The Progress and Future of XRP You Should Know

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A decade ago, the word cryptocurrency would make many raise their brows with suspicion, but things have changed drastically over the recent years. The increased awareness of the cryptocurrency market and the intriguing nature of crypto enthusiasts have kept the crypto space buzzing throughout the years. Of all the top cryptocurrencies, like Bitcoin, Ethereum, etc., XRP or Ripple has also made its way to the list of top cryptocurrencies.

Luckily for XRP investors, this digital coin has consistently managed to stay in the top five cryptocurrencies list, except for a few years. While 2021 was a particularly bullish year for XRP, investors are interested to know the XRP price prediction for this calendar year and beyond, so they can plan their investment accordingly.  If you too belong to the same category of investors, make sure you read this article till the end.

What Exactly is Ripple & XRP?

Before we head straight to the price predictions, let’s start with the basics to ensure you get complete clarity about what XRP is and what you can expect of its future. To start with, Ripple is a global money transfer network created to facilitate cross-border payments in a fast, secure, and affordable manner. XRP is the official, native currency used on the Ripple blockchain network.

You can also consider Ripple as SWIFT’s competitor. It has already started partnering with some of the biggest names in the global financial world, including the Bank of America, Xenderpay, Canadian Imperial Bank of Commerce, Santander, InstaReM, etc. In the coming years, Ripple aims to become the go-to solution for international payments across the globe by all top financial institutions. And the more it gets accepted by financial institutions worldwide, the higher its currency’s valuation will be.

A Brief Price History of XRP

Now that you know what Ripple and XRP exactly are, let’s start with getting some quick information on its last year’s price trends. It will give you some crucial insights that will form the basis of its future price predictions. If you looked at XRP’s price in January 2021, it had fallen to a new low of $ 0.2108 from a high of $0.7872 of the previous year (2020).

The price was supported by the broader cryptocurrency market, resulting in a price hike from $0.2108 to $1.9660. This increase was witnessed in April 2021, but it again slid to its previous $0.50 price levels in the following years. Those who managed to sell off their XRP holding when it reached its all-time high managed to get excellent margins by cashing out the then XRP price in INR.

For those who don’t know, the US Securities and Exchange Commission (SEC) filed a case against Ripple Labs and its two executives, citing they raised over $1.3 billion through an unregistered and ongoing offering of a digital asset, XRP in this case. They considered XRP as the security, which is in contrast to ETH. In the month of June, SEC stated that ETH was not a security; thereby, any amount arising from the sales of ETH are not security transactions. While much of the price downfall was attributed to the ongoing case of Ripple Labs and SEC, the hopes of a favourable outcome made XRP ‘s price rise again to $1.00 in the following months.

Irrespective of the constant battle between the SEC and Ripple Labs, the company that created Ripple and its native currency, XRP’s market cap sits at approximately $43 billion. Be informed that this figure is subject to change due to the high volatility of the crypto market.

What Does XRP’s Future Hold?

The market is expected to be bullish this calendar, too, for XRP. However, a lot will depend on the outcome of two lawsuits lodged against Ripple Lab.

As a claim of bias against SEC has been registered by a non-profit government watchdog called Empower Oversight, the verdict of this lawsuit will be vital in determining XRP’s price trend. According to this watchdog, the SEC officials were biased against XRP and Ripple Labs. If the verdict of the lawsuit comes out in favor of Ripple Labs, SEC would be forced to close the case pressed against XRP and Ripple Labs, which would eventually result in a price increase in XRP. But an adverse verdict can turn things upside down for this digital currency.

While some XRP enthusiasts and supporters believe this currency will hit a whopping $5.00 mark level this year, others believe an unfavorable verdict in the lawsuit can result in XRP crashing down to record low levels. As the cryptocurrency markets have managed to be more optimistic than in earlier years, people can expect to see some good, positive price trends.

People should know that besides the outcome or verdict of the ongoing lawsuits, even the broader crypto market will influence the XRP’s price this year and beyond. A bearish year may result in XRP falling back to its low $0.50 price levels. The greatest risk of the open, broader crypto market is the absence of regulatory oversight.

According to Wallet Investor, an algorithm-based site, the projected XRP price can move from the current price to an average of $1.44 in a year’s time, while the same can rise to a whopping $3.74 in five years’ time.

Looking a little further, some experts believe that XRP could reach the average price of $3.44 in 2025, while the same could rise to $25by 2030.

Should You Invest in XRP?

When it comes to digital coins or cryptocurrency, no one can 100% accurately predict the price of any digital coin. But experts can make some near-accurate predictions depending on past trends and key market factors. If you want to invest in Ripple’s XRP, be sure you do it after doing your own research and understanding the risk associated with purchasing the same. Doing so will ensure you’re making the right crypto purchase decision.  

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