According to CryptoPotato, Ripple's XRP price has struggled to break out in recent months, with a 5% decrease in the past 30 days. However, the past couple of weeks have seen an 11% increase, and in the last 24 hours, XRP rose above $0.54, marking a 2.9% improvement. Several factors could influence XRP's price in the current year, including the outcome of the lawsuit against the US Securities and Exchange Commission (SEC). A win against the SEC would likely be a significant positive catalyst for Ripple, removing a major legal uncertainty and potentially unlocking its ability to engage with more financial institutions and expand its use cases.
Market sentiment will also play an important role in XRP's price. If the broader cryptocurrency industry remains bullish, as it has been so far in 2024, XRP will have a better chance at increasing toward $2 later in the year. A bullish market sentiment overall, particularly for cryptocurrencies, would contribute to a favorable environment for XRP’s price to increase.
Beyond the lawsuit and market sentiment, the regulatory environment for cryptocurrencies in key markets globally plays a crucial role. Positive developments, such as clear regulations that support cryptocurrency innovation and use, could benefit XRP. Additionally, adoption and use cases will play a role in XRP's price. Broader adoption for cross-border payments by financial institutions could increase the demand for XRP. Recently, Ripple announced the acquisition of Standard Custody & Trust Company, a firm with a limited purpose trust charter and money transmitter licenses across the United States. This acquisition will help Ripple with its plans to roll out its payment solutions in the US.
