Bitcoin Halving countdown. Subsequently, this development could coincide with a significant development in an SEC lawsuit. If that happens, it could push the asset into entirely new territory for the year.

Advances and adoption

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Also Read: How High Can Ripple XRP Rise This Week?

Finally, Ripple (XRP) could cost $1 in 2024 due to its technological advancements and growing adoption. These two things go hand in hand, with the first informing the second. However, their presence often goes unnoticed in more prominent stories like the BTC Halging and SEC affair.

Ripple has been adamant about its ongoing technological innovations. This is clearly demonstrated in their integration of automated market makers (AMM). Additionally, they will likely have a fairly large impact on the direction of asset prices as the year progresses.

Efforts to improve Ripple’s user experience could lead to massive gains in the coming months. Improving profitability and speed have always been strengths for Ripple. This fact, in concert with the contextual elements mentioned previously, could lead to a marked increase in adoption and overall value.

reference: watcher.guru

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