Ripple's XRP token is down 2.4% on the daily chart and 4.4% on the weekly chart. However, the asset is still up 2.9% on the 14-day chart and up 1.3% month-on-month. Furthermore, XRP is up almost 41% since February 2023.
Source: CoinGecko
Also read: XRP set to finally rise to $1.40? Here's what the analysts have to say
XRP’s recent correction could be due to Bitcoin (BTC) falling below $52,000. The original cryptocurrency is currently down 1.2% on the daily chart and 2.1% on the weekly chart. Additionally, Ripple’s ongoing lawsuit with the Securities and Exchange Commission (SEC) may have slowed XRP’s growth. Despite a favorable ruling from a district court in 2023, the SEC vs. Ripple lawsuit is pending in the Supreme Court and investors are awaiting a ruling.
Ripple IPO coming soon, along with an XRP ETF?
According to former Ripple manager Sean McBride, we could see an XRP ETF (exchange traded fund) in 2024 or 2025. The SEC took a historic step and approved 11 spot BTC ETFs in January. The development has opened the doors for more crypto-based ETFs in the future.
McBride also said that we may see an initial public offering of Ripple outside the US in 2025. Rumors about Ripple's IPO have been circulating online, but there is no official confirmation from the company.
Source: X.com
If we get an XRP ETF and a Ripple IPO, we could see an increase in the asset price. An IPO could mean more money for the company to innovate. Furthermore, if Ripple receives a positive ruling from the US Supreme Court, this will drive the price of the asset even higher.
Also Read: Ripple XRP: How to Become a Millionaire When XRP Hits Highs of $3.40?
XRP reached its all-time high in January 2018, over six years ago. While other major assets peaked in 2021, XRP did not make much noise. XRP’s lack of moves during the 2021 bull market is likely due to Ripple’s lawsuit with the SEC. If the company receives a positive decision and the market enters another bull run, XRP could reach a new all-time high.
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