Bitcoin

when

Bonk

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 <p class="paragraph">XRP is and has been for years one of the most important cryptocurrencies in existence, largely thanks to the difficult legal situation its issuer, Ripple Labs, has been in for some time.</p>
 <p class="paragraph">Indeed, the popular token has arguably had its price depressed by the Securities and Exchange Commission’s (SEC) allegations that it is, in fact, an unregistered security.</p>
 <p class="paragraph">A judgment favorable to the regulator would have a significant impact on the entire crypto market as it would establish a precedent that even those cryptos that were never part of an initial coin offering (ICO) constitute securities.</p>
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 <p class="paragraph">The danger was particularly acute in the wake of the collapse of FTX when the SEC appeared unbeatable in court.</p>
 <p class="paragraph">Certain legal developments and the crypto market bull market that developed since have altered the outlook and sparked hopes that XRP might reclaim and surge beyond its old all-time highs soon.</p>
 <p class="paragraph">In this context, Finbold decided to take a look at the <a rel="noopener noreferrer nofollow" title="factors" href="https://thebittimes.com/tag/factors.html">factors</a> most likely to push XRP up toward $1, a price not seen since 2021 and not approached sine a court win near the middle of 2023 when it briefly climbed above $0.82.</p>
 <h2 class="wp-block-heading" id="h-technological-advancement">Technological advancement</h2>
 <p class="paragraph">Recent months brought numerous examples of the profound effects technological advancements made by a blockchain development team can have on the value of the asset.&nbsp;</p>
 <p class="paragraph">Cardano (ADA) with the work on the Plutus v1 and v2 networks and the associated surge in new smart contracts and Polkadot’s (DOT) efforts to boost non-fungible token (NFT) minting speed both stand as examples of the link between the betterment of the ecosystem and cryptocurrency price.</p>
 <p class="paragraph">Solana (SOL) mobile team’s work and the effects it had on the price on the price of Bonk (BONK) after the release of the Saga smartphone stands to demonstrate the unexpected and roundabout way in which even seemingly unrelated work can have on the price of cryptocurrencies.</p>
 <p class="paragraph">With this in mind, it becomes easy to see how Ripple’s work – such as the integration of an automated market maker (AMM) – though usually not at the forefront of the discussion, can have a major impact on the price trends of XRP.&nbsp;</p>
 <p class="paragraph">Work in the field of user-friendliness, cost-efficiency, and speed – the latter already being noted strengths of XRP – could in particular lead to a significant rally as adoption of the token increases.</p>
 <h2 class="wp-block-heading" id="h-greater-internal-and-external-adoption">Greater internal and external adoption</h2>
 <p class="paragraph">Should improvements in the ecosystem itself become sufficient – and especially if they get paired with greater regulatory and legal clarity – XRP could see significant adoption both within and without Ripple.</p>
 <p class="paragraph">Both an increase in XRP use and broader integration of the token by external institutions – a comparatively likely scenario given Ripple’s extensive network of national and private partners – the demand for the token would surge significantly and probably lead to a surge to and possibly beyond $1.</p>
 <h2 class="wp-block-heading" id="h-ripple-effects-of-btc-halving">Ripple effects of BTC halving</h2>
 <p class="paragraph">While not directly tied to XRP, the imminent Bitcoin (BTC) halving is likely to send waves across the crypto market.&nbsp;</p>
 <p class="paragraph">Indeed, historically, the reduction in the supply of the world’s premier cryptocurrency has had a significant impact on many coins and tokens and has led to broad rallies and significant across-the-board bull runs.</p>
 <p class="paragraph">Though this halving has many differences from the previous ones – not the least of which being that it is the first that saw BTC hit a new ATH in the lead-up – XRP is likely to see an uptrend in its wake.</p>
 <p class="paragraph">Indeed, the likely effects have already been hinted at by the impact the crypto market rally – which started late in October 2023 – had already had on XRP. On the other hand, XRP’s price remaining depressed despite the bull run also highlights the impact the precarity of the legal situation has had.</p>
 <h2 class="wp-block-heading" id="h-positive-resolution-to-the-sec-vs-ripple-case">Positive resolution to the SEC vs. Ripple case</h2>
 <p class="paragraph">Both the depressing effect the start of the legal battle between the SEC and Ripple Labs had on the price of XRP, and the momentum courtroom victories in the first half of 2023 lent to the token, it appears almost certain that both a partial or complete victory against the regulator could see the cryptocurrency experience a major surge.</p>
 <p class="paragraph">Additionally, a final resolution could, no matter the actual outcome, also have a positive effect – in the mid to long-term at least – as greater regulatory clarity, even if immediately adverse for the sector, would bear significant fruits.</p>
 <p class="paragraph">Finally, the end to the multi-year case would likely – much like the Bitcoin halving – have in all likelihood ripple effects across the crypto market.</p>
 <h2 class="wp-block-heading" id="h-positive-resolution-to-the-sec-vs-coinbase-coin-case">Positive resolution to the SEC vs Coinbase (COIN) case</h2>
 <p class="paragraph">Another event that could see a rising tide lift all boats would be a positive legal outcome for the world’s biggest publicly traded cryptocurrency exchange – Coinbase (COIN).&nbsp;</p>
 <p class="paragraph">Since the first half of 2023, Brian Armstrong’s company has been hit hard by the SEC as part of the regulator’s broader crackdown against industry practices such as staking that also saw action taken against other entities including, for example, Kraken.</p>
 <p class="paragraph">Coinbase elected to stand its ground and though it also attained some important legal victories, it recently suffered a significant setback as its motion to have the case dismissed failed.</p>
 <p class="paragraph">Nonetheless, the end of the case is likely to prove – again much like Ripple’s own battle – as a watershed moment for the industry and could immediately cause a bull run should the cryptocurrency exchange win, and might be positive in the long run even the regulator gets its way as it would still provide the much-needed clarity.</p>
 <p class="paragraph">Finally, however, XRP is likely to be the prime beneficiary of a potential Coinbase victory as such an event would likely boost investor confidence in Rippe’s ability to triumph.</p>
 <h2 class="wp-block-heading" id="h-xrp-price-chart">XRP price chart</h2>
 <p class="paragraph">Whether XRP manages to climb to and above $1 in the future with the help of one of – or a mix of – the <a rel="noopener noreferrer nofollow" title="factors" href="https://thebittimes.com/tag/factors.html">factors</a>, its recent performance has been relatively strong.&nbsp;</p>
 <p class="paragraph">The last 52 weeks have seen, with significant volatility throughout, an XRP climb of 13.67%. The token has, however, failed to match the more recent successes of many other cryptocurrencies and is 6.53% in the red year-to-date (YTD).</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/R1N-R9RIjalxkLZ1ZgUDh4TcI_PsHz5lfS44tisfHn0wz0dCrJFiYIhTPv-OhK4KzpQiB3jY8dN3D_3KmN66n2zmesN8IdeTuSFwlXaDIshoAzxUfCY6ZNyLtQ0fPdaPT_MpZ2UeivIPqv1S4UdX3Ow" alt>
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   XRP YTD price chart. Source: Google
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 <p class="paragraph">Finally, despite a price jump toward the middle of March, the recent performance has generally been rather weak as XRP declined 8.54% in the last 30 days, and is down 3.58% in the latest 24 hours of trading.&nbsp;</p>
 <p class="paragraph">At press time, XRP’s price stands at $0.59.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/5-factors-that-could-send-xrp-to-1-tbt84236.html">https://thebittimes.com/5-factors-that-could-send-xrp-to-1-tbt84236.html</a></p>

5 factors that could send XRP to $1

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