Cryptocurrencies are getting popular and popular on the daily and without any doubt, one of the most promising of all the coins is Ripple’s XRP.
Due to its rapid growth, there is a significantly higher number of traders investing in the coin heavily. But what is Ripple exactly and why is everyone so sure it will grow big?
The Rise and Fall of Ripple’s XRP
Ryan Fugger’s Ripple was created back in 2014 with intention of creating a monetary system that mainly focused on decentralizing it in order to inspire individuals and communities into creating their own money.
Shortly after Fugger initiated the first web app of the system which was RipplePay. This allowed anyone to buy ripple with debit card, buy ripple with credit card or even trade any currency into XRP.
Ripple in 2021 got hit by a heavy fluctuation and remained stable for a few months, that is until April came along when the coin skyrocketed its value to a reported staggering amount of 240%.
This occasion allowed many big companies and banks to invest in the coin. Alas, many have seen this as counterproductive, but crypto management experts heavily argued against that statement and claimed that this method is the key to Ripple’s success over the coming years.
However, due to how the crypto market operates, spring came and the value of this coin got pulled down by a solid 70% from its highest mark. With that said, the coin kept on rising again until a downtrend took place around November and remained as such to date.
Of course, Ripple experts made statements claiming that there is a steady, yet the slow process to becoming the biggest coin value, eventually surpassing Bitcoin.
The Future of Ripple
With wallet investors calculating the average price of the coin, most are claiming to notice an increase, which, by predictions, it is said that the coin value by 2023 will increase from 0.87 USD to 1.20 – 1.50 USD and for it to keep the slow increase all the way to 2024 with the coin’s market value estimated to rise up to a maximum of 2.15 – 2.30 USD which is 280% from the current value.
Many banks are currently undergoing tests to start using Ripple Network as studies claim that XRP has the potential to compete in the international payment space.
Though the coin’s value will eventually rise, the process is fairly slow but for those long-term investors, XRP might be the go-to coin for a ‘healthy’ investment. With its low fees and speedy transactions, Ripple got an automatic advantage over other coins where the situation is the opposite.
To make such long term predictions though could be very challenging, especially if the projections are varying significantly it’s probably also worth mentioning that most analysts adjust their prediction to a negative order, but when it comes to Ripple, it’s projected and studied growth has a full potential to increase multiple times in the future.