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Cryptocurrency News Articles
XRP Price Prediction: What Will XRP Be Worth in 2023, 2025 and Beyond?
Aug 13, 2024 at 04:10 pm
Love it or loathe it, XRP has cemented itself as a prominent player in the crypto market. Ranked seventh by market capitalization, XRP has held a spot among the top-ranking cryptocurrencies for more than 10 years.
Love it or hate it, XRP has cemented itself as a prominent player in the crypto market. Ranked seventh by market capitalization, XRP has held a spot among the top-ranking cryptocurrencies for more than 10 years.
Created by Ripple Labs, XRP is more than just a cryptocurrency—it’s an ambitious project aimed at transforming how money is moved worldwide. Ripple’s vision is to provide an efficient and cost-effective alternative to the existing SWIFT banking system. Using XRP, Ripple aims to enable faster, low-cost international transactions, making money transfers as easy as sending an email.
As cryptocurrency was created to move away from financial middlemen—such as banks—XRP has been a divisive project over the years. The project is known for its cult-like following, with members keen to silence naysayers and defend their belief in XRP, with some boosters making wildly unrealistic predictions about its growth potential.
To provide a balanced opinion on the project, we’ve sought the expertise of Grzegorz Drozdz, a market analyst at Conotoxia.
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XRP’s Price History
Incredible highs, steep falls, and long periods of steady decline mark XRP’s journey so far.
The project launched its token in 2013 but saw little significant price action until the bull run of 2017. However, after this period, listings on popular exchanges became pivotal to the coin’s considerable price rises.
“The history of XRP cryptocurrency listings begins in 2018, a pivotal year for Ripple (the company behind XRP),” Drozdz tells Forbes Advisor. Ripple’s launch of the xRapid product was a defining moment, ushering in a new era where XRP cryptocurrency aimed to revolutionize money transfer, including within the banking system. The response from the market was phenomenal.
“Within a very short time, the price of XRP skyrocketed by as much as 1820%,” Drozdz says. From a humble $US0.2, XRP soared to $US3.84, an all-time high that naturally thrilled investors. However, as Drozdz notes, this jubilation was short-lived. “The cryptocurrency then fell by 93% in a matter of months, leaving a stark reminder of the volatile nature of the crypto world.”
But XRP wasn’t finished. In 2021, as the entire cryptocurrency market was caught in a bull market frenzy, XRP again provided significant returns to investors who got in at the right time. “Within six months, the cryptocurrency had increased by an impressive 710% to $US1.96,” Drozdz recounts. Yet the following period was a steady downward trend, as XRP’s value gradually declined to $US0.3.
Ripple has been engaged in a multi-year legal battle with the US Securities and Exchange Commission (SEC) which has impacted the price of XRP for the past few years, although the company has been on a winning streak of late. The first win, despite only being a partial victory, occurred when a judge ruled last year that Ripple had not violated existing securities laws by selling XRP to exchanges for retail investors. However, it did break the law by selling directly to institutional investors. This first victory caused XRP to soar over 80% in price overnight.
The second win came when a judge blocked the SEC’s attempt to appeal the ruling, again causing positive price action for XRP. The third win came in October last year when the SEC dismissed its own case against the company’s CEO and executive chairman. As of August 2, 2024, XRP sits at $US0.57771 with a market capitalization of $US32.30 billion.
As Drozdz points out, the past may not necessarily predict the future, but it can offer valuable insights to help guide investment decisions.
Related: Bitcoin Price Prediction
How Will XRP Perform?
Many investors are wondering about the future after Ripple’s recent winning streak against the SEC last year. The most significant victory, despite being only a partial win, involved the court ruling that the sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts, while the institutional sale of the tokens violated federal securities laws.
“The partial resolution of the dispute with the US Securities and Exchange Commission (SEC) could potentially spur growth for XRP in the near future,” explains Drozdz. This legal battle has been a significant factor in XRP’s performance, with developments closely watched by investors and the wider crypto community.
Yet, Drozdz offers a note of caution. “The dispute has not yet been fully resolved. While the recent developments are certainly encouraging, we cannot be completely certain about XRP’s future trajectory.”
In March, the SEC requested around $US2 billion in remedies against Ripple for the institutional sale of
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