Key market shifts in play?

In July 2023, Ripple achieved a significant legal victory when a judge ruled that XRP is not inherently classified as a security. Following this, the SEC’s attempt for an immediate appeal was rejected, and by October, the SEC withdrew its allegations of securities law violations against Ripple executives, Brad Garlinghouse and Chris Larsen. These developments in 2023, which helped propel the price of XRP, suggest that increasing adoption could further drive XRP’s price upwards in 2024, according to many crypto analysts.

It’s also worth mentioning that stocks on Wall Street have remained buoyant after the Federal Reserve signaled that its interest rate-hiking cycle has concluded and that lower borrowing costs may be on the horizon in 2024.

Following the Fed’s statement, the probability of a U.S. interest rate cut in May 2024 jumped from 80% to 90%, which is also seen as a positive sign for cryptocurrencies, which often move in correlation with stock markets. But what’s next for Ripple’s (XRP) price, and what can we expect for the rest of December 2023?

Analysts predict XRP will continue its upward trend

As 2023 comes to an end, many cryptocurrency analysts foresee Ripple (XRP) maintaining its upward trajectory over the coming weeks or even months. A number of experts predict that the U.S. Securities and Exchange Commission (SEC) may approve a Bitcoin ETF soon. If this happens, XRP’s price is expected to surge even higher.

The potential approval of spot Bitcoin ETFs has created a lot of buzz within the crypto community, as it’s anticipated to spark greater enthusiasm in the cryptocurrency markets, drawing in substantial institutional investments, particularly from hedge funds.

Simultaneously, Adrien Treccani, Ripple’s Senior Vice President of Product, predicts a major shift within the industry, envisioning a new paradigm that Ripple will lead to overcome the challenges it faced in 2023.

Major financial institutions and global corporations are exploring digital asset solutions to meet the growing demand for more efficient, transparent, and accessible financial services. Ripple has already announced partnerships with several global banks in 2023, and in 2024, Ripple expects adoption rates to keep rising.

While 2023 was a pivotal year for Ripple due to its victories in the SEC lawsuit, the company anticipates even greater success in 2024. Ripple’s Chief Legal Officer, Stuart Alderoty, has…