Recently, the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) came to a significant conclusion when Judge Analisa Torres ruled that Ripple must pay a fine of $125 million for violating securities laws. This ruling, while much lower than the initial demand of $2 billion from the SEC, was viewed as a victory by many in the industry.
Following the announcement of the $125 million fine for Ripple, the price of its native token XRP spiked by 20%. This positive market reaction led many to speculate about the potential for XRP to reach an all-time high (ATH) before the end of 2024. However, the future rally of XRP will depend on various factors such as market conditions and legal developments.
The court ruling in favor of Ripple provided a significant boost to XRP’s price and market sentiment. However, the lawsuit may continue due to possible appeals from both parties. While Ripple’s CEO has stated that the ruling is a victory and that the company will abide by the rules, the SEC may still choose to appeal. The timing of any potential appeals could have significant implications for XRP’s price movements.
In addition to legal developments, XRP’s potential rally to a new ATH will rely on various other elements. These include increased adoption of XRP, favorable market conditions, global regulations, economic stability, and more. Furthermore, XRP’s price movement may also be influenced by Bitcoin, as the leading cryptocurrency often sets the tone for the broader market.
Bitcoin, the primary cryptocurrency, recently experienced a significant crash followed by a quick recovery. This volatility in Bitcoin’s price has implications for the broader cryptocurrency market, including XRP. If Bitcoin continues to experience substantial growth, it could positively impact XRP and other cryptocurrencies.
The settlement of the lawsuit between Ripple and the SEC has had a notable impact on XRP’s price, with a 20% spike following the announcement of the $125 million fine. The future rally of XRP will be influenced by a combination of legal developments, market conditions, and external factors such as Bitcoin’s performance. Investors and market participants will need to closely monitor these developments to gauge the potential for XRP to reach new price milestones in the coming years.