Will Ripple’s XRP Price See a Major Surge?


Ripple (XRP -0.39%) had a roller coaster of a year in 2023. Starting the year at $0.35 per token, the international payment system’s coin rose as high as $0.82 before dropping back down to $0.62. In comparison, the S&P 500 (^GSPC -0.28%) and Nasdaq Composite (^IXIC -0.56%) indices delivered gains of historic scale in the same period. Digital asset investors are now hopeful that the crypto winter is thawing out, and Ripple has several unique catalysts that may lead to a price surge.

The most important factor to consider is the lawsuit launched by the Securities and Exchange Commission (SEC) three years ago. The case halted XRP trading on American crypto brokerage services for two years, and Robinhood (HOOD -3.34%) still won’t let you buy or sell Ripple. Last summer, District Judge Analisa Torres in the Southern District of New York dismissed most of the SEC’s complaints. However, the charge of illegal trading of unregistered securities continues. The verdict of this case will have a major impact on Ripple’s price.

Outside of the lawsuit, Ripple is running a successful business. The crypto network’s trading volume spiked in the fall of 2020, and stayed high for a full year, indicating strong use of the payment system. Ripple has also explored the central bank digital currencies (CBDCs) opportunity since 2016, partnering with banks such as Bank of America (BAC -0.62%), Royal Bank of Canada (RY -0.20%), and Banco Santander (SAN).

XRP is the sixth most valuable cryptocurrency today, and for good reason. Cryptocurrencies create true coinholder value via successful answers to financial questions. Ripple’s business prospects keep growing, so the token may be poised for long-term success. If the XRP price doesn’t soar in 2024, investors should consider picking up some tokens on the cheap and waiting for stronger pricing in the years ahead.

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