As the crypto market continues to grow, XRP coin managed to increase greatly. Its prices managed to increase by more than 7% in the last 7 days alone. In fact, even the psychological price of $0.40 was broken higher. In the upcoming months and years, many investors anticipate significant rises. Can XRP reach $5 in 2023? What are some logical forecasts for XRP and what is going on with Ripple and the SEC? Let’s analyze, without hype😉
What is Ripple?
Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. The blockchain is built upon a distributed open-source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”
What is XRP?
XRP is the native cryptocurrency of the Ripple network. It is used to facilitate transactions on the network and is also used as a form of digital asset for trading on various cryptocurrency exchanges. Ripple created 100 billion XRP at the start, and no more can be created, of which around 40% is held by the company, with the rest in circulation. XRP can be used to facilitate cross-border transactions between different currencies, and it is also used as a form of digital asset for trading on various cryptocurrency exchanges.
How to mine XRP?
XRP cannot be mined like Bitcoin or other cryptocurrencies that use a proof-of-work consensus mechanism. Instead, all of the XRP that will ever exist were created at the time of Ripple’s launch. Ripple Labs, the company behind Ripple, holds a large percentage of the total XRP supply and releases it gradually into circulation through various means.
While XRP cannot be mined, it can be obtained through purchasing it on a cryptocurrency exchange, receiving it as a form of payment, or participating in certain Ripple-related promotions or airdrops.
How to Buy XRP?
There are many exchanges that sell the XRP token. Taking into consideration the biggest, here’s a list that we at CryptoTicker recommend:
If you are trading CFDs, eToro is a good alternative to buying the actual tokens and trading the price differences instead of worrying about the safekeeping and security of cryptos.
What Happened with Ripple and the SEC Lawsuit?
Ripple Labs Inc., was sued by the U.S. Securities and Exchange Commission (SEC) in December 2020 on the grounds that it had offered $1.3 billion in XRP as unregistered securities. Additionally, the SEC claimed that Ripple’s senior executives had gained directly from the sales of XRP.
The SEC’s accusations have been refuted by Ripple, which maintains that XRP is a currency, not a security. The business has also claimed that the SEC’s choice to sue is bad for the whole cryptocurrency sector. A conclusion has not yet been made on the matter, which is still pending.
XRP Price Prediction – What are the targets of XRP?
Since XRP managed to break the $0.40 mark and is currently well above it, we expect a further increase in prices. If the Crypto market maintains its stance and everything else remains constant, the targets for XRP are as follows:
- $0.60
- $0.88
- $0.95
Can XRP reach $5 in 2023?
Reaching the price of $5 from the current price of $0.40 means that XRP needs to make a x10 in less than a year. This is not feasible as XRP’s market cap would in turn become around $264 Billion, around double Ethereum’s current valuation.
Can XRP reach $1 in 2023?
The $1 price for XRP seems like a much more feasible target for XRP in 2023. However, this should happen somewhere towards Q4 of 2023. For this to become a reality, crypto prices should continue to steadily increase, and the lawsuit of Ripple with the SEC starts to show actual positivity on paper.
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