On the CoinMarketCapXRP has risen to sixth place as of today, July 20, with a market value of $17.63 billion. Being able to outperform not only Binance USD, but also Cardano and Solana is a remarkable achievement for Ripple’s native currency.
Ripple’s native token, XRP, provides a means of settlement between banks and digital asset exchanges. This reduces the number of extra steps required when transferring money abroad, resulting in lower fees.
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However, after breaking through significant resistance, XRP outperforms Binance USD’s market cap and gains an 8% lead. The main factor contributing to the placement of XRP in sixth place is the weekly increase in the price of the coin by more than 21%.
There is still a lot to be done for the battle between Binance USD and Ripple. However, both are still trying very hard to make progress which, under the right conditions, could see them finish fifth or fourth – or even third and second – in addition to maintaining their original positions of sixth and seventh.
After the news update on the SEC lawsuit against Ripple, more optimistic investor sentiment led to an increase in the price of the coin. Ripple fans and developers are currently closely following the ongoing US SEC lawsuit against the company, which seems interesting. latest news.
Ripple (XRP) Analysis Struggles To Restore Its Value
In terms of the lifespan of a cryptocurrency, Ripple is one of the longest. When it was first introduced in 2012, it often traded for less than $0.10. However, when the cryptocurrency market experienced a boom in late 2017 and early 2018. XRP was one of those who benefited a lot from this boom and fixed it January 4, 2018 all-time high of $3.84..
The coin soon began to decline, and by the end of 2018, it was worth just $0.50. By that time, the value of XRP continued to decline. The coin was in the early stages of a bull market that ended April 14, 2021 when it hit an average high of $1.96..
Since the beginning of September 2021, the sixth largest coin has been in trouble, losing more than half of its value, while dozens of other cryptocurrencies have fallen in price. collapsed In this period.
Things got worse in January 2022 when a sluggish crypto market saw XRP end the month at $0.6191. After that, it fell even more, reaching $0.345 on May 12 due to market turbulence caused by falling prices. depegging TerraUSD stablecoin and the demise of LUNA.
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On June 10, it was valued at around $0.40. After that, the cancellation of withdrawals by cryptocurrency lending company Celsius confirmed that the cryptocurrency market is in a bear market, and it fell to $0.2906 on June 18.
However, it has already rebounded from its June low and is currently trading at $0.366650, up 12.6% in 14 days. Besides, Finder panel predicts that the price of Ripple (XRP) will rise by almost 260% in 2022 and reach $2.55 this year by the end of December.
Featured image from Flickr, chart from Tradingview.com
Credit : www.newsbtc.com