Sokipiriye Dokubo
Throughout this year, the digital asset market has witnessed a surge in various assets’ values, yet one standout, Ripple (XRP), seems to have fallen short of expectations. Amidst uncertainty, is $0.95 the maximum potential for Ripple amidst its unresolved SEC lawsuit?
Initially projected as a frontrunner for the year by analysts, Ripple’s anticipated surge was largely attributed to its ongoing legal battle with the SEC. However, there’s a growing sentiment that XRP’s journey to $1 is hindered by this legal turmoil.
Ripple (XRP) Struggles to Break $1 Amidst Continuing SEC Lawsuit
Despite being just three months into 2024, the digital asset sector has already witnessed significant developments, particularly with the approval of several Spot Bitcoin ETFs, bolstering the industry’s mainstream legitimacy. However, while Bitcoin soared to a record $73,000 high this year, other assets like Ripple (XRP) faced challenges.
It seems Ripple may be capped at $0.95 for 2024 due to its ongoing SEC lawsuit. Despite investor optimism at the beginning of the year, Ripple has failed to capitalize on the hype, fueling concerns that it may never do so as long as the lawsuit looms.
Industry forecasts paint a similar picture, with few expecting XRP to breach the $1 mark this year. Price predictions from Changelly suggest a high of $0.879 and a low of $1.08 in 2025, while Cryptopolitan anticipates a maximum of $0.95 for 2024, followed by a minimum of $1.19 in 2025, aligning with the prevailing sentiment of a potential ceiling for the asset this year.
Recent market performance reflects this uncertainty, with XRP showing minimal movement over the past 24 hours and trading at $0.62, maintaining a relatively neutral stance over the last 30 days. Additionally, the lack of significant updates, such as Ripple Labs’ recent announcement of its own US dollar-pegged stablecoin, has failed to generate upward momentum for XRP’s trajectory.