For XRP and the broader crypto market, 2021 was a bullish year. Ripple (XRP) is one of the most popular cryptos in the world, as well as one of the most intriguing. Unlike Bitcoin and Ethereum, it focuses on developing a payment system for financial institutions. Ripple not only serves peer-to-peer transactions but also banks, payment providers, and cryptocurrency exchanges, allowing for real-time settlement and lower transaction fees. The number of transfer services using Ripple’s platform has gradually grown over the years, and there is a genuine chance that it will become part of the traditional financial system. It’s possible that it’s the coin that USDT believes it is. you can use Bitcoin Buyer to trade in.
Let’s take a look at the current market position.
Current market position
XRP ranks as the 8th largest cryptocurrency in the world based on market capitalization. Currently, the market capitalization is $42,093,241,122 and it has a circulating supply of 47.54B XRP and a maximum supply of 100B XRP. The price of XRP is currently $0.8842, with a 24-hour trading volume of $2,341,895,865. Following the general crypto market’s decline, the price of XRP has dropped 5.94 percent in the last 24 hours, signalling the start of a possible bearish trend. When the SEC filed the lawsuit against them in December 2020, the price of XRP dropped down to $0.1748 from $0.60 that it was sold for in November. In April, the price soared to an intraday high of $1.9600 as bitcoin and altcoins rallied, but it began to fall again in May as cryptocurrency markets collapsed, and by June, the price had dropped to $0.52. Since then, there have been ups and downs, and XRP was able to reach $1 in December. There has been a fluctuation between $1 and $0.8 since then.
What do the analysts think?
Extensive data analysis reveals that the price of XRP is linked to the price of other major digital assets, not to Ripple’s announcement or legal case. So, if the price of cryptocurrencies continues to rise, as it is expected to do in 2022, the price of ripple will have a chance to rise as well.
The average price of ripple is expected to rise to $1.1 by the beginning of 2022 and to $1.68 by the end of 2022, according to the algorithm-based site called Wallet Investor. Digital Coin predicts an upward trend as well, but predicts a larger increase, predicting that the price of ripple will likely reach an average of $4.17. Ripples would reach a new all-time high if that happened. Even though the short-term analysis shows a bearish movement, CoinCodex, a crypto information aggregator, came up with a bullish analysis with 24 indicators giving off bullish signals compared to eight bearish signals.
Some crypto analysts consider this to be a second market correction, considering the massive highs earlier in the year. Some think that it is just a move by institutional investors to fool the market and make a gain in the long run.
Here are a few reasons we think Ripple will enjoy a price increase in 2022.
Ripple had issues with the SEC last year, which had an impact on its price, but it still managed to hit periodical highs in April and August this year. Experts believe that if the XRP vs SEC case is decided in Ripple’s favour in 2022, it will establish a new formula for the cryptocurrency industry.
Ripple recently launched a new project called Line of Credit on its Ripple Network. This project was created to make it simple for customers to obtain funds. They can then use XRP tokens to fund their cross-border projects. Lemonway, a payment gateway for online marketplaces in Europe, has also partnered with Ripple. Lemonway claims that this partnership will improve payment transactions between euro-euro and other currencies supported by the company.
Ripple, unlike other cryptocurrencies, is not mined. All 100 billion XRP were distributed at its launch. We noted before that it has 47 billion ripples in circulation. However, that will change soon as the company behind Ripple, Ripple Labs, is set to release 50+ billion XRP into the market over 55 months.
It is important to keep in mind that cryptocurrency markets are extremely volatile and that makes it very difficult to predict the price of a cryptocurrency with accuracy. There will always be dramatic increases, new entrants, and government regulations that could change everything in an hour or even less. We still advise that you consider the latest market trends, technical and fundamental analysis, and stay on top of crypto news.