đ Ripple's 2024 Prognosis: Legal Hurdles and XRP's Ascent to $1.50
In a recent series of insightful posts, Ripple's Chief Legal Officer, Stuart Alderoty, navigates through the anticipated landscape of the cryptocurrency realm, specifically honing in on the pivotal year of 2024.
đź Key Insights:
Alderoty speculates that Ripple's SEC lawsuit may reach a conclusion in 2024. However, he cautions against the SEC's persistent "regulation by enforcement" strategy, expressing concerns about its potential impact on other major players in the crypto space.
Anticipating a decisive role for the judiciary, Alderoty envisions a possible Supreme Court showdown arising from ongoing legal disputes, challenging the SEC's regulatory boundaries.
đïž Capitol Hill Dilemma:
Alderoty foresees lawmakers acknowledging the necessity of crypto regulations in principle but predicts a potential gridlock in execution. This deadlock could leave U.S. crypto firms in a precarious situation, lagging behind global counterparts in regulatory clarity and innovation.
đŒ Reflections on 2023:
Ripple's legal triumphs in 2023 marked a turning point, providing regulatory clarity for XRP. Legal victories, including the dismissal of charges against Ripple's CEO Brad Garlinghouse and co-founder Chris Larsen, spurred major U.S. exchanges to relist XRP, driving an impressive 83% year-to-date surge in the token's value.
đč XRP Projections for 2024:
As Bitcoin's halving approaches and Spot Bitcoin ETFs gain approval, the overall market is poised for an upswing. The XRP community is optimistic about the token hitting $1.50 in 2024, fueled by positive trends. Despite a brief drop to a 61.8% Fib level of $0.7430, XRP appears to be on a hopeful uptrend. A cautionary note: the altcoin's bullish expectations might be jeopardized if the daily candlestick concludes below $0.6200, signaling a potential trend shift.
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