TL;DR
- Ripple scored three significant partial legal wins against the SEC in 2023, including a favorable ruling on XRP sales and the clearing of top executives from charges, with a major trial set for April 2024.
- Ripple gained recognition with prestigious awards, including a spot in People’s Magazine’s “100 Companies Who Care” and Fortune Magazine’s top workplaces in technology, along with winning the UK’s PAY360 Award.
- The price of Ripple’s XRP token increased by 77% in 2023, influenced by these successes. Future price movements could be impacted by the 2024 Bitcoin halving and the outcome of the ongoing Ripple-SEC lawsuit.
Ripple’s Winning Streak Against the SEC
2023 has been a highly successful year (at least so far) for Ripple. Some might argue that its main achievements are connected to the legal battle against its big enemy – the United States Securities and Exchange Commission (SEC).
The company won three vital, yet partial, victories, with the first occurring in mid-July. Back then, US Federal Judge Analisa Torres determined that Ripple’s XRP sales from years ago did not constitute an offer of investment contracts.
The second win happened at the beginning of October when the magistrates dismissed the SEC’s intention to appeal the initial court decision. Shortly after, Ripple’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the regulator.
And while the SEC appears to be the underdog in the legal battle, the war is far from over. Both entities are scheduled to meet each other at a grand trial next spring. Moreover, Judge Torres set a schedule for remedies-related discovery and briefing. Ripple and the SEC are required to complete the necessary procedures before February 12, 2024.
Ripple’s Awards in 2023
Besides its success on the court field, the blockchain enterprise has made the headlines by winning some prestigious awards. Ripple gained acknowledgment from People’s Magazine, finding a spot among the “100 Companies Who Care For Employees And Society.”
Several months later, Fortune Magazine placed the crypto firm in the 13th position (out of 50) as “the best workplace in technology” for 2023.
Last but not least, Ripple won the most prestigious payment prize in the United Kingdom (UK) – the PAY360 Award. It topped the ranking for being the leader in digital currencies/assets in financial services.
XRP Price Rally
Somewhat expected, the price performance of XRP (the native token of Ripple) has coincided with the company’s achievements throughout the ongoing year.
The coin was worth $0.35 at the start of 2023, whereas currently, it hovers around $0.62 (per CoinGecko’s data), representing a 77% surge.
The increase was even more substantial in July when XRP exploded above $0.80 shortly after Ripple secured its first partial court win against the SEC. Numerous analysts have recently predicted that the token might explode in the near future, with some envisioning outrageous targets. For example, Shannon Thorp claimed XRP could skyrocket to a whopping $500.
Such a valuation would most likely remain a mirage, considering the fact that the asset’s market cap needs to shoot above $250 trillion for this to happen. Recall that the entire market capitalization of the cryptocurrency industry was around $3 trillion during the bull run in 2021 when Bitcoin (BTC) reached an all-time high of almost $70K.
Those willing to find out how XRP might perform in the remaining weeks of 2023 could take a look at our dedicated video below:
Could 2024 be Ripple’s (XRP) Year?
The current bullish condition of the cryptocurrency sector and the upcoming developments next year might trigger a further price surge for XRP.
One element that could play a role is the Bitcoin halving (scheduled for the spring of 2024). The event might contribute to a potential BTC bull run, with history showing that the asset’s uptrend could stimulate a rally among the altcoins.
Another factor worth observing is the outcome of the lawsuit between Ripple and the SEC. The grand trial between the two entities is set for April 2024. A decisive Ripple victory would be cheered by the crypto community and possibly propel an XRP price increase. On the other hand, the implications for the asset might not be so favorable if the SEC emerges victorious.
The post Ripple (XRP) in 2023: The Most Important Developments This Year appeared first on CryptoPotato.
