AI Predicts XRP Price to Gain +180% After the 2024 Halving

 Key takeaways

• XRP (XRP) spiked +15% in 30 minutes following a fake BlackRock ETF filing
• Investors are positive on the long-term outlook of XRP after RippleNet gained regulatory clarity from the conclusion of its 3-year court case with the SEC
• The XRP price prediction algorithm expects the fifth-largest cryptocurrency to break through its 2021 high within the next year, climbing +180% after the Bitcoin halving

XRP’s recent price movements: Could today’s bullish trader sentiment be a precursor for 2024?

The price of XRP (XRP) is $0.654 at the time of writing after the cryptocurrency rose -0.46% in the past 24 hours. While it may seem as though XRP has remained relatively stable in the past day, its recent dip follows a huge spike of +15% in less than 30 mins.

XRP skyrocketed briefly as news broke regarding a fake BlackRock ETF application. News was shared to social media that claimed that BlackRock, a multinational investment firm based in the US, had launched a new Delware-based trust called iShares XRP, mirroring the company’s iShares Bitcoin and iShares Ethereum Trusts set up before official applications were filed.

However, the BlackRock news was quickly outed as fake by CoinDesk. XRP, after rocketing +15% in less than 30 mins, quickly retraced back to its original price level and now finds itself holding support at $0.65. Despite the short-term volatility, XRP remains +33% up over the past month, and the XRP price prediction algorithm has forecasted that the bullish momentum will continue over the coming year.

In total, the price prediction algorithm expects XRP to surge +180% to hit a high of $1.815, after the Bitcoin halving takes place in April 2024. The BTC halving event has catalyzed bullish price action for the crypto markets every time it’s happened in the past, and XRP is expected to benefit in 2024 thanks to a series of positive developments for the project.

XRP emerges from its 3-year court case against the SEC, deemed “not a security” by courts in the USA

It’s widely believed that XRP price action was held back during the 2021 bull market after the SEC charged Ripple Labs in late-2020 on the grounds that XRP had been an unregistered security during the company’s opening investment rounds. The US-based FinTech company that created RippleNet endured a 3-year court case against the SEC, during which time XRP failed to break through its ATH formed back in 2018.

While the court case against the SEC may have harmed investor confidence during the 2021 bull market, Ripple Labs has since emerged from the court case with a positive ruling. A New York court ruled in July that XRP was “not necessarily a security” and Ripple Labs’ institutional clients have now rekindled their interest in RippleNet.

RippleNet can support cross-border payments with instant settlements at a much cheaper cost to financial institutions. For this reason, Ripple Labs has formed partnerships with several leading banks to explore the possibility of supporting operations on its distributed payment network, including Santander, Bank of England, and most recently, National Bank of Georgia.

As institutional interest in XRP returns following the regulatory clarity that was provided to Ripple Labs by a New York court, speculators are suggesting that investor confidence may be reaching new highs regarding the fifth-largest cryptocurrency by market capitalization. Indeed, XRP skyrocketed 2x immediately after news broke of the positive court ruling and today’s +15% spike shows that traders are keeping a close eye on project developments.

How has XRP fared since July’s positive court ruling?

Since the positive court ruling for Ripple Labs back in July, the company has picked up on its bid to form fresh partnerships with leading financial institutions around the world. Recently, XRP was announced as a recognized cryptocurrency by Dubai International Finance Centre (DIFC). The move allows banks in Dubai to transact using XRP, which joins an exclusive list of crypto assets that also includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Toncoin (TON).

In mid-October, the SEC also dropped charges against Ripple Labs’ founding members — co-founder Chris Larsen and CEO Brad Garlinghouse. The SEC had originally charged Larsen and Garlinghouse for offering $729 million worth of XRP to hedge funds and other early investors during the opening phases of development for Ripple Labs. After the New York court ruling in July, the dropped charges in October means that Ripple Labs is free from all major legal disputes.

Bottom line: XRP spearheading a new era of clarity for cryptocurrencies in the eyes of both regulators and financial institutions

The XRP vs SEC court case was deemed “The Cryptocurrency Trial of the Century” by Forbes back in 2021. While it may seem hyperbolic, there is definitely a grain of truth in this. If US courts had deemed XRP a security, then other tokens in the crypto markets may also be under threat of legal punishment as there are key similarities that can be drawn between XRP and other crypto assets.

However, as the native token of a distributed payment network, XRP was deemed “not a security” in July. The cryptocurrency is self-sufficient, opt-in, and used on RippleNet for purposes that are clearly distinct from typical investments. As a result, the positive ruling for XRP can be seen as providing more regulatory clarity for crypto projects than ever before.

Since July, institutions have reignited their interest in Ripple and XRP remains +38% up from its pre-ruling price level. Continued bullish developments have sparked fresh optimism among traders, and the XRP price prediction algorithm expects XRP to break through its 2021 high within the next year.

In total, the algorithm has forecasted a +180% gain that would take XRP to $1.815 by May 2024 — just 1 month after the next Bitcoin halving is due to take place.