So far this year, no cryptocurrency has emerged as a dominant player. Despite a notable lull in positive performance, tokens across the board found themselves underperforming. Yet one asset that still inspires optimism is Ripple XRP, and the prospect of it reaching $1 in 2024 remains.
A look at Ripple’s technical performance does not inspire confidence that such a feat is possible. However, it still faces many ongoing developments that could hamper its overall growth potential. So let’s take a look at some of its legal challenges and other factors that could determine whether or not surpassing the $1 mark could be considered this year.
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SEC, Bitcoin Halving and XRP’s Quest at $1 This Year
As previously noted, XRP has long been touted for its overall potential as a digital asset investment. However, it is still stuck in a years-long legal battle with the U.S. Securities and Exchange Commission (SEC). Since 2020, the two sides have clashed in a battle that could forever change the agency’s designation of the asset class.
However, the determining factor in whether or not Ripple (XRP) could reach $1 in 2024 is its continued connection with Bitcoin. Recently, XRP returned to its reflection of BTC’s price performance. Subsequently, this will have massive implications in the coming months, as the asset is on the verge of its coveted halving.
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Ripple is currently trading at the $0.50 level according to CoinMarketCap. Even considering this consideration alone, the price of $1 is not exponentially exaggerated. At the start of 2018, the asset reached the milestone. Additionally, in 2020, it exceeded the $1 level twice. Additionally, with legal challenges likely to succeed soon, its alignment with Bitcoin could represent the biggest opportunity.
There is no argument against Bitcoin’s important status. It stands alone at the top of current digital asset offerings. Still, Ripple (XRP) has long been impacted by asset prices, and there is no upcoming event with as much anticipation as April’s likely halving.
In 2016, during the first halving, the value of Bitcoin increased by 2,830%. Simultaneously, XRP noted a remarkable increase of 30,405%. Subsequently, in 2020, the event led Bitcoin to peak gains of 548%. Alternatively, Ripple has reached a high of 831%. If this continues over the coming year, the value of both assets could skyrocket.
The value of Ripple on a global scale
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Although it is difficult to perceive the asset outside the cryptocurrency sphere, Ripple has taken advantage of such a field. Indeed, the most important part of Ripple’s operations is its money transfer business. Their work with more than 70 countries and companies for international payments has affirmed their place as an important part of global finance.
This is expected to continue with a host of expansions in different regions. Additionally, Ripple remains a key name in the overall financial space. Subsequently, in discussions about a Spot Ripple XRP ETF, such relevance makes a strong argument.
Although this is not expected to happen in 2024, asset prices are still expected to move over the next 11 months. All things considered, many consider that the overall rise in the price of the asset is assured. We will only know with time whether or not it can reach the $1 mark.