As a long-time crypto investor, I’ve seen my fair share of ups and downs in the market. And XRP has been no exception to this rollercoaster ride. After the latest Bitcoin price dump and crypto market crash, XRP took another hit, dropping as low as $0.3984 at the beginning of the month. This was a concerning low for XRP holders, as the token has struggled for years to regain its value in the market.
After the Bitcoin price plummet and crypto market collapse, XRP experienced another decline. The cost dipped as low as $0.3984 at the start of the month, which was its lowest point in over a year. This development worried XRP investors given the token’s long-term struggles. However, things have shifted recently, with XRP surging by 11% within the last day and an impressive 18% over the past week, raising its current price to $0.5122.
Why XRP Is Called A Failed Crypto?
In early March, renowned crypto trader and analyst Jasn Pizzino raised eyebrows by expressing doubts over XRP‘s continued appeal. He argued that investors should reconsider their holdings in XRP as it is unlikely to approach Bitcoin’s value, not even reaching the 2017 heights when its price skyrocketed to a staggering $16,000.
Several critics, in addition, have raised doubts about XRP‘s success, labeling it as a failed cryptocurrency. Its market value has not recovered for quite some time, and the vast majority of its existence has been marked by being undervalued.
As a crypto investor, I can tell you that XRP took its sweet time to establish itself in the market during the initial three years. Its value remained relatively low before experiencing a significant surge in 2017, which led to an all-time high in 2018. However, the good times didn’t last long as regulatory issues arose, and in 2020, the SEC summoned Ripple, casting doubts on XRP being considered a registered security. Consequently, the price of XRP has been stagnant for the past two years, averaging around $0.5 with occasional minor price increases.
Reasons XRP Price Is Rising Today
Cryptocurrencies go through natural fluctuations in value due to shifting market trends and conditions. XRP‘s behavior, however, presents a more intricate scenario. It has been aligned with downward trends but hasn’t fully responded to bullish movements. Despite its past disappointments, the price is bouncing back today after nearly a month.
An End To German Govt Bitcoin
I’ve noticed that the selling pressure has subsided following the German government’s sale of its seized bitcoin, resulting in a broader market recovery for crypto assets, including XRP. Although these recent gains haven’t yet translated into profits, they represent significant growth over the last few days and may continue to do so if this trend persists.
XRP Is Not A Security
On Saturdays past, Federal Judge Analisa Torres ruled that XRP does not classify as a security and was free from securities law infringement in this specific instance. This long-anticipated decision marks a significant development in the ongoing Ripple versus SEC legal dispute.
As an analyst, I would put it this way: The Securities and Exchange Commission (SEC) has yet to conclude its public hearing scheduled for July 18. This decision could potentially lead to a resolution in the ongoing case against Ripple, bringing an end to years of legal turmoil.
Final Thought
As a researcher studying the cryptocurrency market, I’ve observed that XRP has faced its fair share of criticism and even labeled as a failed crypto by some. However, it’s essential to remember that XRP once held a prominent position among the top ten cryptocurrencies and generated considerable hype in the market.
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2024-07-13 13:28