The cryptocurrency is finally rebounding from the harsh winter of 2022. Most cryptocurrencies are going back higher, with Ethereum being the talk of the crypto town. In fact, its prices doubled in less than 2 months in anticipation for the upcoming merge. Other cryptocurrencies such as XRP are still shy, gaining around 25% during that same timeframe. However, XRP is always known to be a lagger. In this XRP price prediction article, we’re going to show the big potentials that XRP has in the medium term. Can XRP reach 1 $ soon? Let’s analyze 😉
What is Ripple XRP?
Ripple is a San Francisco-based FinTech company behind the global payment platform RippleNet. They basically created the XRP ledger blockchain along with its native token XRP. In fact, Ripple company started way back in 2004, before even cryptocurrencies were invented. They were trying to create an Internet of Value and create their own money, and RipplePay was created back then. Their network was small and the software was centralized. That’s why later in 2012, RipplePay merged with another company called Open Coin, and together they formed what is known today as Ripple.
The XRP token is the digital asset on the XRP ledger, which provides on-demand liquidity for financial service providers. It also acts as a bridge currency to facilitate cross-border transactions. XRP’s transaction fees are 0.00001 XRP or 10 drops, which at today’s price is less than 1 cent per transaction. With XRP, payment providers can reach smaller markets, enjoy faster payment settlements, and reduce foreign exchange costs. The XRP ledger is open-source and maintained by a global and independent community, and Ripple is an active member.
XRP Price around 40 cents – Buy NOW?
XRP price has been consolidating between $0.30 and $0.40 for a while now. Other tokens managed to break out of their consolidation such as MATIC and made big gains already. However, it seems as if XRP is not doing much lately in terms of price action. But this token is known to always be a lagger in the crypto space. Every time the crypto market starts to recover, XRP takes its time to do the same and suddenly increases.
Once XRP breaks the $0.40 price mark higher, we expect prices to boom higher and catch up with the rest of the crypto market in terms of returns.
XRP Price Prediction – Where will XRP price reach?
The next two obvious targets for XRP are the psychological prices of $0.50 and $0.60. In fact, we can clearly see in figure 2 how prices tended to consolidate briefly before they continued on their downtrend. This time, since the trend will be upwards, we expect the same price action during the current bull market.
It is important however to note 2 things:
- The market might be highly volatile when Ethereum’s merge occurs. This is because many things can turn sour in the tech space, especially that there are rumors about miners planning an attack to weaken the proof-of-stake ecosystem
- Because of that, make sure to place your stop-loss areas in early September. This will help reduce the risk of losing all your portfolio. Even if things turned out to be positive, having loose stop-loss prices won’t hurt.
