It is very nice to see people having conversations about Tech, the digital economy, and investments. One of the common confusions in terms of investing in Cryptocurrency is what currency to invest your money in. Everyone, or maybe all is afraid of the deep dip. Many people know about Bitcoin and Ethereum- the most popular stable duo, both already having a huge following and investor interests.
However, there are other house hold name Cryptocurrencies with great prospects in the market to explore; an example is XRP. XRP is a coin created by the US company Ripple Labs, and it’s one of the early pioneer crypto/blockchain projects and still a major player in the cryptocurrencies market.
So, if you’re unclear on the future of XRP and the Ripple Labs, we’ll hold your hands and show you why we think XRP is worth your time, investment, and the possible levels to buy into the XRP Price Prediction in 2022.
How Ripple Got Going ?
The prospect of a token is determined by its history over time and records set or broken in the market. To further understand XRP and how it works, it’s important to go back to where it all began. The Ripple payment protocol was founded by Chris Larsen and Jed McCaleb in 2012 as a leading provider of crypto solutions enabling payment providers, banks/financial institutions, and corporations in the cross-border remittance niche.
Both co-founders leveraged the works of Ryan Fugger, and created the XRP ledger in 2012, which was then known as the Ripple Consensus Ledger. The project was later rebranded from Opencoin to Ripple Labs in 2013.
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When the XRP (Native token of the XRP Ledger) was launched in 2013 with 100 billion XRP tokens, eighty (80) billion XRP tokens was allocated to the company and 20 billion XRP tokens was given to the three founders. Ripple Labs acquired a BitLicense from the State of New York in 2016, a move to further boost the credibility of the XRP when partnering with traditional financial institutions following a series of regulatory scrutiny with FinCEN.
The XRP traded within the $0.0249 and $0.00225 price range and remained at the same price range till March 2017. In 2017, the entire Cryptocurrency market experienced an unmatched boom which made XRP skyrocket to $0.40 per token in 2017 and $3.28 in 2018.
Although the XRP went through a bear market after the astronomical rise in 2017/2018, the price later found support and resumed a bullish campaign in July 2020 to establish a lower high at $1.965. Looking at all these, it’s evident that XRP is a Good Investment since inception.
XRP ‘s Market Size and Validation :
The XRP Ledger is a decentralized, permissionless, open, and public blockchain. Its cryptocurrency XRP is ranked sixth place on coinmarketcap.com with a market cap of 21.9Billion USD at press time, a fraction of the total crypto market cap of 1.365 Trillion USD.
The Cryptocurrency market comprises different types of tokens as mentioned earlier. This shows that the market size is very large. To ensure the sustainability of the token, some measures have to be put in place. One of the best ways of ensuring this is to check out the competitors. This can simply be done by checking them out on Coinmarketcap, Google, or other platforms.
By doing this, it will be easier to see how a better unique selling point can be created for the token. Although most of the token on the coin market cap operates on the same basis, if the market can be studied well, you can discover some things they aren’t doing and turn those into your unique selling point.
Fundamental Analysis
According to Messari.io, 99.8% of XRP supply of about 100 Billion XRP was allocated to founders and projects, and 0.2% was issued for airdrops. The trading platform messari.io shows the XRP supply distribution from March 08, 2013, to April 27, 2027.
The XRP coin serves three main purposes which include:
1 . It is used for cross-border remittances, i.e. it serves as a bridge currency for banks/financial institutions to settle international transactions using Ripple’s xRapid (liquidity solution).
2 .It is burned to pay for transaction fees.
3 – It is a requirement as a reserve for addresses using the Ripple network.
The most significant use case that generally drives demand for the XRP is its use by banks for cross-border remittance. XRP is deflationary by design, and it is burned to pay fees for transactions via Ripplenet. Around December ’17, Ripple set 55 billion XRP into escrow to prevent a massive dump of XRP on the market in one go, which could spiral into a negative impact on the market.
About a billion XRP is released monthly to cover Ripplenet operation costs, while the unused XRP is returned into escrow.Also, about 90% of Ripple’s revenue is generated from XRP sales, which include programmatic and direct sales of XRP. It is also worth noting that, although the supply is deflationary via fee burning, escrow releases, founders’ distribution, and XRP sales generally make its circulating and liquid supply to be inflationary.
XRP Price Prediction 2022
The current state of the Cryptocurrency market offers traders an opportunity to buy the top ten cryptocurrencies at a price discount with a high probability of having a boom on the XRP after a volatility oversold level is established. The above annotated monthly chart of the XRPUSDT highlights the significant reversal price levels to watch out for in 2022 on the XRPUSDT price chart, which can be triggered by an early anticipated Altcoin season this year 2022.
As XRP looks ahead of SEC , We look to aggressively pile up on a bullish position if the XRP price trades within the $0.34 and $0.173 support price zone to later start locking in profits within the $0.910 and $1.96 price levels by the end of 2022 .
Ripple Price Prediction 2023
Following our earlier analysis, we expect a chronological flow of our price projection, which means the XRP price should have bottomed off at the $0.34 and $0.173 support territory and discovered higher price levels beyond the $1.960 mark to the all-time high at $3.280 price level.
Buying the dip now and HODL through the current mark price correction will profit you in the coming XRP boom in 2023 as we project the price to attain the $3.280 ATH.
XRP Price Prediction 2027
XRP is a token with prospects, which has continued to set higher price peaks since inception, as seen in our 2022 analysis. With that being said, the current market dip is just like every other correction cycle that the XRP price has been through.
In addition to that, we project that Ripple Lab’s XRP cryptocurrency would have decoupled from its correlation with Bitcoin BTC in five years, and we expect a hike in adoption rate, bringing the market cap to around 319.32 Billion USD.
7.0 Strong Competitors of XRP
Ripple XRP token has some major competitors a notable one is the stellar Lumen (XLM) token. Research shows that Jed McCaleb was one of the people who played a major role in the development of Ripple but he left the company to co-found STELLAR.
Like the XRP, Stellar’s XLM also helps banks execute fast and cheap international transfers. Although Ripple’s XRP and Stellar lumen XLM are similar projects, they function in different ways. XLM is open for everyone to use anywhere while XRP is only used by banks and financial institutions.
Market Predictions for XRP
Now, let’s take to Tradingview to get the prediction from other market analysts about the future of the XRP Price. Top analysts on the Tradingview platform currently hold a bearish bias toward the XRP in the short term.
However, they still believe in the product offering of the Ripple Labs project and a positive future for the XRP as they see a long-term bullish outlook after the dust from the current sell-off is settled.
Crypto analyst serh_ukraine projects a price decline to the 1.618 ($1.1212) Fib-level, where we will see a slowing of the correction wave. Another analyst P_S_Trade believes that the XRP projects a break above the $0.57 resistance after which the XRP price would rise to the $0.87 price target.
FAQs
Q:How Can I Buy XRP?
XRP can be purchased on more than 60 digital assets exchange platforms worldwide. Examples of those platforms are Bitstamp, Binance, Phemex, gate.io, FTX, etc. However, any issues encountered while purchasing the XRP token on any of these exchanges will be resolved by the platforms, not the Ripple company.
Q: What is the best charting tool for projecting XRP price extension and correction zones?
The Fibonacci retracement and projection tools on Tradingview have proved to time the reversal and extension price levels of the XRP coin. However, you as a trader must choose the right swing high to swing low to establish such price levels for optimal results.
Q: Are there any differences between XRP, XRP Ledger, and Ripple?
XRP is the digital asset used for fast and cheap SWIFT transfers. The XRP Ledger is a distributed ledger, while Ripple Labs is the company that creates XRP.
Q: How Many Financial Organizations Have Accepted XRP?
Research in May 2018 shows that 8 major payment providers have accepted XRP tokens. They include MoneyGram, MercuryFX, IDT, Cuallix, Western Union, Cambridge Global Payments, Currencies Direct, and Viamericas. However, other platforms have accepted XRP also.
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