Crypto: 2024, a crucial year for Ripple's expansion?

Throughout the year 2023, Ripple, the crypto company behind XRP, has maintained one of the most remarkable growth rates in the crypto ecosystem. The question now arises whether in 2024, Ripple could continue to make headlines in terms of performance and adoption. This remains possible under certain conditions.

The crypto company Ripple is at a pivotal moment in its history

After a particularly tumultuous year in 2023, the crypto company Ripple is at a delicate point in its journey. The year 2024 could be the year when the company sees its adoption expand significantly.

This is only possible under certain conditions. The first is the acceleration of the institutional adoption of its native crypto, XRP. An option that Ripple plans to promote by reducing transactional costs to streamline cross-border settlements.

Secondly, Ripple’s expansion seems closely tied to the financial sector’s transformation in its stance toward cryptos. This is exactly what Adrien Treccani, the company’s first vice-president in charge of products, anticipates for Ripple in 2024.

Lastly, the third condition concerns regulation. Stuart Alderoty, Ripple’s legal director, is counting on resolving the legal disputes with the SEC this year. That would result in epic setbacks for the SEC in major legal battles against the crypto industry, making Ripple’s trajectory in 2024 even more significant.

"Ripple’s executive predicts a surge in interest from major banks and corporations seeking digital asset solutions."https://t.co/Y76J6uBiMZ

— Rev55 (@Revel_55) January 6, 2024

The situation could change for Ripple’s XRP crypto

If the changes mentioned earlier materialize in 2024, it would be Ripple’s XRP that would benefit the most. The asset lost its 5th-place ranking of the most dynamic cryptos in the ecosystem, falling behind Solana.

This seems to present a real challenge. As a reminder, Ripple’s native crypto closed the year 2023 with a valuation of $0.62. This came after a peak of $0.82 in July, following the favorable court ruling by Judge Analisa Torres. All of this resulted in a 65% increase since January 2023.

This performance is rather modest when compared to Solana’s 1000% increase and the 160% rise of bitcoin (BTC) over the same period. To say the least, Ripple’s native crypto is currently lagging behind.

This can be noticed in its current trends. Ranked sixth in the top 10 of the highest-performing cryptos in the industry behind Solana, Ripple’s XRP is currently trading at around $0.56. Its price has fallen by just over 9% during the past week.