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What is Ripple(XRP)?
Many people are concerned about what is xrp and xrp price prediction and other related issues.In fact,Ripple was first released in 2012, which is a payment network as well as a cryptocurrency. The network is called RippleNet. XRP is its native currency that can be used to trade or carry out a cross-border transaction.
Jed McCaleb and Chris Larsen co-founded the corporation OpenCoin and later renamed it Ripple Labs, which is now led by CEO Brad Garlinghouse. Those leaders are keen on creating a decentralized payment system that speeds up cross-border transactions like gold and fiat currencies between large financial institutions like banks as well as reduces the service fees to the lowest.
The Ripple coin is a popular payment currency that speeds over other cryptocurrencies. It takes nearly 10-minute for Bitcoin to confirm a transaction while it only takes 5-second for XRP to do that. Now it’s easy to understand why Ripple is one of the best investments for crypto investors.
XRP Price History
Ripple is not mined but issued by its creator and the supply amount of it is limited to 100,000,000,000 XRP. There are currently over 46 billion in circulation. It is worth noting that part of the Ripple coins will be destroyed in each transaction. That is to say, the number of available Ripple coins will continue to decrease over time. The rule of supply and demand may push up the price of Ripple. Now let’s date back to the XRP prices history to see how its value changes since its birth.
Prior to 2017, the price of Ripple coin was stable-almost unchanged, staying below $0.01 for a long time. From this price performance, it can also be seen that in the early days, Ripple was mainly used and welcomed by various banks as a means of payment, such as Bank of America and American Express.
It was not until March 2017 that the first price jump occurred, which soared to $0.03 on March 18th. In the following months of the year, XRP grew rapidly above $0.4. This may be associated with the revelation that American Express and Santander have teamed up with Ripple for direct cross-border payments via the company’s blockchain tech.
Though XRP price retraced, according to the ripple price chart below, it broke through $2 in the last month. This was leading by the rally of Bitcoin to some extent.
With the prosperous development in 2017, XRP became the world’s second-largest cryptocurrency by value. Ripple USD price hit a new high at $3.7502 on January 4. The company announced that three of the top 5 global money transfer companies will be using Ripple at the beginning of 2018. Later, the US-based money transfer company, MoneyGram, built a partnership with Ripple.
In February, the coin fell to $0.58 but then rebounded to $1 per XRP. This may be related to the announcement from Spanish multinational bank and financial services company Santander that they were to be working on Ripple-powered international money transfer apps in four European countries.
However, XRP price then never went back to $1 again since March. And in May, an investor who made significant losses by investing in XRP sued Ripple that the company violated federal security laws. In addition, the price of XRP began to decline steadily and most of the time traded around $0.3, even hitting $0.28 in December. Despite this, some of the cryptocurrency exchanges started offering XRP as an asset on their platforms.
The price keeps slight changes throughout the year, basically maintaining between $0.1-$0.4. On the last day of 2019, XRP closed the yearly trade at $0.19.
Ripple continued to attract big names like Santander, American Express, and J. P. Morgan, but they failed to insert new life to the XRP’s price. It is worth noting that XRP was still the third-largest digital asset after Bitcoin and Ethereum, even after losing around $3 billion in market capitalization that year. It is still the popular cross-border payment channel among the financial giants.
The XRP price began the new year around $0.1 and then it soared up to $0.326 in mid-February. However, the price then stayed constant around $0.2 in the following months. By November, the price rallied to $0.7, unfortunately, it closed yearly trade at $0.2.
In December, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit alleging that Ripple had conducted unregistered securities offerings by selling XRP. It claimed that Ripple sold 14.6 billion “units” of XRP for $1.3 billion. With the news, a number of exchanges, like Coinbase, Kraken suspended trading of XRP or delisted the asset. The news had a heavy impact on the price of XRP (from the XRP price chart below)- it was down over 65%.
The price of XRP was tortuous – from the relatively high $0.78 before the announcement from the SEC to the low $0.17 after the occurrence of the lawsuit.
Ripple Price Predictioin
XRP price is stable-low all the time until the burst in 2018 that it set an all-time high. With the diversification of the crypto market, this coin gradually becomes not that extraordinary but still has a significant role in the payment channel. Regarding the SEC lawsuit, it is worth noting that it has a boost to the price of XRP in some ways.
XRP Price Prediction 2021
With the development of the SEC v.s Ripple case, the price of XRP recovered to some extent. Ripple won a request from a court judge to force the SEC to release documents related to how the entity arrived at deeming Bitcoin and Ethereum not securities. The price of the token subsequently pumped to $1 and kept climbing, rushing nearly to $2. At the time of writing, the current Ripple price is hovering around $1. To find out the live Ripple price, please click here.
According to the CEO of Ripple, Garlinghouse, the SEC suit has not stopped Ripple Labs’ mission from consolidating a speedy, cross-border payments system with its overseas partners. 2021 is one of the most important years to XRP and even other cryptocurrencies. Regarding the XRP price prediction, if all retailers and institutional investors have strong confidence in XRP and the lawsuit has a good result, XRP may go up to its ATH $3 again or even register a new ATH. But what if Ripple fails? The price may experience a shock.
XRP Price Prediction 2022
The Ripple-SEC lawsuit may not close till 2022 and the outcome may good for the Ripple side. In such an assumption, the XRP price could trade at a higher value. And therefore, the price may hit more than $7. If the case does not close in 2022, the price of XRP may continue its similar performance as it acts in 2020 – 2021 or may even worse unless people have highly continual attention on the case.
XRP Price Prediction 2023-2024
Cryptocurrencies are intensely linking together in the crypto market. The leading coin, Bitcoin, can always set off market volatility. Besides, the second-largest coin by market cap, Ethereum, is the most popular among altcoins. Some analysts assume that under the impetus of Bitcoin and Ethereum, XRP can also be activated and set a new high above $10 in 2023 and $20 in 2024. With the global recovery from the coronavirus, people may pay more attention to the crypto sphere, which can bring more flow to XRP.
XRP Price Prediction 2025-2030
The development of Ripple can, of course, greatly affect the price of its currency as well. Ripple is to cooperate with more Latin American and European banks, promoting its payment technology and its cryptocurrency. This can lead to significant growth in the XRP price. With the increasing adoption of XRP and the stable partnership with international banks, Ripple future price could rise to $100.
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Conclusion: Is XRP A Good Investment?
Ripple has the potential to insert into many industries and it has the backing from a team of experts at Ripple Labs and other XRP investors, who are making efforts to push the adoption of the cryptocurrency. Garlinghouse has said that the industry should focus on utility and Ripple will continue to leverage its XRP ledger and tokens to make payments efficiently. Still, the company is dealing with the SEC case.
It is not clear what the outcome will be, but the mission of Ripple is quite clear – a faster and more convenient payment channel. Meanwhile, the fate of XRP will be to advance and retreat together with Ripple. Since the market is volatile, investors should be cautious and do research on Ripple price analysis when making investments.