The speculation surrounding the future rise of XRP’s price, a major uncertainty in the cryptocurrency world, has been a topic of discussion for everyone. Many believe that the ongoing lawsuit between Ripple and the SEC is suppressing the price of XRP. However, there are opinions suggesting that the lawsuit may soon come to an end, as indicated by company officials. So, what does the future hold for the price of XRP?
Future of XRP Coin
March 2024 could be considered the month when cryptocurrencies experienced a revival. However, Ripple’s native token, XRP, has fallen behind other altcoins in terms of market volume in 2024 and has only provided a 4.5% return since the beginning of the year. Stay updated on the latest financial and business news by visiting COINTURK FINANCE.
XRP has been unable to reach its peak value from January 2018. In contrast, the overall cryptocurrency market has witnessed a significant expansion of 55%, unlike XRP.
The ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC) against Ripple has played a significant role in XRP’s poor performance. This lawsuit has been ongoing for over three years and has put immense pressure on XRP. Last year, a court ruled that Ripple’s sales of XRP to institutional customers were an illegal securities sale. The regulatory body is now seeking a $2 billion fine against Ripple.
Despite this negative outlook, Evai CEO Matthew Dixon suggests that the tides could turn in favor of XRP. Dixon believes that the “sleeping giant” might awaken, potentially driving XRP prices to new heights, depending on the April Consumer Price Index (CPI) report, which is due on May 15. If the CPI report shows unexpectedly high figures, it could yield favorable results for XRP bulls.
Economists predict that the CPI for April might have increased by 0.3% on a monthly basis, which could reduce hopes for a Federal Reserve rate cut in the summer of 2024. However, lower than expected figures could benefit large altcoins like XRP and other risk assets.
How Much is XRP in Turkish Lira?
Despite facing sales pressure before and after the lawsuit process over the past five years, XRP is currently in a consolidation phase. The XRPArmy is hopeful for a significant price breakout that could surpass the $5 milestone 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 4-year legal battle is nearing its end.
The cryptocurrency community eagerly awaits the outcome of this long-standing lawsuit, with experts believing that a final decision could be reached in September.
Meanwhile, the current price of XRP in Turkish Lira stands at 16.30 TL, representing a 0.08% increase.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
