As market commentators expect XRP to rise further, seven events are poised to support this expected price rise.
Notably, XRP has performed exceptionally well over the last seven weeks: in November it rose 283% and in December it managed sustained gains despite the recent broader market correction that pushed it to the lower end of the $2 mark record.
XRP is now trading at $2.35, up 3.23% this morning but down more than 5% over the past seven days. Given the ongoing decline, analysts believe that XRP’s uptrend is still in its infancy. Here are seven key events that could further increase XRP’s value once the uptrend resumes:
Introducing RLUSD
Ripple launched RLUSD, a stablecoin pegged to the US dollar, on December 17, 2024. Ripple announced Exchange partners such as Bitso, Uphold, CoinMENA, MoonPay and Archax, with plans for wider distribution.
This stablecoin is fully backed by US dollar deposits, government bonds and cash equivalents and is intended to provide stability and liquidity in the market. The launch has already had a positive impact on the price of XRP, triggering a rise to $2.7.
However, XRP has since corrected these gains amid the ongoing general market decline. While the RLUSD stablecoin may not have a direct impact on the XRP price in the future, Ripple CTO David Schwartz said confirmed it could strengthen liquidity and support price movement.
Settlement of the legal dispute between Ripple and the SEC
The legal battle between Ripple and SEC has been going on for four years. The latest development resulted in District Judge Analisa Torres reducing the penalty against Ripple to $125 million, significantly less than the SEC’s original demand of $2 billion.
The SEC has filed an appeal…
