Stuart Alderoty, Ripple’s Chief Legal Officer, provided insight into the cryptocurrency landscape’s potential future, particularly in 2024, in a series of X posts. He focused on Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC), the judiciary’s role in forming crypto regulations, and possible legislative issues in Congress.
Alderoty predicted that Ripple’s SEC lawsuit may conclude in 2024. However, he cautioned against the SEC’s continued “regulation by enforcement” and its possible effects on other participants in the cryptosphere. He also suggested that the judiciary could play a crucial role in reigning in the SEC’s overreach, which could result in a Supreme Court showdown due to ongoing legal disputes.
Turning to Capitol Hill, Alderoty predicted that lawmakers may agree on the principle of crypto regulation. However, he foresaw a gridlock, which could leave US cryptocurrency firms in a precarious situation while global competitors move ahead with regulatory clarity.
Reflecting on Ripple’s successes in 2023, the year marked a turning point with several notable legal victories against the SEC. This clarified the XRP regulatory framework and all charges against Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen, which were alleged to be in violation of securities laws, have been dropped, bolstering Ripple’s standing in the industry. These developments not only attest to Ripple’s strength, but also demonstrate the entire cryptocurrency sector’s innovative spirit in the face of legal difficulties.
Looking forward to 2024, we can anticipate Bitcoin’s upcoming halving and the approval of Spot Bitcoin ETFs that could buoy the stock market. XRP’s community has long hoped that XRP will reach $1.50 by 2024. The cryptocurrency has had a monthly high of $0.70, followed by a brief drop. XRP’s current upward trend is encouraging. As a whole, it seems to be continuing with higher highs and lower lows despite a 61.8% fall at the Fib Level of $0.7430. Nevertheless, caution is advised: if the daily candlestick ends below $0.6200, it could signal a shift in the trend.
