The year 2024 marked a turning point for **$XRP**, the native cryptocurrency of the **XRP Ledger**, as it transformed from a legal battleground casualty into one of the most compelling comeback stories in the crypto space. Once the world’s second-largest digital asset by market cap in 2017, XRP faced years of regulatory uncertainty due to the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs. But against all odds, $XRP surged past $2, reclaiming its former glory and proving its resilience in the face of adversity.
This is the story of how XRP overcame legal headwinds, regained investor confidence, and reestablished itself as a major player in the global cryptocurrency ecosystem.
The Rough Start: January – A Market in Doubt
At the beginning of 2024, $XRP opened the year trading around $0.60 — a modest start for a token still shadowed by litigation. By February, it dipped further to $0.49, reflecting lingering uncertainty despite Ripple’s partial legal victory in 2023 when a federal judge ruled that XRP is not a security when sold on public exchanges.
While this decision was a landmark win, its impact on price momentum was slow to materialize. Years of regulatory FUD (fear, uncertainty, and doubt) had taken their toll. Investors remained cautious, and the broader crypto market’s volatility didn’t help.
Yet behind the scenes, Ripple’s legal team, led by Chief Legal Officer Stuart Alderoty, had already laid the groundwork for a strategic defense. Their persistence began to pay off — not just in court, but in shifting public perception.
“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 CLO
March – The SEC’s $2 Billion Hammer
In March, the SEC escalated its campaign, filing remedies-related briefs demanding $2 billion in penalties over Ripple’s alleged unregistered sales of XRP. The move sent shockwaves through the crypto community.
Though the core issue — whether XRP is a security — had been settled in Ripple’s favor for exchange sales, the SEC’s aggressive stance kept pressure on the asset. Markets reacted negatively, and short-term sentiment turned bearish.
But many analysts saw this as a desperate overreach. The demand for such an exorbitant fine, compared to previous enforcement actions, appeared disproportionate — even politically motivated.
July – Expansion Beyond Borders
While legal battles raged in U.S. courts, Ripple was quietly building global momentum. In July, the company expanded operations in Japan and South Korea, launching the XRPL Japan and Korea Fund to support innovation on the XRP Ledger.
This move wasn’t symbolic — it signaled institutional confidence. Notably, Infinite Block, South Korea’s only government-licensed virtual asset service provider (VASP), announced full support for the XRP Ledger, opening doors for compliant, regulated adoption in one of Asia’s most tech-savvy markets.
International expansion helped decouple XRP’s value from U.S.-centric regulatory noise and demonstrated Ripple’s long-term vision: a decentralized, efficient global payment network.
August – A Pyrrhic Victory for the SEC?
The turning point came in August when the court ruled that Ripple must pay **$125 million in civil penalties** — a fraction of the $2 billion the SEC had demanded.
Legally, the SEC claimed victory. But in the court of public opinion, Ripple won decisively. The drastic reduction validated what many in crypto had argued: that the SEC’s approach was excessive and inconsistent with precedent.
More importantly, the ruling reaffirmed that institutional sales of XRP could be classified differently from programmatic or exchange sales, preserving XRP’s status as a non-security for retail investors.
Market sentiment shifted overnight. Confidence returned. And $XRP began its climb.
October – The Appeal That Changed Nothing
Refusing to concede defeat, the SEC — under outgoing Chair Gary Gensler — filed an appeal in October 2024, challenging aspects of the 2023 ruling.
Ripple responded swiftly with a cross-appeal, doubling down on its position. Crucially, the court’s determination that “XRP is not a security” was not under appeal.
Stuart Alderoty made this clear:
“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.”
— Stuart Alderoty, October 2024
Legal experts agreed: the SEC’s appeal was unlikely to alter XRP’s fundamental standing. Instead, it reinforced Ripple’s narrative of fighting for clarity in an opaque regulatory environment.
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November – Back to $1 and Beyond
By November, momentum was undeniable. Two major catalysts pushed $XRP past $1:
- Bitwise filed for an XRP ETF, signaling growing institutional interest.
- Canary Capital and 21Shares followed, submitting S-1 forms for their own XRP exchange-traded products.
The ETF filings mirrored what happened with Bitcoin pre-approval — a sign that Wall Street was finally taking notice.
Meanwhile, $XRP overtook Dogecoin (DOGE) in market capitalization, reigniting celebrations among the passionate “XRP Army.” For long-time holders, this wasn’t just a price move — it was vindication.
December – Redemption at $2 and the Rise of RLUSD
The year closed with a historic milestone: $XRP hit $2, surpassing its previous all-time high from 2017 and reclaiming third place in global crypto rankings — even flipping Tether (USDT) briefly.
At $2, XRP reminded the world of its 2017 glory when it briefly challenged Bitcoin for dominance. This time, however, it wasn’t just speculation — it was built on stronger fundamentals.
And then came RLUSD, Ripple’s newly launched U.S. dollar-pegged stablecoin. Designed for efficiency and compliance on the XRP Ledger, RLUSD has been positioned as a potential challenger to USDT and USDC — especially as MiCA regulations in the EU raise concerns about Tether’s future availability.
With RLUSD integrated into RippleNet and payment corridors, analysts predict it could drive real utility demand for XRP through transaction fees and liquidity staking.
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Frequently Asked Questions (FAQ)
Q: Is XRP still under SEC lawsuit?
A: Yes, but the core issue has been resolved. In 2023, a court ruled that XRP is not a security when sold on exchanges. Ripple paid a $125M penalty in 2024, and while the SEC has appealed certain aspects, XRP’s status as a non-security remains intact.
Q: Why did XRP surge in 2024?
A: Key drivers included reduced legal risk, ETF filings by Bitwise and others, international expansion by Ripple, and growing confidence in XRP’s utility via RLUSD and real-world payment use cases.
Q: Can XRP flip Ethereum or Bitcoin?
A: While unlikely in the short term due to market cap differences, XRP briefly overtook ETH in 2017. Its strength lies in cross-border payments rather than smart contracts or store-of-value narratives.
Q: What is RLUSD and how does it affect XRP?
A: RLUSD is Ripple’s new stablecoin built on the XRP Ledger. It enhances ecosystem utility by enabling fast settlements and could increase demand for XRP through fee mechanisms and liquidity pools.
Q: Is now a good time to invest in XRP?
A: As with any asset, timing depends on risk tolerance and market outlook. However, with clearer regulation and growing adoption, many analysts view XRP as better positioned now than at any point since 2018.
Q: What are the core keywords for this article?
A: The main keywords are: $XRP, Ripple, SEC lawsuit, XRP Ledger, RLUSD, crypto comeback, XRP ETF, and stablecoin.
From legal turmoil to market resurgence, 2024 was the year $XRP reclaimed its place in the crypto hierarchy. With stronger fundamentals, global expansion, and rising institutional interest, Ripple’s journey exemplifies resilience in the face of regulatory adversity — and sets the stage for even greater adoption in 2025.