Over the past few weeks and months, the crypto market has increasingly entered a deep sleep. The Bitcoin price has been hovering between US$19,000 and US$20,000 for weeks now. A major price movement is likely to be imminent and many cryptocurrencies are severely undervalued. The biggest sleeper in the market might be the XRP coin. Can XRP even climb to $100 in the next few years?
In this article, we want to discuss the huge potential of the XRP coin and see if XRP can explode in price right after the legal dispute with the SEC is settled.
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What is XRP coin?
The XRP coin is a cryptocurrency responsible for transactions within the Ripple payment network. Ripple is a sophisticated payment system that was developed for large banks. It should make payments between different payment spaces easier and more efficient.
XRP is not a cryptocurrency in the strict sense, as the coin is not decentralized controlled. Ripple holds a large portion of XRP to ensure network liquidity at all times. Around 55% of the total coins are held by Ripple Labs, the company behind the payment network. Nonetheless, XRP has garnered massive interest from both private and institutional investors in recent years, driving the price up sharply.
How has the price of XRP evolved in recent months?
Right now we are in the middle of a bear market. All cryptocurrencies are going through a tough time during this time. The price of XRP also fell sharply during this period. During the last bull market, the coin was unable to reach the prices seen during the previous bull market in 2017 and early 2018. XRP price reached $1.82 in April 2021. The all-time high in early 2018 was $3.84.
In 2022, we have seen steep price declines. So, in mid-June, we only saw a price of $0.31. XRP has lost more than 80% of its 2021 high. However, after stabilizing in the third quarter, the price rose again in mid-September to reach a value of up to $0.53 and was able to stay in this price range for the past few weeks.
Why couldn’t Ripple match the price increases of 2017?
During the last bull market, most major cryptocurrencies recorded new all-time highs significantly higher than the all-time highs of previous bull markets. Ripple’s XRP coin was a clear exception among the top 10 cryptocurrencies by market cap. What were the reasons for this development?
The XRP coin is the exception because there is a major event or process that prevents further price increases. Ripple Labs has been in litigation with the US stock market regulator SEC for about 2 years. In this article, you will learn more about the process.
The lawsuit is arguably the event that most impacts the price of a cryptocurrency. Due to the uncertainty of the legal dispute, the investments in the coin are much lower than possible. While this litigation is still active, there is some uncertainty surrounding the Ripple project, which continues to put off some investors.
Why does Ripple have such enormous potential?
Investors already priced Ripple’s potential so highly in 2017 that the XRP coin was sometimes even the second most valuable cryptocurrency by market capitalization. This was the last time Ethereum was not at number 2 behind Bitcoin.
Despite the legal difficulties, Ripple has no trouble finding new partners and thus expanding its network of partners. Ripple recently announced that it has found new partners with Lemonway in France and Xbaht in Sweden. Ripple has been expanding its network for years.
Ripple’s potential in the world continues to be enormous. Innovative, efficient and secure payment solutions are a subject of the future. If Ripple were to win the lawsuit, concerns would be put to rest and everyone in crypto could celebrate a victory against regulators trying to overstep their authority.
Where is the dispute?
In recent months, Ripple has consistently scored stage wins against the SEC. Observers only see so far two possible outputs:
- Ripple is right, and all of the SEC’s claims turn out to be false.
- An agreement is reached behind closed doors and the dispute is closed. The SEC is expected to massively welcome Ripple Labs.
It has seemed clear for months that the SEC only wants to prolong the process. Ripple, on the other hand, is actively fighting for a full clarification of the facts.
Ripple recently asked the SEC to release the “Hinman files”. Former SEC Director William Hinman said in 2018 that Ripple is decentralized enough to not be considered a security, something the SEC accuses the network of.
Will the XRP coin explode once the legal dispute is resolved?
According to most analysts, we should see massive price gains in the XRP coin in the short and long term after a victory for Ripple in the legal battle. Right now, XRP is considered massively undervalued at its current price of $0.46 (as of 10/23/2022).
It could happen that the price increases massively as early as 2023 and again reaches a value above 1 dollar. Because in 2023, it is also likely that the overall market will become more bullish again. After the Bitcoin Halving 2024, we should be able to see further price explosions in the upcoming bull market.
Can the XRP coin exceed $100?
It will certainly take a few more years and several big price increases for a rise to $100. But XRP might actually be the top 10 cryptocurrency, which may see another 100x or more increase over the next few years.
The cryptocurrency is currently so massively undervalued due to the legal dispute with the SEC that even in the bear market, strong increases are still possible. The price spike in September showed this potential. Already in the next bull market, probably in 2024 and 2025, we could see prices above $10 for XRP.
Is it worth investing in XRP coin now?
An investment in the XRP coin could be extremely attractive at the moment. The price is still retained by the ongoing litigation. After termination, prices are expected to increase massively. Now the low prices are probably worth it.
However, we must mention that XRP as a cryptocurrency is always a risky investment and increases can never be guaranteed. However, among cryptocurrencies, the Ripple project is extremely powerful and strong. The slight risk could be attractive to you as an investor over the next few months.
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