Year in Review: Top 8 Ripple (XRP) Developments of 2024

As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a sense of exhilaration when looking at Ripple‘s (XRP) impressive performance this year. Having closely followed its journey since its inception, I must admit that it feels like watching a well-scripted rollercoaster ride.

The flipping of BNB and Solana in terms of total market cap, the 7-year high price, and the ongoing legal battles with the SEC have all contributed to XRP’s meteoric rise. It’s truly fascinating how a digital asset can weather such turbulence and still manage to come out on top.

However, as always in crypto, I remain cautiously optimistic. After all, it’s not every day that you see the third largest cryptocurrency (excluding stablecoins) being led by a former reality TV star turned president. And let’s not forget the infamous “pump and dump” schemes that have plagued this industry. So, while I’m eagerly anticipating XRP’s continued growth, I’ll keep my popcorn ready for any unexpected twists and turns along the way.

On a lighter note, I can’t help but wonder if one day we’ll see XRP listed on the NASDAQ, right next to Bitcoin and Ethereum. Now that would be an interesting sight – three cryptocurrencies, side by side, each representing a different stage of crypto maturity: Bitcoin (the OG), Ethereum (the innovator), and XRP (the reality TV star). Only time will tell!

But real quick first—

XRP’s price could be in for another big pump soon, according to the technical signals.

Famous trader Peter Brandt has pointed out a bullish wedge pattern for XRP, indicating that its price could potentially surge beyond $2.70. The average XRP value in U.S. dollars on December 28th was $2.19.

If the predicted rally occurs, it could mean an increase of approximately 24% from the price seen on Saturday, possibly within just a few days or weeks.

one from a weekly perspective and another from a daily viewpoint. This approach encourages flexibility in understanding market trends, as it’s important not to be overly attached to any single interpretation or forecast.
— Peter Brandt (@PeterLBrandt) December 27, 2024

The growth seen in crypto markets and Ripple’s token price isn’t unusual, but it outperforms traditional investments such as corporate equities or high-growth tech stocks listed on the Nasdaq, offering more substantial returns for investors’ portfolios.

A recent analyst has predicted that the price of XRP, often referred to as the cross-border settlement token by Ripple, could potentially reach a record high of $4 in its upcoming surge. This forecast implies an impressive increase of approximately 82% from its current value.

Looking back, here’s how Ripple got here over the course of 2024:

1. Ripple Expert Touts XRPL’s DeFi Powers (Jan. 1)

At the beginning of this year, Ripple created a stir with clarifications provided by XRPL developer Wietse Wind regarding their platform. Wietse Wind, who is known for initiating the XRP Ledger used in decentralized finance, set the record straight and dispelled any lingering doubts about the platform’s functioning.

As a researcher delving into the realm of digital currencies, I’ve come across an intriguing platform – the XRP Ledger. This unique system allows for the utilization of native tokens within a fully decentralized ecosystem. A key feature that distinguishes it from many other cryptocurrencies is its smart contract issuance capability, which places it in the same league as blockchain heavyweights like Ethereum and Solana. Yet, it seems that this aspect remains under the radar for many crypto investors today.

As a researcher, I’d rephrase it as: “I recently navigated through the apprehensions (fear, uncertainty, and doubt) about the regulatory challenges facing XRP’s economy. This was achieved by summarizing Ripple Labs’ significant triumphs against the United States Securities and Exchange Commission in the US District Court for the Southern District of New York.

2. XRP Ethereum Integrations Launch (Feb. 11)

A significant factor contributing to the sustained growth in XRP’s market value lies in its proactive efforts to form global business alliances and integrate XRP onto other blockchain platforms, such as Ethereum, thereby expanding its reach and versatility.

Back in February, I learned that the CEO of Peersyst Technology, a partner of Ripple, unveiled plans for a new Ethereum Virtual Machine (EVM) sidechain linked to the XRP Ledger. This exciting development is set to start distributing XRP tokens as rewards to validator nodes.

For dedicated XRP enthusiasts, it’s a beneficial aspect that they can utilize their tokens without needing to sell them in order to integrate them with Ethereum smart contracts.

3. XRP Expands in Korea and Japan (July 21)

Amidst legal battles over securities fraud accusations by the SEC in U.S. courts, Ripple Labs has been steadily expanding its platform through numerous new business collaborations abroad this year. These partnerships are crucial for fostering growth within the Ripple economy and positioning it as a formidable competitor to SWIFT in the daily payment market share.

Last month (July), Ripple Labs successfully expanded into two new markets within the Asia-Pacific region: South Korea and Japan.

In South Korea, Infinite Block, the country’s sole government-authorized virtual asset service provider, recently unveiled its support for the XRP Ledger. This development follows closely on the heels of Ripple Labs’ announcement about establishing a fresh XRPL Japan and Korea Fund.

4. SEC Lawsuit Fine Cut From $2B to $150M (Aug. 8)

On August 8, Judge Analisa Torres delivered a significant victory to Ripple in the U.S. District Court Southern District of New York, located in Manhattan. The Securities and Exchange Commission (SEC) had aimed for a $2 billion penalty against Ripple Labs due to accusations that they illegally sold XRP as an unregistered security.

Following four significant victories for Ripple Labs and the broader blockchain industry last year by the judge, Torres dealt a heavy setback to the opposing government litigator in this case in August.

After the court granted Ripple Labs and the blockchain sector three other significant wins last year, Torres handed the government’s opponent a severe defeat in this case in August.

Instead of the $2 billion that the SEC initially requested, Judge Torres mandated Ripple to pay only $125 million in comparison.

5. Grayscale Launches XRP Trust (Sept. 12)

As a researcher, I’m thrilled to share that in September, the XRP economy took a significant leap forward in gaining traction among institutional players on Wall Street, regulated by U.S. authorities. Specifically, on September 12th, a leading cryptocurrency asset management firm, Grayscale, unveiled a brand-new, U.S.-regulated XRP trust product.

The concept is much like the Bitcoin and Ethereum ETFs (Exchange-Traded Funds) approved by the SEC on January 11th and May 23rd. Unlike trusts, ETFs are open funds, meaning they can continue to issue new shares, whereas trusts have a fixed number of shares.

As someone who has spent years navigating the complexities of the financial markets, I can confidently say that there is a noticeable difference between Exchange-Traded Funds (ETFs) and mutual funds structured as trusts. ETFs have the flexibility to issue new shares when demand arises, which makes them more dynamic and adaptable to market fluctuations. On the other hand, trusts are set with a fixed number of shares from the get-go, making them less agile in responding to changing investor demands.

Additionally, one significant distinction lies in their trading mechanisms. ETFs can be bought and sold throughout the trading day, just like individual stocks. However, trusts can only be traded once a day, at the close of business in New York City. This means that if you’re looking for greater liquidity and flexibility, ETFs might be the better choice.

In my experience, this difference in structure and trading mechanisms has profound implications for investors, particularly those who prioritize agility, liquidity, and responsiveness to market movements. While both ETFs and trusts have their unique advantages, understanding these differences can help you make more informed investment decisions tailored to your specific needs and risk tolerance.

Based on Grayscale’s projections, investors can anticipate a potential 300% increase in the value of their investments in the newly established XRP trust by the end of 2024.

6. SEC Lawsuit Expedited Judgement For Ripple (Nov. 28)

Since December 2020, when the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs over claims they sold unregistered securities, Ripple has consistently come out on top in court battles with this American regulatory body.

As a crypto investor, I was relieved to learn, back in July 2023, when the court ruling declared that secondary transactions of XRP were not considered as investment contracts. This meant that XRP was no longer classified as an unregistered security, providing clarity and assurance for those of us invested in it.

In October 2023, the SEC removed Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, the company’s founder, from their ongoing legal action against Ripple Labs. Now, only Ripple Labs is left to face the charges in court.

Ultimately, following a significant reduction of its budget from $2 billion to just $150 million in August, Ripple Labs secured another victory on November 28, as Judge Torres decided to speed up the delivery of the final verdict in the ongoing court case.

7. XRP Flips BNB and Solana (Dec. 1- 2)

On cryptocurrency trading platforms, XRP tokens are closely competing with two other altcoins in terms of their overall market worth or economic value, virtually neck and neck.

Following Donald Trump’s reelection in November, the value of XRP soared upwards on price charts. On December 1st, it surpassed BNB (Binance Coin) in terms of total market capitalization. The following day, it overtook SOL (Solana), placing XRP as the third-largest cryptocurrency worldwide (excluding stablecoins). It trails only behind Bitcoin and Ethereum in terms of size.

8. XRP Notches 7-Year High Price (Dec. 2)

Apart from the increase in BNB and SOL tokens, XRP reached a 7-year peak price of nearly $3 on December 2nd. This suggests strong backing for its market value in the future as Bitcoin moves through its fourth four-year market cycle, influenced by its scheduled supply adjustments.

2024-12-29 11:21