Even though Ripple had had to deal with a lot of difficulties in the past, it had started last year on a positive note. In the first month of the year, it had seen its price go up from $0.21 to reach a value of $1.8. Even though it had undergone growth of about 840% in a short period of time, XRP eventually ended up hopping on a downward trend. It took just two months for Ripple to see its value plunge by a whopping 70%. Currently, the price of Ripple is swinging somewhere between $0.70 and $1.3. However, experts have predicted that reaching the $3 mark is an easy milestone for Ripple, as long it sticks to a certain criteria and continues to stay on the green line.
The cryptocurrency market experienced both bearish and bullish trends in the eventful year that 2021 has been. However, Ripple had been on the red for the most part. Even though major cryptocurrencies, such as Bitcoin and Ethereum, had record major gains in prices last year, XRP had been struggling a lot in order to keep up with the pace. Luckily, the entire crypto market helped Ripple in maintaining its pace significantly. The crypto was able to stay ablaze because of the constant updates on metaverse, NFTs and Web 3.0, along with the interest of people in virtual tokens.
Today, the price of Ripple has undoubtedly become dependent on three prominent factors; its case with the SEC, the market adoption growth as well as the price swings of its peers. Even though predicting the future in the crypto market is no easy task, most experts believe that 2022 will be a good year for Ripple and it will be able to break past its own resistance.
Performance in 2020 and 2021
2021 has proven to be a volatile year for Ripple for the most part. In January 2021, its price had gone up to reach $0.7872, but had declined to move below $0.2108. In April, it was able to break its own barriers and reached $1.966. Even though it certainly wasn’t XRP’s all-time high, investors were pleased that it had managed to rally despite the odds. However, their joy hadn’t lasted for long because its value once more declined to $0.50. In the past year, its unprecedented swings in prices have mostly been because of its lawsuit with the US Securities and Exchange Commission (SEC).
Eventually, it had driven a number of investors to sell off their Ripple tokens. The second half of last year had been a tough one for Ripple. In fact, things became even more hectic at the end of the year because its price declined even further, before coming back to a more moderate level. Even before 2021, XRP had been experiencing price swings because of the lawsuit. In December 2020, its price has gone as low as $0.1748 before it recovered in 2021. In April 2020, XRP had experienced a rally that saw its price reach $1.96.
Performance in 2022
Experts have predicted that XRP will see a rally in the start of this year, as its price is already moving towards the $1.36 mark. Even though Ripple had seen a bearish run near the end of 2021, this could turn bullish because the pace had picked up in December. The crypto was able to overcome most of the tests, due to which experts believe it can reach the $3 mark. In addition, if the case with the SEC turns in its favor, this could trigger a price increase.
With crypto regulation becoming a hot topic, all eyes are trained on the outcome of the Ripple Vs SEC case because it could end up setting a precedent for the future. The SEC claims that XRP is a security, whereas the company and its leaders argue that it is not categorized as one. Crypto enthusiasts believe that case will conclude in favor of Ripple.