Overview: Understanding Ripple (XRP)
A few years back, the word ‘cryptocurrency’ might have meant some underworld banking or money term to people including dubious traders, but today the entire scenario is witnessing a paradigm shift. In fact, on the contrary, it is a fiat system whose roots have been shaken by the pandemic and are unable to withstand the recession.
Before we begin our XRP price prediction, let’s break down its overview, price history, and technical and fundamental analysis! However, it is not possible to accurately predict the price of cryptocurrencies because past performance does not guarantee future results.
So please remember that this Ripple Forecast and XRP Price Analysis article does not constitute any form of investment advice and should not be considered the same. Before investing your hard-earned money in the crypto market, do your own research.
Jurisdictions around the world are trying to implement legislation and regulations that would allow or facilitate companies to conduct initial coin offerings (ICOs) or issue tokens. In the end, it boils down to one question: “Cryptocurrencies: Are they here to stay?
Cryptocurrency is essentially a completely decentralised currency based mainly on
blockchain algorithms, which means that it is in no way controlled by any central bank or monetary authority. Rather, it is a peer-to-peer community-driven computer network
composed of user machines or “nodes”. The blockchain network will confirm and verify all new entries to the ledger and any changes to it.
XRP, a digital currency based on mining, is gaining momentum and seems to be weathering all recessionary currency storms. The Ripple Transaction Protocol (RTXP) was officially launched in 2012 and was later renamed to Ripple Labs in 2013. Later, Ripple Labs changed its name to Ripple again in 2015.
Among the leading cryptocurrencies, viz. Bitcoin, Ethereum, and Tether also include the Ripple Protocol (XRP) cryptocurrency, mainly because of Ripple’s amazing and innovative efforts that have helped it achieve a top position among major financial institutions.
Ripple Network: The Ripple Kingdom
The robust solutions offered by the Ripple platform are certainly a by-product of the brains and toils of some leading technology and management experts who have contributed phenomenally to these remarkable services. At the helm is Brad Garlinghouse, who chairs the Empire of Ripple Payment Network as CEO, followed by David Schwartz, Chief Technology Officer, and Eric Van Miltenburg as Chief Commercial Officer.
The leadership is supported by renowned subdivision leaders such as Asheesh Birla,
Monica Long, Kiersten Hollars and Stuart Alderoty to name a few, and co-founder Chris Larsen. Some of the features of the Ripple network are a real-time gross settlement system, a remittance network, and a currency exchange.
Massive Ripple Mission
The motto of XRP, the XRP Ledger native cryptocurrency founded by Ripple Labs, is
basically to power all activities of the company and stakeholders. In addition to building a global digital payment network, initiatives like Xpring bring collaboration and investment to scale innovative blockchain projects.
Today, Xpring is a global network of developers on similar lines to RippeNet, which is a global network for FIs. Xpring offers a full range of payment gateway tools and services to help customers transact on any network using the Interledger protocol.
Removing inactive networks unlocks the true potential of an entire ecosystem of new
payment gateways that are fast, secure and cheap. Ripple built on a legacy and values that are grounded in a framework of greater economic equity and opportunity for all through Research, education and philanthropy.
Ripple (XRP) Technical Analysis.
The future of the crypto market is uncertain with high risk according to the recent price
fluctuations and bear market. However, our forecast tries to provide the most realistic future values for cryptocurrencies. It’s amazing how XRP has traveled its historical journey all these years. XRP coin entered the cryptocurrency market at a measly $0.0058 and continued to troll the same for several months. Then, in 2017, the news of the merger of the Ripple network with Tokyo-Mitsubishi bank completely changed the path of this historic platform.
If we look at the historical price movement, the coin has performed quite well in the global economy. The currency is currently trading at a market cap of $0.3636 with a market cap of $17,578,603,657 and a circulating supply of 48,343,101,197 XRP. This created an all-time high price of $3.84. If we compare the current price with the historical high, the price is 90.73% lower, which is quite significant. But if we compare the historical low, the current value is 12,606.40% higher. Price fluctuations have proven to be profitable for XRP holders or retail investor accounts.
2021 saw a significant increase in trading volume due to the sudden rise in prices in 2020.The length of the candlesticks increased, indicating trader interest in the coin. After the end of the first quarter of 2021, the coin experienced another bull run, rising from $0.57 to $1.82 in just 10 days. However, the coin failed to break the $2 resistance and gained support at $0.5.
The coin tried several times to reach the $2 level again but failed to break the $1.3 level.
2022 was not a good year for XRP or the entire cryptocurrency market as the bull market came to a halt. There was a significant bear run followed by a consolidation between $0.557 and $0.30.
Currently, Ripple XRP price is trading at $0.3636. The immediate resistance is at $0.557 and the decisive resistance is at $0.725. If the coin is able to break these levels, it will face major resistance at $0.8603 and $0.9956.
On the other hand, immediate and crucial support is placed at $0.25 and $0.23. It is still fighting hard to compete with the top cryptocurrencies such as Bitcoin, ETH, Solana, BNB, etc. However, according to the XRP price prediction, Ripple cryptocurrency could continue to rule its position and thus it is a good investment option with a great buying opportunity.
Ripple (XRP) recent price movements.
Ripple, the distributed ledger database, has seen a lot of growth. However, the chances of the (Ripple) XRP price skyrocketing are a little less. Below is the XRP token price chart.