2024 marks a significant turning point for the Ripple and XRP ecosystem, from the prolonged legal battle with #SEC , the strong price increase of XRP, to the high expectations for the ETF fund. Here are the highlights of the past year.
The Ripple vs SEC War Continues
After nearly four years of litigation, the SEC still accuses Ripple of violating securities laws with sales of $1.3 billion from $XRP . However, a ruling last year confirmed that sales of XRP to retail investors do not violate the law.
In 2024, the SEC continues to appeal focusing on XRP transactions on digital asset exchanges and individuals. Ripple also filed a counterclaim, with hopes from Stuart Alderoty, Ripple's General Counsel, that the lawsuit will conclude by 2026.
XRP ETF: Expanding Opportunities
In 2024, billions of USD have flowed into exchange-traded funds (ETFs) for $BTC and $ETH . Ripple CEO Brad Garlinghouse believes that the XRP ETF in the US is just a matter of time.
Asset managers like WisdomTree, Bitwise, and 21Shares have filed for the XRP ETF. These moves have driven large capital inflows into XRP, contributing to the exceptional price surge of this coin.
XRP Hits a 7-Year High
XRP reached its highest price since 2018, surpassing $2.82 in December. This made XRP the best-performing coin of the year, increasing over 250% and temporarily surpassing #Tether to become the third-largest cryptocurrency.
Launch of the RLUSD Stablecoin
On December 17, Ripple launched the RLUSD stablecoin, backed by USD, US government bonds, and equivalent liquid assets. #RLUSD allows transactions on Ethereum and the XRP Ledger, providing cross-border payment solutions.
Ripple is committed to transparency through monthly verification reports from third parties, avoiding controversies that occurred with other stablecoins.
XRP Ledger Joins the 'Meme Coin Frenzy'
The XRP Ledger also experienced a vibrant period as meme coins like ARMY gained attention. One investor even made over $100,000 in profit from an initial investment of just $478.
This surge led to the number of new and active accounts on the XRP Ledger reaching a record high on December 2, with over 105,000 accounts activated.
Conclusion
2024 has reshaped Ripple and XRP's position in the cryptocurrency market. From legal victories, advancements towards ETFs, to strong price increases, XRP has not only asserted its strength but also opened up significant prospects for the future.