- Top 10 Cryptocurrencies for January 25 2023; Bitcoin at US$22K - January 26, 2023
- Top 10 Best Crypto Casinos of December 2022 - December 14, 2022
- Apple Drops Encryption Plans that would Directly Benefit Crypto – - December 13, 2022
Past one year, Ripple didn’t pick up much leverage like other cryptocurrencies in the market. This is apparently because of the effect of XRP’s court case with SEC on its market value. As there seems to be a relief for XRP with a positive outcome in the case, Ripple’s price is set to touch a new high in 2022, with the current XRP’s value at US $0.6822 and a market capitalization of US$3.940 billion. In February, XRP registered a 14% growth which is the highest among the top ten cryptocurrencies.
Probably, the positive environment is primarily due to a perceived favorable judgment in the XRP vs SEC court case. It can bring around a new synergy in the decentralized market as can be seen in the renewed confidence in Ripple investors. Furthermore, Ripple Labs is planning to trade its domestic currency XRP on the stock exchange after the court case concludes.
Ripple’s price is constantly seeing an uptick in recent times. According to Cryptocurrency, XRP has a 50-day EMA (Exponential Moving Average) and might soon reach US$1. Therefore, one can safely conclude that XRP’s value is only going to surge in the coming months. XRP is way behind other major digital currencies like Bitcoin and Ethereum. However, it should not discourage investors as in the long run, XRP has the potential to crawl higher than other currencies. Recently, XRP had the second-largest accumulation with 10 million XRP holders grabbing 900 million coins which is a sign of its healthy price action.
How did Ripple’s price change over the years?
Right from the beginning, XRP was gaining huge popularity with a significant spike in its value so much so that it encouraged SEC to slap a legal case against Ripple. In terms of its value curve, XRP has been through many ups and downs and yet retained its importance. Indeed, predicting a cryptocurrency’s value is tricky. To get a fair idea of where XRP is going, we need to have knowledge about the price fluctuations it has been through.
Though launched in 2013, XRP wasn’t considered for mainstream adoption till 2017. However, after 2017, its price spiked by 35,000%. RippleNet, the company behind XRP could only manage to have 100 banks worldwide to sign onto RippleNet. Later even after reaching the record high in 2018, its value declined by 48% with the cryptocurrency market crash. Since then, it has recorded a stable price only to reach a moderate value in August 2021.
Impact of XRP vs SEC Court case on Ripple’s Price
SEC filed a case against Ripple Labs in December 2021. It accused Ripple executives of trading nearly $1.3billion in unauthorized securities. Since then, because of the allegations, Ripple has been experiencing a slash in its price. But with the recent developments in the court, the Ripple investors are hopeful of XRP gaining its past glory.
Earlier this month, SEC’s decision to reveal the criteria based on which it has classified XRP in the beginning. This move is critical for a favorable judgment for Ripple Labs. Also, last year, Empower Oversight alleged SEC of being negatively biased towards Ripple to favor Ethereum.
XRP Outlook 2022
The outcome of the XRP vs SEC court case will have a major impact on Ripple’s price. In case of a favorable judgment, it would be a great push for not just XRP but for the entire cryptocurrency ecosystem. One can expect its price to reach record highs as it will become the first token from a decentralized medium winning a court case against a government agency. Reports by CoinCodex suggest that Ripple has the potential to reach US$1.28 in 2023. What can be more assuring than the above fact for crypto investors to make a bullish investments in Ripple?