The speculation surrounding the future price of XRP, a major player in the world of cryptocurrency, is a topic of much discussion. The ongoing legal battle between Ripple and the SEC is believed to be the main factor suppressing the price of XRP. However, there are indications from company officials that the lawsuit may soon come to an end. This begs the question: what lies ahead for the price of XRP?
The future of XRP coin is a subject of great interest. The year 2024 could potentially be a turning point for cryptocurrencies as a whole. Unfortunately, XRP has fallen behind other altcoins in terms of market volume, only providing a 4.5% return since the beginning of the year. For the latest financial and business news, visit COINTURK FINANCE.
XRP has yet to reclaim its peak value from January 2018. In contrast, the overall cryptocurrency market has experienced a significant expansion of 55%. The ongoing lawsuit by the SEC against Ripple, which has been ongoing for over three years, is a significant contributor to XRP’s underperformance.
Last year, a court ruled that Ripple’s sale of XRP to institutional customers was an illegal securities sale. The SEC is now seeking a $2 billion fine against Ripple. Despite these negative developments, Evai CEO Matthew Dixon believes there is still hope for XRP. He suggests that XRP’s potential for growth might awaken like a “sleeping giant,” depending on the April Consumer Price Index (CPI) report, which is due on May 15. A higher-than-expected CPI could have a positive impact on XRP prices.
Economists predict that the CPI for April may have increased by 0.3% on a monthly basis, potentially reducing hopes for a Federal Reserve rate cut in the summer of 2024. However, if the figures are lower than expected, it could benefit large altcoins like XRP and other risky assets.
Despite facing sales pressure over the past five years, both before and after the lawsuit process, XRP is currently in a consolidation phase. The XRPArmy, a group of XRP enthusiasts, is optimistic about a potential price breakout that could surpass the $5 mark and set a new record.
Stuart Alderoty, Ripple’s Chief Legal Officer and a key figure in the Ripple vs. SEC case, recently stated that the nearly four-year legal battle is nearing its end. The cryptocurrency community eagerly awaits the outcome of this long-standing lawsuit, with experts predicting a final decision in September.
In terms of the current price of XRP in Turkish Lira, it is currently at 16.30 TL, representing a slight increase of 0.08%.
It is important to note that the information provided in this article should not be taken as investment advice. Cryptocurrencies are highly volatile and carry significant risks, so investors should conduct their own research and exercise caution. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
