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The Ripple ecosystem has seen unprecedented developments in 2024, from an ongoing legal battle with the SEC to soaring XRP prices and a new stablecoin launch.
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This year marks a significant turnaround for Ripple, demonstrating robust market resilience as regulatory challenges continue to hover.
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“It will backfire on the SEC,” Ripple Labs Chief Legal Officer Stuart Alderoty stated regarding the ongoing legal disputes over XRP.
Explore Ripple’s significant 2024 milestones, including legal battles, ETF ambitions, and the launch of RLUSD, amidst a soaring XRP market performance.
Ripple’s Legal Struggles and XRP Market Surge
Ripple’s journey in 2024 has been dominated by its legal battle against the U.S. Securities and Exchange Commission (SEC), which seeks to clarify the status of XRP as a security. After nearly five years of litigation, a favorable ruling from last year indicated that sales of XRP to retail investors did not constitute a violation of U.S. securities laws. However, the SEC recently filed an appeal, challenging certain aspects of the ruling that pertain to sales on digital asset exchanges and transactions by Ripple executives.
Ripple’s Chief Legal Officer, Stuart Alderoty, expressed optimism about the outcome of the appeal, suggesting that a resolution might be expected by 2026. He characterized the SEC’s actions as potentially counterproductive, asserting a strong commitment from Ripple to navigate these complexities.
The Potential of XRP ETFs
The creation of XRP ETFs is gaining traction, with various asset managers now eager to introduce these products in the U.S. market. Ripple CEO Brad Garlinghouse claims that the inclusion of XRP in exchange-traded funds is now “inevitable,” pointing to the billions of dollars that have already flowed into Bitcoin and Ethereum ETFs this year.
Noteworthy filings include WisdomTree and Bitwise, which have initiated the regulatory process for their own XRP ETFs via Delaware. As demand for cryptocurrency ETFs continues to swell, the anticipated launch of XRP ETFs is viewed as instrumental in supporting the asset’s price momentum.
XRP Reaches New Heights
In recent months, XRP has gained significant attention, reaching price levels not seen since early 2018. Following a remarkable climb, the digital asset surged past the local high of $2.82 earlier this month. This surge has seen XRP reclaim its position among the top three cryptocurrencies by market capitalization, briefly surpassing Tether.
While XRP has since retraced from its peak, the asset’s yearly performance reflects an impressive gain exceeding 250%, signaling robust investor interest and confidence in the underlying technology and market potential.
Launch of RLUSD Stablecoin
December 2024 marked the launch of Ripple’s long-anticipated stablecoin, RLUSD. Designed to facilitate cross-border payments and bolster transparency, RLUSD is backed by U.S. dollar reserves, government bonds, and cash equivalents.
Regulated by the New York Department of Financial Services, RLUSD is available for trading on well-known platforms including MoonPay, Uphold, and Bitso. Ripple has pledged to provide monthly third-party attestations to ensure transparency and maintain consumer trust in the coin’s backing.
The XRP Ledger and Meme Coin Activity
The XRP Ledger has experienced a notable uptick in activity, particularly amidst the meme coin craze that swept the blockchain landscape. During this period, traders reaped substantial profits from trading meme tokens, with one trader earning over $100,000 in profits from an initial investment of just $478.
The excitement surrounding these meme coins triggered a wave of new account activations on the XRP Ledger, achieving all-time highs in unique active accounts. The increase in transaction volume on the ledger prompted validators to lower reserve fees, making it more accessible to users.
Conclusion
The developments within Ripple’s ecosystem in 2024 have solidified its position in the cryptocurrency market despite regulatory adversity. The successful ETF filings and the introduction of RLUSD hint at a bright future for XRP and its community. Continued vigilance in the regulatory arena will be essential as Ripple navigates its path forward, indicating the potential for further growth and innovation in the coming years.
