Ripple’s XRP coin was often not the most important topic in the last bull market. This was because the XRP could not even reach its all-time high from the last bull market during this time. This caused many investors to turn their attention to other coins. The legal dispute with the SEC made Ripple difficult and the uncertainty also ensured that the XRP coin could not rise so much in price. But that also means that now in the bear market, XRP has massive potential. Is the XRP Coin the Biggest Opportunity Among Cryptocurrencies in the Bear Market?
What is XRP?
The XRP coin is the cryptocurrency of the payment network Ripple. Released around 2012, this is a payment network that aims to help major banks simplify international payments. Above all, payment transactions between different currency areas are to be made more efficient.
Ripple’s network token is the XRP. This is not a “real” cryptocurrency, as Ripple as a company holds the majority of XRP. Furthermore, the validator nodes, which are responsible for validating the transactions, are operated by Ripple itself.
Ripple competes with established payment solutions such as SWIFT. That is why the company Ripple Lab, which is behind the XRP coin, retains control of the network. The main task of the XRP coin is to ensure liquidity in the Ripple network.
How did XRP perform in 2022?
In the 2021 bull market, the XRP coin saw a sharp rise. XRP was not the exception among cryptocurrencies. However, the XRP coin could not reach a new all-time high compared to other coins. XRP reached its all-time high in early January 2018 at $3.84.
In the 2021 bull market, XRP reached $1.84 in spring. In the fall, XRP stopped rising as much, although most cryptocurrencies saw their all-time highs in November 2021. This was largely due to XRP’s legal battle against the SEC.
The bear market started at the end of 2021 and the prices of the cryptocurrencies and XRP fell again. The XRP rate fell back to $0.84 at the turn of the year. This drop continued in the coming months. After a recovery in the spring, the price fell again massively in May and June.
In the middle and end of September, we saw a stronger increase in the XRP price after a long time. From $0.34, XRP price surged back above $0.50. This surge came at a time when most cryptocurrencies were trading sideways.
Why couldn’t the XRP coin reach its all-time high in the last bull market?
The XRP Coin was an extremely interesting project in 2017 and at times the cryptocurrency was number 2 behind Bitcoin during this time. With the price approaching $4, investors were anticipating possible surges above the $10 level in the last bull market. However, this was not the case.
The big event that prevented the XRP price from rising so strongly in recent months was Ripple’s legal dispute with the American Securities and Exchange Commission (SEC).
Due to the long time that the legal dispute has been simmering, the XRP price in the last bull market was not able to achieve the goals that many investors had assumed in advance. The evidence against Ripple in the legal dispute is low, but the SEC seems to keep delaying the process.
Why did the price of the XRP coin recently increase?
Positive news about the legal dispute can cause the price of the XRP coin to rise again. This was also the case in mid-September. Accordingly, reports have emerged after both sides are looking for ways to end the legal dispute. This caused the XRP coin to suddenly see a sharp rise in price, while other cryptocurrencies tended to move sideways.
An end to the legal dispute would be an extreme sigh of relief for Ripple, which should drive the XRP coin up in price again. More and more signs indicate that the legal battle should end in Ripple’s favor. The only question remains when the process will end.
Why is XRP Coin a Huge Opportunity?
In a bear market, many investors have the opportunity to buy cryptocurrencies cheaply and generate high returns over several years. Because the bear market is a time when many investors can actually get rich with cryptocurrencies.
The XRP coin in particular could be a massive opportunity in this bear market to cheaply buy a cryptocurrency that is actually worth a lot more. The price of $3.84 at the beginning of 2018 shows the potential of the token even then. If the chains of the legal dispute are broken, the XRP could rise massively in price in the next bull market.
The Ripple payment network has continued to grow strongly in recent years. This growth has not been reflected in the price due to the legal dispute. Now you can still buy the XRP Coin at a very low price. The legal dispute should no longer play a role for the next bull market, so that the price should rise massively.
How high can XRP price go?
The XRP price has been in a downward trend for the past few months. The rise in September shows the potential in the resolution of the lawsuit. We can therefore consider a price of less than 1 dollar to be extremely cheap. It is quite possible that the XRP price will rise above $1 in the coming weeks with more good news.
In 2024 there will be another Bitcoin halving, which should start a new bull market. Until then, the XRP coin could actually rise again to 2-3 dollars.
Is XRP a Good Investment?
An investment in the XRP coin could be a very good opportunity in the current bear market. Fundamentally, Ripple and thus XRP are excellently positioned. After the legal dispute is resolved, we could see stronger increases even in the bear market.
At the latest in the next bull market we should see strong increases again. Therefore, the XRP is a good chance to invest cheaply in the cryptocurrency right now.
Where to Buy XRP?
There are many exchanges that sell the XRP token. Taking into consideration the biggest, here’s a list that we at CryptoTicker recommend:
If you are trading CFDs, eToro is a good alternative to buying the actual tokens and trading the price differences instead of worrying about the safekeeping and security of cryptos.
CLICK HERE TO INVEST IN XRP AT BITFINEX!
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Source: https://cryptoticker.io/en/is-xrp-the-biggest-opportunity-in-the-current-bear-market/