2024 is set to be a dramatic and breakthrough year for Ripple Labs and its token XRP. From regulatory challenges at the beginning of the year to market peaks by year-end, Ripple's story is like a suspenseful blockbuster. Here are the eight key events of Ripple and XRP in this year and how they shaped the new landscape of the crypto market.
1. XRPL's DeFi capabilities recognized (January 1)
At the beginning of the new year, XRPL developer Wietse Wind provided a clear technical interpretation, allowing the market to witness the potential of XRP Ledger in the decentralized finance (DeFi) space. Wind emphasized that XRPL's architecture not only supports smart contract functionality but can also achieve fully decentralized operations through native tokens, making it a strong competitor to Ethereum and Solana. More importantly, Ripple Labs' victory in the regulatory lawsuit further eliminated market uncertainties, laying a foundation of confidence for XRP's economic ecosystem.
2. XRP achieves deep integration with Ethereum (February 11)
In February, Ripple announced the launch of sidechain integration with the Ethereum Virtual Machine (EVM), a significant technological upgrade for XRPL. Peersyst Technology's innovation allows users to access Ethereum smart contracts without selling XRP, greatly expanding XRP's usability. This move not only attracted the attention of Ethereum users but also strengthened XRP's position in the cross-chain ecosystem.
3. Market expansion in Asia-Pacific (July 21)
In July, Ripple Labs set its sights on the Asia-Pacific region, a significant market in the global payments landscape. By partnering with Infinite Block in South Korea and new partners in the Japanese market, Ripple successfully expanded the application scope of XRPL. The integration of virtual asset services in South Korea and Japan not only enhances services for local users but also represents an important step for Ripple in competing with the SWIFT global payment network.
4. Turning point in SEC lawsuit (August 8)
Ripple achieved another significant victory in its lawsuit against the U.S. Securities and Exchange Commission (SEC). Judge Analisa Torres ruled that the fine amount was significantly reduced from the initial $2 billion to $125 million. This ruling not only alleviated financial pressure on Ripple but also sent a clear signal: the regulatory dispute has not weakened Ripple's market potential, but rather highlighted the important value of its compliance.
5. Grayscale launches XRP Trust (September 12)
The institutional investment appeal of XRP sees breakthrough developments. Grayscale's launch of XRP Trust provides Wall Street investors with a compliant pathway to enter the XRP market. This trust product not only offers investors a potential annual return of 300% but also marks the gradual rise of XRP in institutional portfolios, establishing its foundation as a value storage tool.
6. SEC case nearing conclusion (November 28)
The years-long SEC lawsuit draws to a close. Following the court's ruling that XRP's secondary market sales do not constitute unregistered securities, Ripple Labs won a ruling from Judge Torres in November, accelerating the final judgment of the case. This development further boosted market confidence in Ripple and cleared the path for its future strategic layout.
7. XRP surpasses BNB and Solana (early December)
By the end of the year, XRP demonstrated strong market performance, surpassing BNB and Solana in market capitalization to become the third-largest cryptocurrency in the world (behind Bitcoin and Ethereum). This achievement reflects not only XRP's breakthroughs in technology and market application but also solidifies its status as a mainstream crypto asset.
8. Price soars to a 7-year high (December 2)
With the market's optimistic sentiment towards the Ripple case, XRP's price surged to nearly $3, setting a record high since 2017. This price performance confirms investors' confidence in XRP's long-term value and marks a stunning transition from a 'difficult year' to a 'market mover'.
In 2024, Ripple rises from adversity, showcasing strong market resilience and technological innovation. From technological upgrades to global expansion and soaring prices, the future of XRP is filled with endless possibilities.
Is the professor right? We'll find out next year!
