XRP Is on Its Way to Supplanting Bitcoin
Ripple launched its cryptocurrency in 2012 to improve its payment systems. For XRP users, the business claims a settlement time of three to five seconds. XRP was created with real-world applications, allowing Ripple’s clients to make affordable cross-border payments and microtransactions.
In 2022, the price of XRP began at US$0.8313 and fell to a low of US$0.5587 on January 24, 2022, as cryptos sold off. XRP rose to US$0.91 on February 8 but was unable to maintain its gains, falling to US$0.63 on February 24 when financial markets plummeted rapidly in response to Russia’s invasion of Ukraine.
The Ripple price rose to US$0.90821 on March 28 but could not maintain that level, falling to US$0.561 on May 8. The price fell to US$0.38521 on May 12 as crypto markets crashed due to the Terra crypto tokens UST and LUNA failing.
In July, XRP remained erratic, rising and then falling three times. On July 30, XRP reached US$0.40 for the first time since June 10. However, it could not hold there and fell back to roughly US$0.371 in the first week of August. However, this was an increase from around US$0.311 in early July.
In other words, Ripple and the SEC agreed that by December 2022, the court should use the available information to determine whether the blockchain firm improperly obtained funds by selling XRP, avoiding a trial.
Since Ripple’s court petition, the price of Ripple has increased by around 75% and 60% versus Bitcoin and the US dollar, respectively, spurred by excitement about a probable win for Ripple.
Future of XRP
Traders appear to have bought the rumor after the Ripple vs. SEC decision. However, depending on the outcome of the verdict, it remains to be seen whether this will subsequently transform into “sell the news,” although XRP’s technicals indicate a probable pullback. Ripple has already become an overbought asset compared to Bitcoin and the USD. On September 23, the relative strength index for XRP/BTC hit around 85. It was well over the overbought limit of 70, which often predicts a significant market decline or consolidation.
XRP/BTC has already fallen over 10.2% from its 13-month high. The pair is presently testing 0.00026011 as short-term support, which will send it lower if broken.
