Ripple (XRP) is a digital currency created in 2013 by a company initially called OpenLabs, which later rebranded to Ripple. This cryptocurrency was specifically designed to revolutionize international finance by offering a swift, cost-effective, and secure method for sending payments across international borders
After experiencing a series of declines, the XRP Token has experienced a notable rebound over the past week, marking a significant recovery phase. The price of the altcoin increased by 5%, reaching a high of $0.5691 earlier in the day. This surge has allowed XRP to surpass other altcoins in the crypto market, showcasing its strong market presence and investor confidence.
As we found on CoinMarketCap, the XRP Coin is trading at around $0.5487, reflecting a 2.52% increase in price in the last 24 hours. The market capitalization of the XRP Token hit $30.2 billion, with a 45.73% increase in 24 hours trading volume.
Legal Battle with Securities and Exchange Commission (SEC)
Ripple is currently in the midst of a legal battle with the U.S. Securities and Exchange Commission (SEC). In a recent legal filing, Ripple challenged the SEC’s demand for penalties nearing $2 billion.
The SEC alleges that Ripple breached securities laws through its sale of tokens to institutional investors and suggests fines approaching $2 billion. However, strongly disputes these penalties, suggesting a settlement closer to $10 million instead.
Stuart Alderoty, Ripple’s Chief Legal Officer, reiterated the company’s stance, emphasizing that there were no allegations of recklessness or fraud in the lawsuit.
Furthermore, he presented Ripple’s legal successes as proof of the SEC’s aggressive posture being unjustified. Alderoty depicted this as a form of intimidation towards the entire crypto industry in the U.S.
Alderoty also said, this did not stop Ripple from maintaining a positive outlook.
So, How High Will XRP Go in 2024
As per our technical analysis and market trend, the XRP Coin is anticipated to touch a maximum price level of $2.35, with an average price of $2.13 by the end of 2024. However, if there is any negative news surrounding Ripple, the XRP Coin can fall down to the minimum level of $1.99.
Also Read: Which Banks Use Ripple XRP: List of Banks Using XRP
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
