Ripple’s Chief Legal Officer, Stuart Alderoty, in his series of X posts, offered insight into the cryptocurrency landscape’s future, focusing particularly on 2024. His predictions revolved around Ripple’s ongoing legal tussle with the Securities and Exchange Commission (SEC), the judiciary’s role in shaping crypto regulations, and potential legislative dilemmas in Congress.
Alderoty anticipates that Ripple’s SEC lawsuit might conclude in 2024. However, he warns against the SEC’s continuous “regulation by enforcement” approach, which might impact other top players in the crypto sphere. He also predicts a pivotal role for the judiciary in reining in the SEC’s overreach, possibly leading to a Supreme Court showdown stemming from ongoing legal disputes.
Looking towards Capitol Hill, Alderoty foresees agreement among lawmakers on the necessity of crypto regulations in principle. Yet, he anticipates a gridlock in the execution, potentially leaving U.S. crypto firms in a precarious situation, while global counterparts surge ahead in regulatory clarity and innovation.
Reflecting on Ripple’s achievements in 2023, the year proved to be a turning point with crucial legal victories against the SEC. These wins significantly contributed to providing regulatory clarity for XRP. Additionally, all charges against Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen, linked to alleged securities law violations, were dropped, bolstering Ripple’s standing in the industry.
These legal successes prompted major U.S. exchanges to relist XRP, sparking an impressive 83% year-to-date surge in the token’s value. These developments highlight not only Ripple’s resilience but also underscore the broader cryptocurrency sector’s innovative spirit amidst legal challenges.
In 2024, things like Bitcoin’s upcoming halving and the approval of Spot Bitcoin ETFs will make the market go up. The XRP community has been rooting for a very long for XRP to hit $1.50 in 2024. The monthly high for cryptocurrencies was $0.70, and then there was a short drop. Now, XRP is on a hopeful uptrend.
When looking at the overall picture, XRP seems to be continuing on its path toward higher highs and lower lows, even though it fell to a 61.8% Fib level of $0.7430. But a warning note is sent out: the altcoin’s bullish expectations could be in danger if the daily candlestick ends below $0.6200, which would mean that the trend might be changing.
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