While Ripple may not belong to the category of digital assets experiencing massive growth across the sector, its notable 87% increase in 2023 has sparked optimism about the potential for XRP to exceed the $1 threshold in early 2024. Some anticipate specific developments unfolding in the upcoming year that could pave the way for the asset to decisively surpass this milestone.
The ongoing legal dispute with the US Securities and Exchange Commission (SEC), along with Ripple’s corporate progress and broader market dynamics, may collectively contribute to a significant surge as the new year commences.
In the Spotlight: Ripple’s Q1 Campaign for $1 in 2024
In 2023, the digital asset sector experienced a significant resurgence, marking a notable recovery from the challenges faced at the end of the preceding year. While several tokens recorded substantial gains, with Bitcoin leading the way, Ripple saw an 87% increase in 2023, reflecting a positive trend despite not achieving a meteoric rise. Anticipation of favorable developments for XRP has led many to speculate that XRP could breach the $1 level in early 2024. This outcome hinges on various factors, including the resolution of the ongoing SEC lawsuit.
Ripple secured a significant legal victory earlier in the year when courts rejected the SEC’s classification of XRP as a security. While this didn’t propel the digital asset to surpass the $0.9399 resistance, it provided a boost. The resolution of the entire case in 2024 could be a game-changer for XRP’s overall performance. Crucial dates in February, March, and April will involve remedies briefing, SEC filings, Ripple oppositions, and SEC replies. A favorable outcome in these proceedings could further drive Ripple’s momentum, particularly when considered alongside the potential approval of a Spot Bitcoin ETF, which stands to benefit the entire industry.
Changelly, a price prediction resource, forecasts Ripple to surpass the $1 mark, with a maximum price of $1.08 predicted for the year 2024. However, they do not anticipate the asset maintaining an average price above $1, projecting an end-of-year average of $0.92.