The price of XRP (Ripple) is struggling to make a significant move in 2024, and there are a few key reasons that could explain this behavior:
1. Legal and Regulatory Factors
Despite a partial victory against the SEC (US Securities and Exchange Commission) in 2023, regulatory uncertainty in the US still weighs on XRP. The SEC appealed the court ruling, maintaining market distrust towards the token.
This type of uncertainty could drive away large institutional investors.
2. General Market Sentiment
The crypto market in 2024 has seen a slow recovery, but the lack of strong catalysts specific to XRP contributes to its limited performance.
With the increased focus on projects like Bitcoin, Ethereum, and new tokens like SUI and PEPE, XRP has lost some of its speculative appeal.
3. Adoption and Limited Usage
While XRP is used for international transfers by some financial institutions, its adoption has not yet reached the level expected to generate high demand in the secondary market.
4. Liquidity and Selling Pressure
A large amount of XRP remains under Ripple Labs’ control, which may raise concerns about potential selling pressure if some of the tokens are released into the market.
If you are interested in future predictions or strategies to deal with market volatility, I recommend monitoring Ripple’s partnership announcements, as well as monitoring regulatory developments in real time.
