XRP is still among the most well-known altcoins in the past four years. However, the price action has slowed down, which has left people wondering if the price will ever go up again?
- XRP is Ripple Net’s native token — it’s the 7th largest digital asset by market cap
- Analysts remain completely divided on Ripple, with some experts claiming that XRP could transform global finance. At the same time, others say it doesn’t have the necessary fundamentals to grow significantly in price.
- Currently, XRP is down 78.1% from its all-time high of 4.32 AUD (3.40 USD) on 7th January 2018
- XRP has continuously been in the top ten digital assets since 2018, yet it’s still among the most lacklustre altcoins in terms of performance
Although 2022 is still a challenging year for crypto traders, XRP has held more ground than other large-cap digital assets with a 12% YTD (year-to-date), which is a bit better than the general cryptocurrency market at 16% YTD.
Currently, XRP trades at 0.98 AUD (0.73 USD) and is the 7th largest digital asset by market cap. It remains among the most widely used and well-established crypto assets in the industry.
What’s XRP?
XRP is Ripple Net’s native token. Ripple Net is an online payment network that runs on the XRP ledger, a public distributed ledger (it’s a bit different from blockchain). Ripple itself is a firm that heads the growth and expansion of RippleNet.
The idea behind XRP and Ripple pre-dates BTC and crypto. In 2004, John Fugger established RipplePay, a P2P (Peer-to-Peer ) financial network, to eliminate reliance on traditional financial institutions by establishing a trustless cash exchange on the internet.
Nevertheless, it wasn’t until 2012 when a BTC pioneer, Jed McCaleb, realised that RipplePlay could solve his issues with BTC. Jed approached John and sold him the idea to turn RipplePay into a cryptocurrency network. Since 2012, XRP has advanced quick and smooth cross-border fund transfers with big financial institutions globally.
XRP 2022 News
Unlike other decentralised digital assets, XRP’s price trends are mainly related to news associated with Ripple. Thus XRP’s growth largely depends on partnerships that Ripple can form with conventional institutions.
In December 2020, SEC filed a lawsuit against Ripple, claiming that the company traded $1.3 billion using XRP without registering it as a security with SEC. The case is still ongoing. However, the ruling could significantly impact XRP’s price.
Brad Garlinghouse, the company’s CEO, remains positive about XRP’s future, stating that plans are underway to take the company public once the lawsuit ruling is made. The numbers from their fourth-quarter reports are positive.
According to the report, 2021 was the company’s most profitable and successful year yet since global momentum increased with user demand despite the lawsuit hanging over their heads.
Transactions on the platform more than doubled, and they had an over $10 billion payment volume run rate. With more than 20 ODL (On-Demand Liquidity) payout markets, the company sees more global demand for the product.
When going over how XRP performs compared to the cryptocurrency market — data from Capital.com suggests that XRP trends follow the direction of the crypto market. In mid-April 2021, XRP prices increased to 2.71 AUD (1.96 USD).
During this time, the crypto market reached its highest point since January 2018, when the crypto prices were at 4.32 AUD (3.40 USD).
Nevertheless, XRP still didn’t perform as well as other altcoins in recent rallies.
XRP PRICE PREDICTIONS
Short-Term (1 Month) Forecast
XRP’s short-term price outlook is mixed, with FX Street experts predicting its price will decrease in the coming days before bouncing back to $1. According to Akash Girimath, investors should expect a further drop if XRP doesn’t hold over a 1.04 AUD (0.77 USD) level.
Currently, XRP is trading at 0.98 AUD (0.73 USD) for every token. Therefore, it’s only logical that the price will continue going down in the short term. Nevertheless, if XRP closes above 1.04 AUD (0.77 USD) continuously in the coming days, it can bounce back to 1.35 AUD (1 USD).
2022 Forecast
Long-term price forecasts for XRP are contentious since most of its future price relies on the SEC lawsuit outcome. If it’s determined that Ripple didn’t do anything wrong, its price will remain pretty stable.
If the company is found guilty of a securities violation, there’ll be an immediate negative impact on XRP’s price. Additionally, the flow-on impact of a guilty ruling would have broader consequences for the whole cryptocurrency market concerning digital asset regulation.
Mid-term forecasts from CoinCodex and TradingView are still bearish, with most indicators pointing towards a price dip in the coming months.
The long-term XRP price forecast is still bullish. According to an automated assessment from WalletInvestor, by the end of 2022, XRP could reach 1.77 AUD (1.28 USD).
DigitalCoin’s analysis is less bullish, forecasting that by the end of 2022, the XRP price will reach 1.58 AUD (1.14 USD). Additionally, it further estimates that by the end of 2023, the price could reach 1.34 USD.
Like CoinCodex, PricePrediction was also bullish, forecasting that XRP’s price would be $1.22 by 2022.
Long-Tem (5-Year) Forecast
In the long haul, DigitalCoin analysts forecast that XRP will reach an average price of 2.03 AUD (1.47 USD) and 4.76 AUD (3.44 USD) by 2026 and 2030, respectively.
PricePrediction experts’ predictions are more bullish, forecasting that by 2026, XRP will reach $4.78 and keep on growing to a more significant price of roughly $24 by 2030.
When looking through automated technical assessments, it’s essential to remember that the crypto market is highly volatile, and it is difficult to forecast the long-term prices correctly.
Platforms Where You Can Purchase XRP
You can buy XRP on almost all the leading crypto trading platforms. The only exception is Coinbase which delisted XRP from its site and is awaiting the SEC trial outcome.
The best cryptocurrency trading platforms for newbies to buy XRP include:
- Crypto.com
- CoinSpot
If you’ve been on the crypto trading scene for a while, you can opt for more technical trading platforms like KuCoin and Binance. All legitimate cryptocurrency trading platforms will need you to provide an email address, phone number, and ID so that they can verify your account. Always ensure that the site you buy crypto on is secure.
Once you’ve bought XRP, ensure you have a safe crypto wallet to keep it secure.
Bottom Line
XRP has a solid foundation due to its parent company, Ripple, having partnerships with large financial institutions. Additionally, Ripple continuously pioneers new use-cases for digital assets in international banking.
XRP is also among the few crypto assets with a clear use that crosses over into conventional finance. This makes it an appealing prospect for traders who believe Ripple can improve and expand its client base over time.
XRP is ranked as the 7th largest digital asset, with a market cap of 48.3B AUD (35.8B USD). Users will never 100X their money with XRP. If Ripple is found guilty, the XRP price will drop.
Although XRP is riskier than other crypto assets, it has all the essential underlying fundamentals to grow significantly into the future, particularly if Brad Garlinghouse, the CEO, makes his promise to take the firm public.
