The result of SEC vs Ripple case is expected to drive the crypto’s price in 2022
When Ripple’s price fell from an all-time high of US$3.31 to sustain at a US$1 level, people thought that was the end of the digital token. However, XRP managed to stay afloat throughout 2021. Predictions suggest that the XRP vs SEC case could be an ice breaker in 2022, which will eventually drive the cryptocurrency’s value towards new highs in the coming year.
Ripple is one of the most intriguing cryptocurrencies in the virtual ecosystem. Countering its competitors including Bitcoin, Ethereum, Cardano, and Solana with its market influence, Ripple doesn’t stand as a decentralized medium. Instead, it is closely associated with central authorities like banks and financial institutions worldwide. Although the cryptocurrency sphere and investors believe in the freedom of tokens, they still have a soft corner for XRP that keeps the digital token thriving even in hard winds. Many crypto enthusiasts believe that the uniqueness in Ripple is the major factor driving its price towards new highs. However, XRP didn’t have a cakewalk in the digital ecosystem so far. It ran into trouble when SEC filed a lawsuit again the firm for its digital token in 2020, which eventually affected Ripple’s price in 2021. Fortunately, XRP managed to hit periodical highs in April and August this year, giving hope to investors on a comeback. According to experts, if the XRP vs SEC case ends in favor of Ripple in 2022, it will establish a whole new formula for the cryptocurrency industry.
A Brief History on Ripple
Ripple, the company behind XRP, provides a payment protocol that can be compared to a payment system, money transfer network, and currency exchange. Ripple features its own cryptocurrency called ‘XRP’ that is powered by RippleNet. It is used by financial institutions to promote faster transactions at lower fees. The address holding 1 million to 10 million XRP witnessed a growth of nearly 18% registering 3.32 billion tokens held. This may indicate a positive trend to accumulate XRP expecting phenomenal growth in 2022.
XRP Price Analysis
At the time of writing, Ripple’s price was at US$0.9234. If we go through the price chart, we will know how the digital token has taken shape as a top cryptocurrency since its inception. Launched in 2013, XRP maintained a straight line till 2017 before hitting new records. Yes, when the sideway movement ended in 2017, Ripple’s price skyrocketed by 35,000%. This happened in the backdrop of Ripple signing deals with over 100 banks to use its RippleNet platform.
Ripple’s price hit an all-time high in 2018 before subsequently encountering challenges. After hitting a record high, the digital token dropped over the fear of new regulations on the Asian market. Eventually, Ripple faced more hits from Facebook’s crypto ad ban and Indian regulations on digital tokens. Fortunately, XRP had a brief good time in September when it gained 140% value. 2019 was a stable year for the digital token. However, things went down the hill when SEC sued Ripple in 2020, which strengthened the downward trend up in the coming years.
Ripple in 2022 and Beyond
Looking at the recent trend, XRP seems to be forming a cup and a handle in the chart that is expected to pump up its value in the coming days and drive value in 2022. According to expecters, this cup trend has the potential to even put Ripple’s price at US$34. Besides, the predictions also suggest that XRP will breach its previous high and make new records if XRP wins against the SEC’s court battle. Eventually, Ripple will enter the two-digit territory by gaining prominence in European and Middle-Eastern countries. Some of the other factors driving Ripple’s price are listed as follows.
- Ripple’s underlying technology can support large transactions around the globe at relatively lower fees.
- Famous crypto exchanges like Gemini, Binance, and Coinbase are allowing XRP trading in their platform.
- Its underlying well-developed commercial venture helps manage an outstanding relationship with new and old investors.
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