Although Ripple is not one of the massive growth tokens of the overall digital asset sector, up 87% in 2023, many believe that XRP could be on its way to passing the $1 mark in early 2024. Specifically, certain developments could occur in the coming year that would allow the asset to firmly surpass the mark.
Ripple has been a topic of conversation for the digital asset sector due to its longstanding legal conflict with the US Securities and Exchange Commission (SEC). Indeed, that circumstance, the company’s development, and the market as a whole could factor into a massive surge to start the new year.
Also Read: Ripple XRP Price Prediction: New Year 2024
Ripple Set to Reach $1 in Q1 of 2024?
2023 will undoubtedly be viewed as a massive rebound for the digital asset sector. Following the collapse-riddled end to the previous year, the market has once again regained prominence. Specifically, a host of tokens have noted meteoric rises, with Bitcoin leading the way forward for the industry.
Although it did not face such a rise, Ripple is still up 87% in 2023, and with many expecting positive developments from the firm, XRP could be on its way to breaking through the $1 level in early 2024. Altogether, that would rely on various factors, including an outcome to its ongoing SEC lawsuit.
Also Read: Ripple’s XRP to Rally 90% and Hit $1.20: Predicts Analyst
The company noted a massive legal victory over the SEC earlier this year when courts ruled against the agency’s security status of the XRP token. Although that did not propel the digital asset to break through the $0.9399 resistance, it got a needed boost. However, if the entire case finds a conclusion in 2024, that could be a game changer for its overall performance.
The case’s timeline has a crucial date arriving in February, March, and April. Then, the process will include remedies briefing, SEC filings, Ripple oppositions, and SEC replies. A favorable outcome to those developments could continue to propel it. Subsequently, coinciding with the approval of a Spot Bitcoin ETF- something that will benefit the entire industry- it could create a perfect storm.
Price Prediction resource, Changelly, does forecast Ripple to break past the $1 mark. Specifically, they identified a price of $1.08 to be the maximum price for the year 2024. However, they do not expect the asset to average a price above $1. Conversely, they note that the asset should end in 2024 with an average price of $0.92.
