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Home»EXCHANGE NEWS»Ripple Ecosystem Expansion: Will 2024 be the year of XRP?
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Ripple Ecosystem Expansion: Will 2024 be the year of XRP?

By Crypto FlexsJanuary 7, 20244 Mins Read
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Ripple Ecosystem Expansion: Will 2024 be the year of XRP?
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2024 could be a big year for Ripple. As the legal hurdles of the SEC lawsuit are cleared, institutional adoption is expected to be a key driver of ecosystem growth. But will this lead to a price surge for XRP?

Ripple ($XRP) ended 2023 at $0.62, up more than 65% from January, according to data from Coingecko. The cryptocurrency hit a yearly high of $0.82 in July after a favorable court ruling in the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).

Judge Analisa Torres ruled that XRP sales on secondary trading platforms did not violate securities laws. Ripple’s position became more entrenched after Torres rejected the SEC’s request to appeal its July ruling on XRP public exchange sales.

However, the SEC did not give up on the Ripple case and filed an appeal against the programmatic selling of XRP. This is especially important because the company just scored a victory following a judge’s ruling that LUNA and UST are securities.

XRP still lags.

Despite the recovery, Ripple was considered to have underperformed compared to other major cryptocurrencies such as Bitcoin ($BTC) and Solana ($SOL). Bitcoin is up nearly 160% in the past year and Solana has surged over 1000% in the past year. The price of XRP has been stagnant due to unclear legality. The asset failed to recover its July 2023 level and fell nearly 24%.

XRP briefly rose to $0.64 this morning before retreating to $0.56 amid the ongoing market downturn.

Bitcoin also fell below $41,000 and then rebounded to $42,000. The sharp drop in the market follows comments from a Matrixport analyst who suggested the SEC could reject all spot Bitcoin ETF filings. So far, the agency’s decisions on several Spot Bitcoin products have been the most anticipated events of the month.

Ripple Ecosystem 2024 Outlook

Institutional adoption could accelerate the growth of the Ripple ecosystem this year. Ripple has already established partnerships with several prominent banks and institutions around the world, including Bank of America, Santander, Standard Chartered, and Axis Bank. These financial institutions have adopted Ripple’s technology to facilitate cross-border payments and reduce transaction costs.

Ripple Labs also had a big win in October 2023. The Singapore branch has obtained a coveted license from the Monetary Authority of Singapore (MAS) to operate in the country. This milestone approval gives Ripple legal approval to offer digital payment token services directly to customers in Singapore.

Adrien Treccani, Ripple’s Senior Vice President of Products, envisions a revolutionary change in the relationship between the financial industry and digital assets. Unlike in the past when the cryptocurrency industry sought validation from traditional financial institutions, the future is likely to see cryptocurrencies mature as they become more independent.

Ripple executives predict a surge in interest from major banks and corporations looking for digital asset solutions. According to him, this trend is driven by growing consumer demand for streamlined, transparent and comprehensive financial services.

He also highlighted the growing trend among banks to trial specific crypto-asset applications, emphasizing the importance of conducting these trials under a rigorous security and regulatory framework.

Treccani also praised Ripple’s milestones in 2023, especially the establishment of partnerships with numerous global banking giants. His outlook for 2024 is optimistic, predicting it will be a watershed year characterized by significant growth and change for Ripple and the broader cryptocurrency landscape.

The legal battle will end

Stuart Alderoty, Ripple’s chief legal officer, said he expects the company’s lawsuit with the SEC to be resolved within the year, and that the SEC is unlikely to suffer losses in this case as well as other major legal battles involving digital assets. I predicted it would be there. This could potentially increase the Supreme Court’s scrutiny and involvement in shaping the industry’s regulatory framework.

The SEC has previously filed lawsuits against many prominent cryptocurrency companies, such as Binance, Coinbase, and Kraken. Although US legal action has been a significant driver of XRP price, this may not be as important in the future.

The United States is in a dire situation financially, and with so many wars to support around the world, the massive USD spending isn’t going to end anytime soon. With this level of money spending, inflation is inevitable. If inflation is weaponized by America’s growing enemies, the consequences for USD-backed assets could be dire.

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