Ripple XRP is one of the most unique cryptocurrencies available.
If you ask around for the XRP, it is going to be either either support or opposition with nothing in between. It is quite contrary to the attitude towards its competitors. Its market cap ranks currently third in the world right now below Bitcoin and Ethereum at around $6.4 billion right now and its value has seen sudden spikes due to the latest surge in crypto before cooling down once again.
Current price and stats:
Currently, Ripple XRP is priced at $0.15, and is one of the lowest price per unit currency in popular cryptocurrency but since billions of these tokens were issued, the overall market cap is really huge. Think of it as the Chinese Yen, which despite having low currency value, is one of the biggest currencies in the world and pretty solid.
While XRP is volatile just like the rest of the pack, its price has followed similar trends since its inception. It started at a base price of just 0.5 cents as billions of coins were released and the price hovered around at less than one cent for many months before it was able to break the barrier in January 2014 with a peak value of around 5 cents. The currency re-corrected itself soon enough and went low again.
Conclusion from the Current Trend
It wasn’t until the first quarter of this year that astronomical gains were made, lost and then made again and the XRP seems to be settling around the 12-15 cent mark right now. The highest value it achieved was back in May when it crossed the magical 40 cents barrier for the first time. Since then the price has come down again to the current value but when it reached $0.4, many were debating whether the currency can pull of the $1 milestone anytime soon.
Can realistically Ripple XRP attain the value of $1?
But, the market suggests that the current scenario means that the $1 value might be too much for XRP to handle right now. Even if it were to hit it, sustaining it would be really difficult in my opinion. It is because the price would means it would overtake Ethereum and come close to bitcoin itself. Now the XRP’s system is really good and all but, overtaking Ethereum seems unlikely due to the vast over-reach of the currency right now. Smart contracts and decentralized autonomous applications are being based on the Ethereum blockchain and it has given the currency the kind of long-term engagement that even bitcoin doesn’t possess.
So, if the XRP needs to attain the value of $1 and sustain it, the whole coin market will probably need to go up a lot and I don’t think the market itself sustains its value for longer periods of time.
But, is it likely?
But, even if it does, we are talking about insane numbers, like 8 or nine times market cap increase. While it is not unheard of in the altcoin world to make such gains since bitcoin’s worth has increased more than 7000 times since its inception. But, that was when the market had real potential for growth and there were no underlying fears of over inflated currencies.
Many conventional economists and big banks’ bootlickers believe that cryptocurrency is a bubble and is likely to crash anytime soon.
While I won’t say it is a bubble, it is certainly priced higher because there is a demand for a currency like this. XRP, Ether, Bitcoins,XMR,Zcash and all other cryptocurrencies are likely to experience sustained growth unless an alternative comes up for which there are no indications at all.
Ripple index:
XRP Followers 9408
$ 0.1568 (2.02%)
Last updated: USD Vol: $ 10.2 M
Mkt Cap: $ 6,006.36 M All Vol: $ 67.6 M