As an analyst, I am frequently asked, “Will the XRP price reach $1?” In this update, we will see Ripple’s fundamental and technical outlook and try to answer this question. Ripple is the third largest cryptocurrency in terms of market cap, after Bitcoin and Ethereum.
It is also the second most popular cryptocurrency in South Korea after Bitcoin, according to trading volumes on local exchanges Bithumb and Coinone. Ripple’s ability to transform the banking sector in the coming years propelled XRP to the top of the alternative currency market.
Many banks became interested in the Ripple network (RippleNet) because of its ability to provide quick and inexpensive cross-border payments.
What You Should Know About Ripple
Ripple (XRP) is a cryptocurrency token created in 2012 to make transactions from closed systems controlled by financial institutions to a more open system while drastically lowering costs. Ripple’s conception began in 2004, even though cryptocurrency had not yet gained widespread acceptance around the world.
Ripple did not exist as a separate entity until Jed McCaleb began using blockchain technology to create the XRP coin in 2011. Banks and other financial intermediaries began to take notice when Ripple XRP made its official debut in 2012.
In 2017, Ripple became the third most valuable cryptocurrency by market cap. This year, Ripple’s market cap has grown rapidly, reaching $180 billion.
Ripple Price Update & Tokenomics
At the time of writing, the price of XRP is USD 0.369626, with a 24-hour trading volume of $1 billion XRP. The price of XRP has dropped by 5.33% in the last day. XRP is now ranked #7 in the market, with a live market cap of $18.16 billion. There are now 49.1 billion XRP coins, with a maximum supply of 100 billion.
The SEC’s Lawsuit and Its Implications
Since there have been no updates regarding the ongoing SEC v. Ripple case to influence, XRP is now only taking cues from the larger crypto market. However, the SEC v. Ripple case and the uncertainty surrounding the Fed’s September monetary policy decision remain negative factors for XRP.
On December 22, 2020, the Securities and Exchange Commission (SEC) of the United States filed a lawsuit against Ripple Labs. Ripple raised $1.3 billion by selling “unregistered securities,” according to the complaint (XRP).
The SEC also filed charges against Christian Larsen, a Ripple co-founder, and Brad Garlinghouse, the company’s CEO, alleging that they made $600 million in personal profits from their business dealings. Regardless of the outcome of the lawsuit, the value of XRP will be affected in some way.
As a result, many analysts believe that the price of XRP will rise in the coming years. However, the outcome of the SEC lawsuit, collaborations with financial institutions, and widespread acceptance may be the most important factors influencing XRP’s price in the coming years.
Will XRP’s Price Reach $1?
The XRP price has been volatile in recent months, owing primarily to macroeconomic and regulatory factors such as the SEC lawsuit. However, given the minor recovery since the beginning of the year, there are speculations that XRP may reach $1 by the end of 2022.
XRP will undoubtedly find breaking through the $0.75 mark difficult, especially given how the price behaved when it was previously in this position. However, the price may rise even further if XRP can break through this resistance level.
At the moment, the technical side of Ripple suggests investor uncertainty. Traders appear to be waiting for a compelling reason to enter bullish positions in the market. Since March 28, the price of XRP has been falling, and the sharp drop in the price of Bitcoin has exacerbated this trend.
This can be seen in the price movement of XRP, which has shifted from bullish to bearish after reaching a local high of $0.93 on March 28. After falling 56%, the XRP token entered an oversold zone of $0.30. On the other hand, the XRP token’s upward rally has resumed after it finally found its footing and bounced off a buy zone.
Ripple Price Chart – Source: Tradingview
Ripple is currently battling under a 23.6% retracement at $0.36 after bouncing off the trendline-driven support level of $0.2921. As Ripple trades in this region have been the most active since the beginning of 2022, it is likely to act as a major support zone.
As a result, a rapid rise above this level would be encouraging for bulls hoping to resume the rally. The XRP price needs to break through the $0.4446 (23.6% Fibo level) and $0.60 (38.2% Fibo level) resistance levels to see further gains.
Consider a recent slowdown in the crypto market; it’s going to be hard for XRP price to reach $1 by the end of 2022.
Should You Buy XRP or Tamadoge?
Aside from Ripple, the meme coin “Tamadoge” is making headlines as its beta pre-sale skyrockets. Investors appear to believe investing in TAMA will result in higher profits, as XRP is at a standstill and may struggle to reach $1.
Tamadoge (TAMA) is holding a $100,000 airdrop-style cryptocurrency giveaway for investors who own TAMA on the day of the prize draw. If you want to participate in the beta sale, you still have time.
Concerning the TAMA pre-sale, the currency has already raised more than $3.9 million, with just $55.6 million tokens remaining before TAMA’s price jumps. Currently, 1 USDT = 66.67 TAMA, and after raising the remaining $55.6 million, TAMA’s price will rise to 1 USDT = 57.14 TAMA.
Tamadoge is the ideal meme coin Play-to-Earn platform, and getting your hands on the token in the pre-sale couldn’t be easier. All you need is to pay with your debit/credit card, USDT, or ETH that you already have in your wallet.
The minimum investment during the beta sale is 1,000 TAMA ($10 plus gas fee) at a TAMA beta sale price of $0.01.With this, you’ll be able to claim your bought Tamadoge using the claim website when the public pre-sale closes.
Learn more about how to create a crypto wallet to buy Tamadoge.
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Source: https://insidebitcoins.com/news/will-xrp-price-reach-1-should-you-buy-xrp-or-tamadoge