Should I Buy XRP Now – 8 Reasons You Should Invest in Ripple in 2024

Ripple has been at the center of public attention since 2020 due to the lawsuit SEC has filed against it. Ripple Labs was accused of conducting illegal security offerings through the sale of its native token – XRP. A recently published decision made by a federal judge was in favor of Ripple, in a major victory for the cryptocurrency. 

After this decision became public, the XRP price soared over 100%, almost hitting $1. However it has since retraced, due in part to Bitcoin’s price crash in August.

Is it possible for Ripple to go back to $1 and hit its previous all-time high? Should you buy Ripple right now? In this guide, we discuss these questions and find out what the crypto experts think about Ripple’s future performance. In total we introduce eight reasons why you should buy XRP in 2024. 

Ripple Market Update – What Happened to the XRP Price So Far In 2024?

When SEC filed a lawsuit against Ripple in 2020, the XRP price significantly dropped as a result. And in 2021, when many cryptocurrencies hit their new all-time highs, XRP couldn’t surpass its previous all-time high of $3.84 as the lawsuit was still in process. Hence, XRP could only reach $1.9, which was followed by a drastic drop as the whole crypto market entered a deep bear cycle because of the collapses of some crypto projects and other reasons. 

XRP traded below $1 for the whole of 2022 and started 2023 with a price of $0.33. While Bitcoin and other cryptocurrencies showed some recovery after the drastic drop, XRP followed the general market and could reach up to $0.538 in April. XRP managed to keep its value between $0.4-$0.5 for the rest of 2023, and it was traded at $0.47 before the recent news about the judge’s decision for the lawsuit. 

On July 13, 2023, the federal judge published an important decision regarding the XRP lawsuit, which was favorable for not only the Ripple project but for the whole crypto market. While the SEC’s association claimed that Ripple illegally offered securities through its XRP tokens, according to Judge Analisa Torres’s decision XRP did not violate any rule. It was said that cryptocurrency is not considered a security when it is sold to the general public. 

According to the same statement, cryptocurrency can be considered a security if it is sold to financial institutions. From this perspective, Ripple made some violations by selling its tokens to financial institutions. However, this decision was regarded as a victory for the Ripple, which was followed by the Ripple’s price surge. In a few hours, the XRP price reached almost $1.

While many thought that XRP could hit $1 again, this did not happen, XRP started the correction. Following Bitcoin’s crash in August, the XRP price started to trade between the $0.50 – $0.55 range. 

Since this drop, XRP hasn’t been able to make a lot of headlines in the market. Almost a year later, the XRP price is still trading within the same $0.60 – $0.62 range. All eyes are now on the US SEC’s final call, as it would determine XRP’s future price action.

Will Ripple Go Up to $1 in 2024?

After the federal court’s decision about the XRP case became clear, the cryptocurrency almost doubled its price in a few hours. While XRP couldn’t hit $1 during that rally, crypto experts are still bullish about Ripple’s future price. Many predict that Ripple’s price surge was not just a short-term reaction, but XRP has great potential to grow significantly over the upcoming months. 

Investors are still trying to understand if XRP can reach $1 soon. While there is still a hot debate about the XRP court case, which is still not completely closed, crypto analysts are optimistic, predicting that it is possible for XRP to reach $1 in 2024 and even get back to its previous all-time high of $3 in 2023. 

However, its price action has been quite lukewarm, with its price barely budging from i$0.62. More activity should take place before it could pump in value.

Should You Buy XRP – 8 Reasons Why You Should Consider Investing in Ripple

Ripple is one of the first cryptocurrencies and has been around since almost the time Bitcoin first became popular. However, it took Ripple a few years to emerge as a popular crypto project and gain value. In recent years, XRP has been among the most trending cryptocurrencies, and it has always been among the 10 largest cryptocurrencies with its market capitalization. 

Ripple’s price has suffered significantly after SEC filed a lawsuit against Ripple Labs. With the lawsuit almost over, it has started to win back the trust of the investors. So, should you buy XRP right now? We have picked 8 good reasons why XRP can be a good cryptocurrency to buy right now. 

1. The SEC Lawsuit is Almost Over

In December 2020, the US Security and Exchange Commission initiated a court case against XRP for offering an unregistered security offering during its initial coin offering. SEC accused Ripple that it raised more than $1.3 billion in capital in 2013 by selling its XRP tokens on exchanges without properly filing a registration document. This lawsuit created a shockwave in the crypto industry as it was a huge step toward applying regulations over cryptocurrencies. 

SEC lawsuit made many popular exchanges temporarily suspend XRP trading, which led to the price drop. This also coincided with the largest bull market in the cryptocurrency sector, with many cryptocurrencies hitting new all-time highs. However, XRP could not increase significantly due to the court case and could not surpass its all-time high. 

The US Supreme Court used the Howey Test to decide whether cryptocurrency can be considered a security or not. And based on this, the federal judge published the initial decision about the case. It stated that cryptocurrencies could not be considered security when they are offered to retail investors on crypto exchanges. In contrast, they are considered security when offered to institutional investors. 

Based on the decision, neither XRP nor SEC had a complete victory for the case. Ripple won in the sense that the action of selling its XRP tokens on crypto exchanges is not regarded as an illegal security offering. However, Ripple also sold XRP to institutions, and in this case, it is treated as a security offering according to the judge’s decision. Still, for many investors, this was considered victorious for Ripple, which helped to significantly recover trust in this crypto. 

Additionally, crypto exchanges which suspended XRP transactions started to support XRP again. These factors led to excessive XRP buying, and the price of this cryptocurrency doubled in a short time. 

2. Ripple Has Expanded Its Partnership in the Financial Industry

Another reason to believe in the future of XRP is that it’s the only cryptocurrency that has strong collaborations with the financial industry, including ledge banks from different countries. Ripple has positioned itself not to disrupt the traditional payment system but to offer a technology that would address the problems banks face, including transaction costs, speed, and scalability. Ripple’s aim is to facilitate its technology to make international transactions more efficient. 

In doing so, Ripple has already succeeded in collaborating with many banks and supporting them with its Ripple Transaction Protocol. Banks benefit from Ripple’s technology in a number of ways. First of all, XRP helps to significantly reduce the transaction time, which can take from 3-5 seconds. This helps to conduct lightning-fast transactions, with XRP acting as a bridge between one fiat currency to another. 

Another reason, banks trust XRP is Ripple’s secure infrastructure. Today, bank transactions are facing high-security threats, and it’s extremely important to use innovative solutions to keep the funds safer. Blockchain is one of these technologies and as long as Ripple is based on the blockchain. Due to its decentralized nature and cryptographic solutions, Ripple manages to provide safe, transparent, and more secure cross-border transactions. 

Before the SEC lawsuit, Ripple was already popular among financial institutions, and it had been trusted by several banks from 55 different countries. With the positive outcome of the SEC lawsuit, Ripple’s Chief Legal Officer, Stu Alderoty, mentioned in an interview with CNBC that this could lead to many American banks returning to Ripple and using its technology again. Among the popular banks that already partner with XRP include Bank of America, PNC Bank, Cuallix, etc. 

As XRP plays a crucial role in Ripple’s ecosystem, it will get more recognition and adoption once Ripple gains more popularity and expands its collaborations. Ripple’s partnership with banks also makes XRP a trustworthy and reliable cryptocurrency to invest in. So, with its growing popularity in the financial sector, Ripple is expected to gain more value in the future. 

3. Ripple is Trading at a Discount

XRP is trading below the $1 mark at the time of writing, which makes it quite an affordable investment, especially for those who want to start with little money. It is to be noted that XRP’s current value is more than 5 times lower compared to its all-time high. This can mean that Ripple has a lot of room for growth if it manages to hit a new all-time high, bringing its investors huge gains. 

Regaining its previous value is highly possible for XRP, which is also based on the crypto market growth and the court case outcomes. In late 2017 when Bitcoin hit a new all-time high, XRP followed the trend and hit its highest price. After that, the correction started, which led to XRP dropping below the $1 mark again. Still, XRP’s trading price remained ten times higher compared to its price before hitting an all-time high. 

In December 2020, when SEC sued XRP, the price of the token was above $0.6, after which it dropped to $0.2. However, at that time, the general crypto market entered experienced a huge bull market, with most of the cryptocurrencies hitting new all-time highs. Due to the lawsuit, transactions with XRP were still suspended on many exchanges, and people refrained from trading Ripple. That’s why XRP couldn’t peak at new heights during this uptrend. 

Still, XRP managed to recover up to $1.7 but again dropped to $0.5 and then peaked above $1 again when Bitcoin hit the $66,000 mark. Once the market took a bearish direction following regulations and collapses of some popular projects in the crypto space, XRP price dropped as low as $0.3. With the ongoing lawsuit, XRP still managed to slightly recover with the general market. 

When the judge’s decision was published, XRP was already traded at $0.4, after which it peaked at $0.8 but couldn’t exceed $1. The current price of the token fluctuates close to $0.6-$0.65. If the crypto sector continues to grow and XRP wins the lawsuit, it can reach $1 in the upcoming months, which means that it will bring a 100% return for the investors now. And if XRP can hit its all-time high again, the return rate will be 500%. 

Now that the Bitcoin price has finally moving up again, readers may also be interested in our ‘should I buy Bitcoin‘ guide.

4. Ripple Has Hundreds of Customers

While many cryptocurrencies, including also Bitcoin, are trying to replace the existing payment and banking system, the Ripple team understood that it’s not possible in the near future. So, instead of becoming a competitor, Ripple has become a partner for many financial institutions. Though one of its components, called RippleNet, it offers financial services to different money transfer businesses and banks to help them with faster and more affordable transactions. 

This is why Ripple is the most preferred cryptocurrency among banks and has already managed to build a strong network of customers. Ripple supports hundreds of banks from over 50 different countries. Among the most popular names are Santander in the USA, Canadian Imperial Bank of Commerce and Zip Remit in Canada, Itaú Unibanco and BeeTech in Brazil, InstaReM in Singapore, Kotak Mahindra Bank in India, and many others. 

Ripple is also partnering with other financial institutions, such as money transfer services. Its ODL solution is used among such popular money transfer providers as I-remit, Moneynet, SBI Remit, Novatti, etc. According to its website, Ripple helps Novatti to drive customer growth, enables Modulr to develop effortless payments across the UK and Europe, provides I-remit with low-cost, real-time, cross-border payments, and brings benefits to tens of other companies. 

The collaboration and popularity among well-established and leading financial companies and institutions make Ripple one of the most reliable crypto projects. If Ripple continues to grow its customer database, it can become a well-established crypto project which will definitely mean more adoption for the XRP token. This is one more reason to believe XRP is a good investment, and you can consider adding it to your crypto portfolio. 

5. Low Fees And Fast Transaction Processing Times

One of the most critical problems associated with blockchain technology is network congestion. This significantly affects the transaction speed, so it takes more time to verify transactions on the blockchain when the number of transactions increases. Consequently, this leads to an increase in the transaction fees. 

The two most popular cryptocurrencies – Bitcoin and Ethereum, suffer from this problem, which is sometimes a problem, especially for short-term trading. Unlike these blockchains, Ripple processes transactions faster and charges lower fees compared to Ethereum’s gas fees and Bitcoin’s network fees. The current transaction cost for the standard transaction on Ripple is 0.00001 XRP. 

Hence, transactions in XRP are verified faster and cost traders a small fraction of a penny which makes XRP an excellent asset for trading. This is why XRP is still popular among traders despite the SEC’s lawsuit against it. Another plus is that XRP is one of the less risky cryptocurrencies if we consider its market capitalization. XRP is a large-cap crypto with a market cap of $33.4 billion at the time of writing. 

Ripple has always been among the top 10 cryptocurrencies, even before the judge’s decision about the lawsuit was published. For a certain period in 2018, XRP even exceeded Ethereum’s market cap and was the second largest crypto asset. Currently, it’s the 5th largest cryptocurrency and is ahead of Bitcoin, Ethereum, Tether, and Binance Coin. 

Additionally, XRP also keeps its price stable and does not usually experience drastic price fluctuations, which again makes it a reliable and less risky coin to trade. Even during the tough period for the coin, XRP price never dropped below $0.1, and its price has remained stable between $0.2-$1.5 during the last 3 years. 

6. Ripple is an Eco-Friendly Crypto Coin – No one Can Mine XRP

XRP’s chances of getting popular are also high due to the consensus mechanism underlying its blockchain technology. It’s referred to as a green cryptocurrency and does not cause huge damage to the environment. To understand this, let’s go back to the times when Bitcoin started to get popularity. As Bitcoin’s blockchain is based on the Proof of Work protocol, it requires you to use computational power to verify transactions and mine a new block. 

Every time someone mines a new block, they get rewarded with Bitcoins, which is the way new coins enter into circulation. When Bitcoin was not so popular, mining BTC was quite easy, and everyone with a powerful computer could do it at their home. However, with the popularity of Bitcoin and its regular halving events, it became harder and harder to get new coins. Now, miners use highly powerful hardware tools to run their computers continuously in an attempt to mine a new block. 

This takes a lot of electricity and creates huge damage to the environment. Hence, Bitcoin’s protocol is considered harmful to the environment. Even the popular car-producing company Tesla suspended transactions in BTC for the damage mining brings to the environment. However, XRP is an eco-friendly coin, and it can’t be mined in this way. It uses a unique consensus mechanism that consumes less energy, requires little time, and little cost. 

Along with the popularization of blockchain, developers are trying to come up with new ideas to make the mining process less harmful and to create greener cryptocurrencies. XRP already uses Green Ledger to operate its blockchain and suits the trends in the blockchain sector. 

7. Ripple Labs Has a Strong Community

XRP also stands out with its huge popularity and a great community of supporters. In fact, Ripple has one of the largest communities in the crypto space, with millions of followers on social media. Its largest community is on Twitter, where over 2.6 million people Ripple, and its Reddit group has over 350,000 members. XRP is also popular on Facebook, where it has over 220,000 supporters and over 23,000 members on its Telegram group. 

The members of the XRP community are very active and always support XRP when there is criticism around this cryptocurrency. They also actively supported XRP on different social media platforms during the whole court case. Having a loyal community of supporters is a great advantage for the crypto project. 

The support XRP gets can highly affect other investors’ opinions about XRP and even change their opinion about the future of this cryptocurrency in a positive way. So, it is another reason to make XRP a good investment right now. 

8. Solid Reputation in the Crypto Industry and in the Financial Sector

Finally, one of the main reasons to consider XRP a good investment is that Ripple definitely is not a scam. With all of the factors mentioned in this section, we can say that Ripple has built a strong reputation in the crypto industry and is one of the promising projects in this sector. Ripple has already gained the trust of many financial institutions, including the most popular banks, money transfer services, and traders. 

Ripple built such a strong reputation in the industry that even going through the SEC lawsuit for 3 years, it managed to keep its price quite stable and did not crash as a result. Ripple is transparent in its plans which is an essential feature in the cryptocurrency industry. With so many crypto projects emerging each day, Ripple has already managed to find its place in the crypto community. 

This is one reason to believe that Ripple will be one of the most traded cryptocurrencies for now. It will follow the trends in the market and will keep growing if the crypto market takes a bullish direction. Moreover, if the judge’s final decision is also in favor of Ripple, its demand can also significantly grow as a result of it.

Is Now the Time to Buy Ripple XRP?

Ripple has quite a good potential to become one of the well-established projects in the crypto space. It offers real-world solutions with its technology that helps to make faster, more secure, and cost-effective international transactions. Financial institutions and banks are optimistic about Ripple’s services, and many are trying to incorporate Ripple’s blockchain to facilitate transactions quickly and with low fees. 

While this can significantly influence Ripple’s reputation and make it an effective investment, many people still think whether it’s the right time to invest in XRP. There are a number of reasons to consider why XRP can be an excellent buy right now. First of all, XRP is traded at a very low price right now, which is more than 4 times lower than its highest price. XRP has the potential to hit its previous all-time high, which could mean high gains if you buy right now. 

Another important factor is that XRP is on the verge of a legal win against the SEC. While the case is still open, and it can take even a few years to completely close it, the judge’s initial decision is in favor of the crypto market, which makes it highly likely that XRP can win the suit in the long run. It means that people will start buying XRP not to miss the next price rally, which will result in Ripple’s price growth. 

Another reason to believe XRP can grow in the long term is the positivity among crypto analysts and investors. XRP transactions indicate that the cryptocurrency is backed by many crypto whales who hold large amounts of this token. Meanwhile, the technical analyses of the cryptocurrency indicate that price growth is highly possible for Ripple. Still, you don’t need to completely rely on this data, and it’s always crucial to do your own research before buying XRP. 

How to Buy Ripple – The Easiest Way

Now that we have already spoken about the reasons why you should buy Ripple in 2023, it’s time to show how you can buy XRP tokens. As a first step, you must choose a cryptocurrency exchange listing XRP and providing services in your country. To make the process much easier for you, we recommend that you start trading with eToro, which is one of the leading brokers with millions of users from over 100 countries. 

Firstly, eToro is an extremely safe platform as it is regulated by ASIC, FCA, CySEC, SEC, and FINRA. This makes eToro one of the most trustworthy exchanges, and it also uses top-notch security mechanisms to keep its users from fraud. eToro is also an excellent choice when it comes to pricing, as it stands out with competitive trading fees. Non-trading fees are also very affordable on eToro as the broker does not take any deposit fees, and the withdrawal fee is $5. 

Starting with eToro is quite easy, and it does not require too much money to buy your first cryptocurrencies. For crypto trading, you must deposit a minimum amount of $10 in your account, and the $minimum trade is also $10. eToro also provides an easy-to-use platform for beginners and a number of trading tools that can be helpful for starters in this field. Particularly, its social trading features allow traders to copy other experts’ portfolios fast and easily. 

It’s extremely easy to get started with eToro, and the process includes some simple steps. Here is what you need to do to buy Ripple with eToro. 

Step 1 – Open an Account

To get started, visit the eToro website and click on the “Sign Now” button. The process is quite straightforward and quick. All you need to do is to provide a valid email, or a phone number, create a username, and choose a password. Once your account is created, you can go on to finish the registration process by providing other details, including personal information. 

The process also includes KYC verification, which is a mandatory step when you trade with eToro. After verifying your email and phone number, you will also need to verify your account with your ID and address. For this purpose, provide an ID card or a copy of your passport and the form of document which can be used for address verification. 

Step 2 – Deposit Funds

To deposit funds to your eToro account, you can use multiple options, from e-wallets to bank cards to bank transfers. eToro does not charge any fees for charging your account if you do it in USD. For non-USD fees, a small conversion fee is charged. 

Click on the Deposit Funds button to start the process. After this, fill in the details about your payment option and write the amount of money you want to deposit. The process will take from half an hour to 7 days, depending on the payment method you used. 

Step 3 – Search for Ripple

Now that your account is ready, you can get to the process. First, search Ripple’s ticker, XRP, in the search area and click on the first result. After this, you can see a separate page with information about Ripple, including price charts, analyses, news, and stats sections. All these tools can help you do your final research before you start buying XRP tokens. 

Step 4 – Buy Ripple

To purchase XRP coins, click on the “Trade” button, and a window will appear on the screen. Here you will need to type the number of tokens you want to buy or the amount of money you want to spend on the transaction. Once everything is correctly filled in, finish the transaction. After getting your coins on your eToro account, you want either use them for short-term trading or store them as a long-term investment. 

Ripple XRP Alternative – Could eTukTuk Token Be the Next XRP?

As regulatory issues have now allowed XRP to achieve the right amount of growth, investors have started to look for alternatives. Most are looking for assets with utilities that are broader than XRP. Many of these investors are inclined to invest in eTukTuk.

Designed as a green crypto that can leverage the power of blockchain to make electric vehicles are norm, eTukTuk is one of the greenest presale offerings of this year. With altruistic goals and understandable fundamentals, it is moving ahead with its current ICO with the right amount of vigor.

At the core of this project are two fundamentals. One is the charging stations that it seeks to set up across the globe, and the second is the zero-emission electric vehicles. To bring this change to fruition, eTukTuk has designed a rewarding ecosystem powered by its native token – TUK.

TUK is an asset developed on the Binance smart chain. Designed on an eco-friendly blockchain powered by staking, it also offers staking perks, allowing users to earn by holding their tokens. In addition to a rewarding ecosystem, eTukTuk is also introducing a P2E game inspired by Crazy Taxi.

The project has raised more than $2.3 million so far. If you’re interested, visit etuktuk.io.

Buy eTukTuk Token

Summary – Should You Invest in XRP Now?

In this guide, we have discussed multiple reasons why Ripple is a good investment right now – starting from the positive outcomes of its lawsuit to building a good reputation in the crypto space. XRP is among the 10 largest cryptocurrencies with its market capitalization and has great potential to become one of the well-established crypto projects of the future due to the features it offers. 

Investing in XRP after the federal judge’s recent decision seems quite attractive, but you need to still be cautious with your investment. While we have introduced 8 reasons why you should invest in XRP now, it is crucial not to put all your money in one crypto asset. Diversification is one of the key elements for risk management, and there are many strong altcoins to include in your portfolio. $TUK is one of our recommended tokens you can include in your portfolio. 

If the answer to ‘should I buy XRP’ for you is yes – our recommended exchange is eToro, where you can purchase XRP coins starting with as little money as $20. We also recommended eToro for its safety and the good selection of tools for beginners. 

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