7 Signs That XRP Could Skyrocket in 2024

XRP underwent a correction in January, dropping below the crucial support level of $0.62 that had been maintained for two consecutive months from November to December. Furthermore, during this period, XRP formed a descending wedge pattern, often considered a technical indicator signaling a trend reversal



So, XRP may find success in 2024 if Bitcoin experiences a price increase, as anticipated by many following the halving. Let's explore together, with Bitcoin Magazine, seven indicators for 2024 that suggest XRP's price may perform even more favorably in the coming year.

The SEC lawsuit is nearing its end.

The U.S. Securities and Exchange Commission (SEC) and Ripple Labs are both strangely silent ahead of the crucial phase of the lawsuit set to begin on February 12. This is considered surprising since the lawsuit commenced in December 2020.

Ripple secured three significant victories last year, including: 1) Judge Analisa Torres ruling that XRP tokens sold on the secondary market are not securities; 2) The SEC not appealing this decision; and 3) The SEC removing Ripple's co-founder and CEO's affiliated organizations from the lawsuit. These developments acted as catalysts for XRP's price in the past year.
Legal expert Fred Rispoli noted on January 8th, "We haven't seen any action from the SEC being filed." Since then, Ripple and the SEC have engaged in disputes over the discovery process, but the slow progress suggests both parties are not overly confrontational.

The final settlement and conclusion of the SEC's years-long lawsuit against Ripple Labs could serve as a strong motivator for XRP's price in 2024.

XRP continues to foster global partnership relations.

Ripple Labs has achieved significant partnership developments in 2023 across the United Kingdom, Asia, and Africa. These developments are expected to bring increased business activities to RippleNet, potentially driving up the demand for Ripple tokens and providing additional support for XRP prices. Furthermore, the project's ambitious global expansion plans are just beginning to unfold in 2024.

Ripple is also actively working to create favorable conditions for the Central Bank Digital Currencies (CBDCs) of sovereign nations abroad and is striving to provide 90% on-demand global liquidity for foreign exchange markets.

XRP supply and price design.

Similar to Bitcoin, XRP has a capped supply limit of 10 billion tokens. All XRP is scheduled to be released by May 2027 if the plan proceeds as intended. The scarcity of the supply makes Ripple akin to a deflationary currency like Bitcoin, which is expected to provide significant support to XRP prices.

In addition to the capped supply, Ripple employs a mechanism to burn a small portion of XRP sent through each transaction, further enhancing deflationary support for the Ripple platform's token system. At the current burning rate, it may take around 70,000 years for all XRP to be depleted.

XRP price does not reflect the value of XRPL.

A decentralized ledger is built around the XRP token, with numerous features within the DeFi space and smart contracts. While it lags behind other competitive counterparts in development, this stands as a significant incentive for developers to add and build numerous DApps on the XRP Ledger.

The XRPL has the capability to issue tokens, programmable money, smart contracts, and decentralized financial applications (DApps) such as decentralized exchanges (DEX).

XRP average transaction fee: $0.0014

The average transaction fee of $0.0014 for cross-border payments using XRP is a significant advantage for the platform, and this is expected to continue attracting a considerable number of investors in 2024.

Similar to Solana, which often has fees below $0.001, the low transaction costs have made it appealing to both individual users and large corporations seeking to implement blockchain technology.

Ripple IPO could take place in 2024

The Ripple IPO is not certain, but it will be considered in 2024, especially as the SEC lawsuit approaches its conclusion.

A potential IPO could serve as a positive catalyst for stock prices, but the company has maintained that the United States does not provide a favorable legal environment. Consequently, they may even contemplate conducting the IPO overseas.

Bitcoin's 4-year market cycle

The next Bitcoin halving is scheduled for April 2024. Similar to the market cycles observed in the previous four-year periods, this event typically signals a prolonged 1.5 to 2-year bullish trend for cryptocurrencies if history repeats itself. Bitcoin's market surge has historically provided support for most projects in the crypto space.

Data on the cyclical nature of Bitcoin and Ethereum (ETH) currently indicates a bullish trend, often preceding growth cycles of 500% to 1,000% in the years prior.

While future investment performance cannot be predicted with certainty, the coincidental timing of the Bitcoin halving event and the SEC lawsuit proceeding to trial in April may serve as a potent catalyst for a substantial upward momentum for XRP later this year.