Ripple's XRP token saw a weaker performance in the last bull market than other coins at the top of the crypto market. This was due to Ripple Labs' legal dispute with the SEC, which weighed the XRP price over the past few years. However, the XRP token has now held its ground at the top of the bear market. Can the XRP price explode again after a possible acquittal?
What is XRP?
XRP is the token of the Ripple payment network. Ripple is an international payment network based on the blockchain. Its aim is to make international payment transactions more cost-effective and efficient. In particular, the aim is to simplify payment transactions between different payment areas.
The network token within Ripple is XRP. The Ripple network is not completely decentralized, as the company Ripple Labs holds the majority of the XRP tokens. In recent years, Ripple has become a network that many banks and financial companies use to optimize their payment transactions.
How has the XRP price moved in recent years?
In the last bull market, the XRP token was unable to reach the prices that the XRP token reached in the previous bull market in 2018. In 2021, the XRP price peaked strongly in spring and then again in September and November. At the beginning of November, the XRP pricewas still above USD 1.28. After that, the bear market set in.
In the following months, the XRP price fell sharply due to the onset of the bear market. At the turn of the year, the price was only USD 0.86. In June 2022, the XRP price then fell to a value of 0.30 dollars. But, yet again, In the weeks that followed, the XRP price recovered slightly.
How the price has moved in recent months
In July 2023, XRP price reached its high of USD 0.92 again and then it remained below this at an average of USD 0.50 until it reached another high of USD 0.74 during the bull market in March 2024. And later in July 2024, it fell again to lows of ISD 0.38 until it recovered shortly afterward to its average value of around USD 0.50, sometimes up and sometimes down. Until recently, a few weeks ago, it was above $0.60.
In these recent weeks, the price of the token has risen again slightly. But even compared to other cryptocurrencies, the rise in XRP price was not as great.
Nevertheless, among the most valuable cryptocurrencies, XRP is currently still stable in the top 10 by market capitalization (7th place). However, we must bear in mind that the token was sometimes number 2 behind Bitcoin during the last bull market in 2017. Nevertheless, XRP is holding up well in the current bear market.
Can Ripple benefit from the resolution of the legal dispute?
At the moment, the long-running legal dispute with the US Securities and Exchange Commission (SEC) is still hanging over the Ripple project and thus also over the XRP token. The legal dispute has held back the token's potential considerably in recent years and prevented XRP from reaching higher prices.
At the moment, most signs point to Ripple winning the legal dispute or reaching a favorable settlement in Ripple's favor with the SEC. Until this agreement is reached, the token will remain a sleeping giant.
The resolution of the legal dispute has been dragging on for years now, as these legal processes continue to drag on despite the situation becoming clearer for Ripple. But should the resolution come officially, which is very likely soon, then XRP could indeed see a massive price increase. The current bullish situation on the market should help the price to rise massively.
Is it worth investing in the token now?
It is worth investing in the XRP token now for the future. The potential of the Ripple payment network, and therefore the price potential of its token, is huge for the medium and long term. Once the legal dispute comes to an end, the price should rise massively.
Even if the bear market continues for a few more months or even 1-2 years, XRP should see strong gains again in the next bull market. Until then, you should take advantage of the low price to buy the token in large quantities at a reasonable price.
