Since the start of the year, the XRP token has shown exceptional resiliency. After overcoming SEC-related legal challenges, Ripple continues to hold a solid position in the crypto market. Furthermore, Donald Trump’s victory in the US presidential election leaves investors looking forward to pro-crypto developments in the US.
As a result, XRP outperformed Solana (SOL) in market value and has now overtaken Tether (USDT) to become the third-largest crypto asset by market capitalization. This year’s spectacular XRP price spike was due to a variety of factors. So, let’s take a look at XRP’s journey from the beginning of the year, reaching heights last seen 6 years ago in XRP pricing.
What is XRP Token?
Ripple Labs, a US-based firm, created, issued, and manages XRP, a cryptocurrency. XRP token is one of many products in Ripple Labs’ portfolio, all designed to improve the efficiency of cross-border payments, particularly in the banking industry.
It is the native digital currency of the XRP Ledger, an open-source, permissionless distributed ledger that can settle transactions in 3 to 5 seconds. XRP can be sent directly without the need for an intermediary, making it a useful tool for connecting two currencies swiftly and efficiently. XRP’s primary function is to act as a medium of exchange for currencies.
The XRP ledger uses distributed ledger technology to facilitate the transfer of tokens representing fiat currency, cryptocurrency, or any other unit of value. Because the protocol is totally open, anyone can use it without prior clearance from Ripple Labs. This enables bank and non-bank entities to integrate the Ripple protocol into their existing systems.
XRP Journey in 2024
The price of XRP tokens began this year with a brief bear swing, following a significant price fall in the first six months. Following that, the final ruling in the Ripple vs SEC lawsuit boosted the price of XRP somewhat higher. However, the SEC’s repeated appeals in the Ripple lawsuit hampered the price of XRP token. Meanwhile, the beginning of November marked a watershed moment for XRP, as the coin experienced two important events.
The first was Donald Trump’s victory in the US presidential election, which caused the price of XRP to skyrocket more than 300% until now. Secondly, the announcement of the debut of Ripple Stablecoin – RLUSD boosted the price of XRP even stronger. This huge development has the potential to help Ripple capture a significant piece of the global crypto industry and become a worldwide dominator.
Source: Trading View
XRP currently trading at ₹201.25, up 342% year-to-date. The coin now has a market capitalization of ₹20.12 trillion, surpassing that of Tether (USDT) and Solana (SOL). Experts feel that this is only the beginning, as the developments that will occur during Donald Trump’s presidency will drive the price of XRP higher.
Major XRP Miletsone in 2024
Like other digital assets, the XRP token benefited from a number of events this year. This event has helped the token linger just below its previous all-time high (ATH), which it achieved in 2018. Let’s look at these developments.
▪️Trump’s US Election Win: Following Trump’s victory in the 2024 US presidential election, the cryptocurrency market surged, with Bitcoin reaching a record high of ₹8,803,176.45 on December 5. Similarly, XRP token, followed the same suit as investors expected a shift in US crypto rules.
▪️Anticipation of SEC Lawsuit Settlements: The SEC sued Ripple in 2020 for unregistered securities offerings via XRP sales. This resulted in a legal dispute between the cryptocurrency company and the securities regulator. However, on August 6, 2024, the district court issued its final judgment and remedies decision, thereby ending this action unless one of the parties appeals this order and/or the preceding summary judgment order.
▪️New RLUSD Stablecoin Project: The anticipation of Ripple’s RLUSD stablecoin project may have contributed to XRP’s recent price spike. The New York Department of Financial Services (NYDFS) has already given authorization to the RLUSD stablecoin. On November 29, Fox Business stated that the regulator may authorize the stablecoin in the next few days.
XRP Price Prediction 2025
XRP’s price prediction for 2025 ranges from ₹294 to ₹420, indicating a good outlook. This estimate is based on several factors that have influenced the XRP price trajectory.
While the cryptocurrency sector is known for its volatility, the recent court decision, together with the hopeful sentiment, continuous market advances, and the upcoming regulatory scenario of the US under Trump’s presidential term, points to a positive trajectory for the XRP price in 2025. The expected range of ₹294 to ₹420 indicates significant potential for growth, making it a valuable asset to monitor in the future.
Conclusion
The outlook for XRP tokens in 2024 remains highly optimistic, fuelled by good market circumstances, Ripple’s ongoing innovations, and the possibility of legal clarification. While the future appears bright, investors should exercise caution. Regulatory reforms, market instability, and competitiveness remain significant obstacles. Staying informed allows investors to make better judgments about XRP.
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