In 2023, XRP, which is the fifth-largest cryptocurrency by market value, experienced historic moments. This positive atmosphere stemmed from Ripple‘s consecutive wins in the lawsuit with the SEC. In July, a significant victory for Ripple was marked when a judge decided not to classify XRP as a security on its own.
After the SEC’s motion for an interlocutory appeal was denied, the SEC withdrew its securities law violation claims against Ripple executives Brad Garlinghouse and Chris Larsen in October. Shortly after the critical July decision, XRP’s price surged to the year’s highest level of $0.932, marking up to a 100% increase.
Before the decline in price, XRP became the third-largest cryptocurrency by market value. A similar price increase scenario occurred in October when the SEC’s request to appeal their significant loss against Ripple was denied. XRP rose to a level of $0.75 by mid-November but has since consolidated. At the time of writing, XRP had declined by 0.8% in the last 24 hours, falling to $0.61, but the token still shows a 74.4% increase on an annual basis.
As predicted by Ripple’s Senior Legal Advisor Stuart Alderoty, the final part of the SEC’s misguided case against Ripple will end in 2024, and this continues to create a negative impact on the price of XRP. Adrian Treccani, Senior Vice President of Product at Ripple, said that a new paradigm will emerge in 2023 to address the challenges faced by the industry.
Global banks and industry giants are exploring cryptocurrency solutions to meet their customers’ demand for efficient, transparent, and on-demand financial services. Ripple also announced last year that it had formed partnerships with many global banks.