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The price of Ripple (XRP) faced challenges for growth in January, but there are seven potential signs of a significant price rise for the digital currency during 2024, which we will examine below.
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All Ripple news in January was either neutral or positive. However, the fall in the price of Bitcoin this month also led to a fall in the price of altcoins. Therefore, if the price of Bitcoin rises this year, which most analysts say will happen after the halving, the price of XRP could rise sharply this year. Next, we will examine the signs of the rise of XRP.
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The end of the lawsuit between Ripple and the US Securities and Exchange Commission
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This lawsuit started in December 2020 and Ripple has won three victories in this case so far. The final stage of the trial will begin on February 12, and it is expected that this lawsuit will end in Ripple's favor. The determination of the result of this court can be one of the main factors of Ripple's price growth this year.
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Expansion of Ripple's global cooperation
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In 2023, Ripple Labs launched key partnerships in the UK, Asia and Africa. These collaborations led to an increase in network transaction volume and demand for the XRP token. Ripple plans to start more collaborations this year than last year, which will lead to an increase in the price of this token.
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XRP supply and price design
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Similar to Bitcoin and unlike Ethereum and Dogecoin, Ripple has a limited supply of 10 billion tokens. If all goes according to plan, all Ripple tokens will be issued by May 2027. This lack of inventory makes Ripple an anti-inflationary currency like Bitcoin and can cause its price to rise. In addition to the inventory ceiling, the token burning mechanism of this digital currency will also be an important factor in its value growth.
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Development of the XRPL network
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The decentralized ledger built around XRP tokens or XRPL has DeFi capabilities and smart contracts. The network is still very underdeveloped compared to Ripple's competitors. This means that if this network is further developed, the attention of users will be drawn to it and the price of the XRP token will increase.
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Low average transaction fees
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The average fee of $0.0014 for cross-border XRP transactions is a big plus for this platform. These low fees will attract the attention of investors in 2024 and increase the demand for this token.
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Ripple IPO in 2024
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If the company's lawsuit with the US Securities and Exchange Commission is settled, the initial public offering of its shares will take place this year. This issue can also be a catalyst for price increase.
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Bitcoin's 4-year market cycle
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The next bitcoin halving will happen in April 2024. Based on historical trends, the halving event will lead to an increase in the price of Bitcoin and other altcoins within one and a half to two years.
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