- Ripple’s XRP faces challenges amid its legal battle with the SEC, but the company remains focused on driving change in the Web3 space.
- Three key developments in the Ripple ecosystem could drive XRP’s price higher. These include the potential for a Ripple IPO, the integration of Ripple technology with banks, and the possibility of a settlement in the Ripple-SEC lawsuit.
Amid its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple’s native cryptocurrency XRP has struggled to deliver strong performance in comparison to the rest of the altcoins space. Despite the legal challenges that it faces, Ripple has been steadfast in its commitment to bringing change and transformation in the Web3 space.
As Ripple continues to forge its independent path ahead, market analysts continue to remain positive about the future of XRP. Let’s take a look at the three key developments in the Ripple ecosystem that can drive the XRP price higher.
1. Ripple Initial Public Offering (IPO)
Ripple may set new records with a potential IPO, according to Brad Garlinghouse. In an interview, the Ripple CEO discussed the possibility of launching an IPO to expand the company’s reach and workforce. Garlinghouse indicated that while the IPO plans are being considered, they are likely to gain momentum after the resolution of Ripple’s case with the SEC. Should the IPO plans progress, it could significantly impact XRP’s trajectory, per the Crypto News Flash report.
2. Ripple Bank Integration
Ripple stands out from its competitors due to its extensive network of alliances and its commitment to forging significant partnerships with top players in the banking industry. Despite facing challenges with the SEC, Ripple remains focused on expanding its reach. The company has formed strong partnerships with numerous banking institutions, enabling them to fully explore the capabilities of the XRP ledger and XRP toke, as reported by Crypto News Flash.
In the latest development, the Central Bank of France praised Ripple’s XRP technology as a promising solution for the European Central Bank Digital Currency. The XRP Ledger is positioned as the leading candidate to facilitate the digital euro, thanks to its unparalleled capacity to handle substantial transaction volumes seamlessly.
🚨: The Central Bank of France 🇫🇷 has commended #Ripple’s technology $XRP as a promising option for the European Central Bank Digital Currency.
The $XRP Ledger stands out as the top contender to support the digital euro due to its unmatched ability to manage heavy transaction… pic.twitter.com/uXuZQbiA4W
— Brett Hill (@Brett_Crypto_X) May 12, 2024
3. The Ripple-SEC Lawsuit Settlement
The legal battle between XRP and the SEC has consistently weighed down Ripple’s price, preventing it from reaching new highs. However, the SEC-Ripple court case has continued to drag the XRP price on the lower side.
However, once a final verdict is reached, Ripple could finally break free from these constraints and rise to levels that better reflect its potential. Currently trading at $0.50, XRP has struggled to breach critical price barriers. Nonetheless, there’s optimism that it could surge by 20% to reach $0.59 by the first week of June 2024.
Analysts suggest that despite the bearish sentiment and a Fear & Greed Index showing 57 (Greed), XRP has recorded 13 out of 30 (43%) green days, with a price volatility of 3.11% over the last 30 days.