Although it’s the case that many cryptocurrencies have risen again following the market’s recent decline, the reality is that some are facing major challenges. It is true that XRP has difficulty getting back to its highs of 2020-2021.
For instance, the price of XRP has dropped dramatically. Does this mean that XRP certainly lost its luster? Does it really warrant taking a detour about trading cryptocurrencies? Here you can find crucial details on the history and the future of XRP.
What Exactly Is XRP?
To understand the present of XRP in a better way, it is necessary to look back at its history before discussing its past and how it operates. It began in 2004 when Ryan Fugger launched a technological technology called Ripplepay.
It was about establishing an open system that could provide an efficient and secure connection to banks and clients.
After numerous improvements and improvements, the Ripple team was able to welcome Jeb Mac Caleb back in 2012. This is why he created OpenCoin and the RTXP (Ripple Transaction Protocol) protocol to boost the speed of execution for this payment method.
In 2013 in 2013, the firm Ripple Labs took over OpenCoin 2013, and its XRP token was launched through the digital asset marketplace. In 2016, it was granted the BitLicence license to begin its activities in the market for digital stocks.
With a valuation of 10 billion USD, the crypto-asset announced its IPO in 2017.
In general, Ripple is perceived as the bank’s cryptocurrency.
Furthermore, this cryptocurrency project is built on blockchain technology and a Proof of Work system. It also represents three separate entities: a decentralized QW1 payment system, a decentralized start-up in finance, and a cryptocurrency exchanged in the marketplace.
Future XRP In The Long-Term
In fact, the upcoming cooperation with Ripple, as well as Goldman Sachs, could help it accelerate its progress. Additionally, as a part of FLUF World, The Root Network project will create an evolving metaverse to explore the possibilities of innovations.
It is also essential to trust the new partners from universities to recognize that Ripple will be more widely used in the future.
The Development Of XRP
What is the journey of Ripple to date? To understand what lies ahead for Ripple, it is crucial to reexamine the development of XRP and development from its beginning to the present.
2012-2017: The year 2012 introduction 2012 of the XRP coin, which at the time was, in fact, worth EUR0.01. After funding from business angels, The Ripple coin will experience its first price increase of EUR0.03 in December 2014.
The coin will remain in a dormant state up to the end of the year. The year 2017 saw the first boom in Ripple and other cryptocurrencies.
In March 2017, Ripple’s XRP cryptocurrency was traded at EUR0.36 despite the correction that lowered it to EUR0.15 in the middle of the second quarter. In the coming days, the token is set to begin a dramatic climb to the level of EUR1 on December 26, 2017.
2018: At the beginning of this year, Ripple continued its rapid growth and will be at EUR2 beginning on January 2. Like magic, the price reached its historic highest value in the region of EUR2.82 in the week of January 7.
In mid-January, the XRP price drastically declined and lost more than 60 percent of its market worth. Since then, the price has been EUR1. However, it finished the year with a substantial decrease of EUR0.30.
2019: 2019 begins under new guises with a brief rally over the first five months, reaching an amount of EUR0.40. But, this rally is likely to be temporary since Ripple is in the middle of a bearish trend.
At the year’s close, it was reported that the XRP token was not trading at or above EUR0.17.
2020: due to the coronavirus outbreak, XRP only trades at EUR0.13 in the first quarter of 2019. It is important to note that this value has not been surpassed since the cryptocurrency growth in 2017.
However, from November, the cryptocurrency is expected to begin the climb to a price that is over EUR0.50 and then return to its general shock. Additionally, XRP had positively ended the year with a EUR0.35 mark.
2021: without a doubt, this is the year that will see a significant increase in the worth of Ripple. After just two months, the coin was trading at more than EUR0.60. Amid a few pauses, the trader decided to change his mind and stayed within that EUR0.50 threshold.
2022: As of the date of this article, Ripple is trading at EUR0.34, a daily increase of 1.12 percent. At the end of the year, it’s not out of the question that it could reach a value of one EUR.
The short version is that the future for Ripple will be much clearer following its legal fight before the Securities and Exchange Commission. To invest in cryptocurrencies, including XRP, you must choose a secure trading platform like Kriptomat.
In addition, a good broker must offer advanced trading tools.
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