On CoinMarketCap, XRP has risen to sixth place as of today, July 20, with a market value of $17.63 billion. Being able to overtake 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 payment settlement between banks and digital asset exchanges. This reduces the number of extra steps needed when transferring money internationally, resulting in lower fees.
However, by breaking through a significant resistance, XRP exceeds the market cap of Binance USD and takes the upper hand by 8%. The main factor contributing to XRP’s placement in sixth place is the weekly price increase of the coin of more than 21%.
There is still a long way to go for the battle between Binance USD and Ripple. However, both are still striving for progress, which under the right conditions could see them take fifth or fourth – or even third and second – in addition to retaining their original sixth and seventh placings. .
Following updates on the SEC lawsuit against Ripple, the more optimistic attitude of investors led to an increase in the price of the coin. Ripple fans and developers are now closely following the US SEC’s ongoing lawsuit against the company, which sounds interesting, according to the latest news.
Analysis of Ripple’s (XRP) struggles to regain its value
In terms of cryptocurrency lifespan, Ripple is one of the longest. When it was first introduced in 2012, it often traded below $0.10. However, when the crypto market boomed in late 2017 and early 2018. XRP was one of them that benefited a lot from this boom and recorded its all-time high on January 4, 2018, at $3.84.
The coin quickly started to decline and by the end of 2018 it was only worth $0.50. At that time, the value of XRP continued to decline. The coin was in the early stages of a bull run that ended on April 14, 2021, when it reached an average high of $1.96.
Since early September 2021, the sixth largest coin has struggled, losing more than half of its value, while dozens of other cryptocurrencies have collapsed in this period.
Things got worse in January 2022 when a sluggish cryptocurrency market caused XRP to end the month at $0.6191. Subsequently, it fell further, reaching $0.345 on May 12 due to market turmoil caused by the TerraUSD stablecoin de-pegging and the disappearance of LUNA.
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It was valued at around $0.40 on June 10. Following this, reversal of withdrawals by cryptocurrency lending company Celsius confirmed that the cryptocurrency market is in a bear market, and on June 18, it fell to $0.2906.
However, it has already rebounded from its June low and is currently trading at $0.366650, up 12.6% in 14 days. In addition, the Finder panel predicts that the price of Ripple (XRP) will increase by almost 260% in 2022 and will reach $2.55 this year at the end of December.
Featured image from Flickr, chart from Tradingview.com