The year 2024 marked a dramatic turning point for $XRP, the native cryptocurrency of the XRP Ledger. Once a top contender to Bitcoin’s dominance and later mired in regulatory turmoil, XRP staged one of the most compelling comebacks in crypto history. From legal battles to market resurgence, this is the story of how XRP overcame adversity, regained investor confidence, and reestablished itself as a major force in the digital asset ecosystem.
The Rocky Start: January – March 2024
At the beginning of 2024, XRP was still reeling from years of legal uncertainty. Despite a landmark 2023 ruling that declared XRP was not a security when sold on public exchanges—a major win for Ripple—the aftermath lingered. The price opened the year around $0.60 but dipped to $0.49 by February, reflecting lingering market skepticism.
Then came March, when the U.S. Securities and Exchange Commission (SEC) reignited fears with an aggressive move: filing remedies-related briefs demanding $2 billion in penalties over Ripple’s historical token sales. This staggering figure sent shockwaves through the crypto community, triggering widespread FUD (fear, uncertainty, and doubt) and casting fresh doubt on XRP’s future.
“Victory has a thousand fathers, but make no mistake. The courage of Brad and Chris, and the resilience and expertise of Ripple Team Legal... paved the way.”
— Stuart Alderoty, Ripple’s Chief Legal Officer
Yet, behind the scenes, Ripple’s legal team remained steadfast. Their strategy wasn’t just about defense—it was about setting a precedent for the entire crypto industry.
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A Turning Tide: July – August 2024
By mid-year, momentum began to shift. In July, Ripple expanded its global footprint with new initiatives in Japan and South Korea, launching the XRPL Japan and Korea Fund to support blockchain innovation in the region. This was paired with strategic partnerships, including Infinite Block—South Korea’s only government-licensed VASP—adding support for the XRP Ledger.
These developments signaled more than just growth; they demonstrated institutional trust in XRP’s infrastructure and long-term viability.
Then, in August, the court delivered its final penalty: **$125 million**—a fraction of the SEC’s original $2 billion demand. While technically a loss for Ripple, the ruling was widely seen as a strategic victory. The drastic reduction in fines underscored judicial pushback against what many viewed as regulatory overreach.
For the crypto world, it was clear: the tide had turned.
The Appeal That Changed Nothing: October 2024
In October, the SEC—under outgoing Chair Gary Gensler—filed an appeal of the 2023 ruling, attempting to reclassify XRP as a security. But Ripple responded swiftly with a cross-appeal, reinforcing its position that XRP is not a security, a status already affirmed by the court.
Crucially, as Ripple’s CLO Stuart Alderoty pointed out:
“No surprises here — once again it’s been made clear. The Court’s ruling that ‘XRP is not a security’ is NOT being appealed. That decision stands as the law of the land.”
Legal experts echoed this sentiment, calling the SEC’s appeal a symbolic gesture with little chance of success. The foundation for XRP’s legitimacy had already been laid.
Breaking Through: November – $XRP Returns to $1
November brought pivotal developments that reignited investor enthusiasm.
First, Bitwise filed for an XRP exchange-traded fund (ETF)—a move that opened the floodgates. Canary Capital and 21Shares quickly followed with their own S-1 filings, signaling growing institutional interest in XRP as a regulated investment product.
Then came the U.S. presidential election. With Donald Trump’s victory, pro-crypto sentiment surged. Ripple CEO Brad Garlinghouse later revealed in a 60 Minutes interview that crypto played a role in shaping voter awareness, particularly among younger demographics. He described the unified support from crypto leaders for Trump as a direct response to the SEC’s aggressive stance.
As market confidence grew, XRP crossed $1—a psychological milestone not seen in years. It even surpassed Dogecoin (DOGE) in market capitalization, reigniting celebrations among the passionate "XRP Army."
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The Redemption: December – $XRP Hits $2
By December, XRP had soared past $2, reclaiming its position as one of the world’s top three cryptocurrencies by market cap. It flipped Tether (USDT) and briefly overtook Ethereum during its 2017 heyday—when XRP was last seen challenging Bitcoin for dominance.
This wasn’t just a price surge; it was a symbolic redemption. After seven years of legal battles and market suppression, XRP had not only survived—it had thrived.
And there was more: Ripple launched RLUSD, its own U.S. dollar-pegged stablecoin. Designed to operate natively on the XRP Ledger, RLUSD is poised to compete with giants like USDT and USDC—especially as MiCA regulations in the European Union raise concerns about Tether’s compliance status.
With RLUSD, Ripple isn’t just riding the XRP wave—it’s building the infrastructure for the next era of payments and DeFi.
Frequently Asked Questions (FAQ)
Q: Is XRP a security?
A: No. In 2023, a U.S. federal court ruled that XRP is not a security when sold on public exchanges—a decision that remains legally binding despite ongoing appeals.
Q: Why did XRP surge in 2024?
A: Multiple factors drove the rally: reduced legal penalties, ETF filings, pro-crypto political shifts, global expansion by Ripple, and the launch of RLUSD.
Q: Can XRP reach $5 or higher?
A: While price predictions vary, many analysts believe sustained institutional adoption and ecosystem growth could push XRP higher—especially if an ETF is approved.
Q: What is RLUSD?
A: RLUSD is Ripple’s newly launched U.S. dollar-pegged stablecoin, built on the XRP Ledger to enable fast, low-cost global transactions.
Q: How did the SEC lawsuit impact XRP?
A: Initially bearish, the prolonged case ultimately strengthened XRP’s legal standing and galvanized community and institutional support.
Q: Is now a good time to invest in XRP?
A: As with any investment, thorough research is essential. However, 2024 demonstrated XRP’s resilience and growing utility in real-world financial systems.
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Final Thoughts
The journey of $XRP in 2024 is more than a price chart—it's a narrative of resilience, innovation, and strategic foresight. From legal battles to market triumphs, Ripple and its community proved that persistence pays off.
With clearer regulation on the horizon, growing institutional interest, and new products like RLUSD expanding its utility, XRP is no longer just a speculative asset. It’s emerging as a foundational piece of the future financial system.
For investors, developers, and believers in decentralized finance—this is only the beginning.
Core Keywords: XRP, Ripple, SEC lawsuit, RLUSD, crypto ETF, XRP price prediction, cryptocurrency regulation